Digital Transformation Spending in Logistics Market to reach US$ 94,972.3 Million by 2026 Forecast

According to a new market report published by Transparency Market Research, the global digital transformation spending in logistics market is projected to reach US$ 94,972.3 Mn by 2026 driven by exponential rise in digital transformation spending in logistics modules. The market is projected to expand at a CAGR of 10.7% during the forecast period from 2018 to 2026. Growth of the market is attributed to rise in demand for digital transformation in logistics and increase in adoption of cloud-based deployment models to offer quality services to clients. North America is anticipated to lead the global digital transformation spending in logistics market, followed by Asia Pacific, Europe, Middle East & Africa, and South America, during the forecast period. The digital transformation spending in logistics market is in a nascent stage and is anticipated to expand rapidly in the next few years.

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Complete Industry Evolution to Drive Market

Digitalization is happening across industries, and the benefits are revolutionary for companies with greater consumer awareness and reach, higher productivity, and innovative business models. It offers the potential for old-economy sectors to take steps in pushing efficiency and customer ease. Industries are investing in digital solutions for input, processing, and output competences throughout the business ecosystems. Above and beyond the benefits, several industries are pushed toward the adoption of new technologies due to new regulatory regimes. The utilities sector, for instance, has been induced toward adopting smart meters and liberalization of the energy markets. The transportation and logistics sector continues to make investments in digitally enabled infrastructure and has achieved efficiency improvements as a result of open-skies agreements and other regulations. This also leads to various kinds of integration. For instance, XPO Logistics, with a futuristic vision, started developing in-house digital solutions (backward integration) pertaining to logistics & supply chain solutions and warehouse management systems. This provides the company an upper hand in terms of overall spend on digital solutions. XPO invests around US$ 450 Mn into technology each year.

Global Digital Transformation Spending in Logistics Market: Scope of the Report

Based on solutions, the global digital transformation spending in logistics market has been segmented into hardware solutions, software solutions, services, deployment, and industry. The hardware solutions segment dominated the global market in 2017. Hardware solutions enable users to optimize their applications on reliable, branded, and customized hardware platforms. In terms of deployment, the cloud-based segment held a prominent market share in 2017 and is expected to continue to dominate the market during the forecast period.

North America led the global digital transformation spending in logistics market, accounting for substantial share in 2017. The U.S. is the major market for logistics solutions in the region. Digital logistics solutions are also gaining popularity in Canada and Rest of North America. The digital transformation spending in logistics market in Europe, Asia Pacific, Middle East & Africa, and South America is expected to expand at a rapid pace during the forecast period.

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Digital Transformation Spending in Logistics Market: Key Players and Production Information analysis

Digital Transformation Spending in Logistics Market – Snapshot

The global digital transformation spending in logistics market is projected to be driven by rise in demand for digitalization of business processes and increase in cost pressure on the service providers. The logistics industry has adopted digital advances at a slower pace than other industries, which could be potentially disastrous even for the major players in the industry. Hence, digitalization of business processes drives the digital transformation spending in logistics market. Additionally, digitalization is happening across industries, and the benefits are revolutionary for companies with greater consumer awareness and reach, higher productivity, and innovative business models. However, the end-users have to make significant initial investments and incur high maintenance costs. These act as restraints of the market. The global digital transformation spending in logistics market is anticipated to reach US$ 94,972.3 Million by 2026 at a CAGR of 10.7% during the forecast period.

Logistics companies spend on digital transformation to increase efficiency, optimization, and speed and timing of logistic services, thereby increasing customer satisfaction and revenue. Among a range of rapid technological evolutions and in an increasingly digital environment where digital transformations are affecting the industry, most of the CEOs of transport & logistics companies appreciate digital solutions (to engage with customers, and optimize production and operations) as major areas of investment.

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Growth in e-commerce coupled with quick delivery of goods to gain competitive advantage has led to high demand for transport management systems and warehouse management systems. Moreover, increase in the number of Internet users along with rise in popularity of social media platforms has contributed to the surge in awareness about digital solutions. Innovative digital solutions and sharing platforms are being incorporated within the enterprise infrastructure. Vinculum Solutions, an India-based company, focuses on delivering solutions (Vin eRetail WMS) and products specific to the retail industry. The solution supports easy order delivery, last mile delivery, and integration of manufacturers, logistics companies and web stores among each other.

The online sales channel has become more complex and has induced manufacturing businesses to adopt digital transformation. Moreover, as an alternative to in-house fulfillment, a large number of retailers have shifted from Internet order processing to 3PLs, which are equipped and experienced in warehouse management system to handle these online needs. This is expected to propel the Warehouse Management System (WMS) market in the next few years.