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Westford, USA, May 01, 2023 (GLOBE NEWSWIRE) — The global Digital Transformation Spending in Logistics market size is expected to reach USD 77.52 billion by 2030 and exhibit a CAGR of 17.54% in the forecast period (2022−2030), according to Skyquest’s latest research report. The growing Development of artificial intelligence and the Internet of Things has accelerated the growth of digital transformation spending in the logistics sector for a number of significant businesses and organizations.
Government Subsidies and Incentives to Promote the Use of Digital Transformation Spending in Logistics
At a global scale, trends such as automation, the use of blockchain and cloud computing, and augmented reality are promoting the growth of digital transformation in logistics. The use of automation technologies such as robotics, autonomous vehicles, and drones is increasing in the logistics industry. These trends of various technological advancements help to increase efficiency, reduce labor costs, and improve safety.
In Europe, the European Union has launched the Digital Transport and Logistics Forum (DTLF) to facilitate cooperation and coordination among logistics sector stakeholders and promote digital technology adoption. These initiatives and others like them could potentially have a massive impact on future digital transformation spending in the logistics market.
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Real-time Location System Device Type Demand to Grow Substantially in the Forecast Period
Real-time Location System Device Type dominated the global market as it uses various wireless technologies such as Bluetooth, Wi-Fi, and GPS to track and locate assets in real time. It is often used for indoor tracking, warehouse management, and supply chain optimization.
Software is the Leading Solutions Segment
In terms of solutions, the software segment is the leading segment due to the demand to handle large customer requests. In addition, the process of orders, finding necessary products, handling sales and moving the product to the shipment location where it will be shipped within the set time has significantly controlled the industry.
North America and Asia-Pacific are the leading Market Due to the Growth in E-commerce Market
Region-wise, Asia-Pacific is one of the largest growing markets with a huge emphasis on the e-commerce market. In North America, the US government has launched several initiatives to promote the adoption of digital technologies in logistics. For example, the US Department of Transportation has launched a Smart City Challenge, which aims to improve transportation efficiency and safety through digital technologies.
Additionally, the Asia-Pacific region is the fastest growing due to the factors such as rapid economic growth, increasing consumer demand for e-commerce and government initiatives to modernise logistics infrastructure.
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Pages – 211
Tables – 91
Figures – 75
Digital Transformation Spending in Logistics Market Report Suggests:
- The global market size is projected to grow by 77.52 billion by 2030 owing to technological advancements.
- In terms of solutions, the software segment dominates due to the demand to handle large customer
- In terms of device type, the Real-time location device type segment is projected to gain more popularity due to the demand for various software
- North America and Asia Pacific are leading markets and will continue to exhibit dominance in the global market mainly due presence of major market players
Digital Transformation Spending in Logistics Market Segmentation:
The global Digital Transformation Spending in Logistics market report is segmented based on solution type, application, and region.
By Solution Type
- Transportation management systems (TMS)
- Warehouse management systems (WMS)
- Supply chain planning and execution software
- Visibility and tracking software
- Analytics and optimization software
- Other logistics software (e.g. fleet management software, yard management software, etc.)
- RFID tags and readers
- Sensors and IoT devices
- Automated material handling equipment (e.g. conveyors, sorters, AGVs, etc.)
- Robotics and automation systems
- Other logistics hardware (e.g. barcode scanners, GPS devices, etc.)
- Consumer goods and retail
- Food and beverage
- Oil and gas
- Others (e.g. construction, chemical, etc.)
- North America
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle-East and Africa
- South Africa
- GCC Countries
- Rest of MEA
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Digital Transformation Spending in Logistics Market Major Company Profiles:
- C.H. Robinson
- XPO Logistics
- Deutsche Post
- Kuehne + Nagel
- DB Schenker
- Expeditors International
- Nippon Express
- CEVA Logistics
- Yusen Logistics
- Kerry Logistics
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