Digital Logistics Market to Reach $155.3 Billion, Globally, by 2032 at 20.4% CAGR: Allied Market Research

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Nov 06, 2023, 12:09 ET

The digital logistics market is driven by major trends which include the adoption of IoT and sensor technologies for real-time tracking, developments in e-commerce and on-demand delivery services, the use of AI and machine learning for route optimization and increase in demand for sustainability through greener transportation practices.

NEW CASTLE, Del., Nov. 6, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Digital Logistics Market by Component (Solution and Services), Function (Warehouse Management, Transportation Management and Workforce Management), Enterprise Size (Large Enterprise and Small and Medium Sized Enterprise), Deployment Mode (Cloud and On-Premises), and Industry Vertical (Retail and E-commerce, Manufacturing, Pharmaceuticals and Healthcare, Aerospace and Defense, Automotive, Energy and Utilities, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global digital logistics market size was valued at $24.8 billion in 2022, and is projected to reach $155.3 billion by 2032, growing at a CAGR of 20.4% from 2023 to 2032.

Prime determinants of growth

The growth of the digital logistics market is influenced by several key determinants which include the rapid growth of e-commerce. The demand for efficient, data-driven logistics solutions has surged as consumers increasingly shop online. Digital logistics technologies offer real-time tracking, route optimization, and inventory management, helping companies streamline their supply chains, reduce costs, and enhance overall efficiency. In addition, the Internet of Things (IoT) has revolutionized logistics by enabling the tracking of shipments, monitoring of conditions (e.g., temperature, humidity), and predictive maintenance, leading to better decision-making and reduced operational disruptions.

The ability to collect and analyze vast amounts of data allows companies to make informed decisions, forecast demand, and identify areas for improvement, ultimately optimizing logistics processes. Furthermore, robotics, autonomous vehicles, and artificial intelligence play a pivotal role in improving warehouse operations, last-mile delivery, and predictive analytics. Cross-border trade is increasing, necessitating more sophisticated logistics solutions to navigate international regulations and customs procedures. Moreover, rise in customer expectations for fast and accurate deliveries, often with options like same-day or one-hour delivery, push logistics companies to adopt digital tools that enable speed and visibility. In addition, the need for sustainable logistics practices, such as electric vehicles and eco-friendly packaging, has led to digital solutions that help reduce carbon footprints.

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Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$24.8 Billion
Market Size in 2032	$155.3 Billion
CAGR	20.4 %
No. of Pages in Report	462
Segments Covered	Component, Function, Organization Size, Deployment Mode, Industry Vertical, and Region.
Drivers	Expansion of the e-commerce industry. Technological Advancements & Covid-19 Outbreak leading to lockdown. High volume of data and improved service quality.
Opportunities	Long-Term Investment Perspective
Restraints	High Capital Investment Security, privacy, and lack of IT infrastructure

Covid-19 Scenario

The pandemic accelerated the adoption of automation and robotics in logistics. Warehouses, and fulfillment centers invested in autonomous robots and drones for tasks such as picking, packing, and last-mile delivery to cope with labor shortages and reduce the risk of virus transmission.
In addition, the need for contactless operations enhanced the growth of touchless technologies. This included contactless payments, digital documentation, and biometric authentication for secure deliveries. These innovations enhanced safety and efficiency in the logistics process. Overall, the COVID-19 pandemic reshaped the digital logistics market by accelerating the adoption of technology-driven solutions.

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The solution segment to maintain its leadership status throughout the forecast period

Based on component, the solution segment held the highest market share in 2022, accounting for more than two-thirds of the global digital logistics market revenue and the COVID-19 pandemic has highlighted the importance of resilient and adaptable supply chains, further boosting the adoption of digital solutions. However, the service segment is projected to attain the highest CAGR of 22.9% from 2023 to 2032, as the organizations continue to embrace digital logistics solutions. Service providers have the chance to offer value-added support, helping businesses harness the full potential of digital logistics technologies, and in turn, contributing to improved supply chain efficiency, reduced operational costs, and enhanced competitiveness in the global marketplace.

The transportation management segment to maintain its leadership status throughout the forecast period

Based on function, the transportation management segment held the highest market share in 2022, accounting for nearly half of the global digital logistics market revenue, owing to innovative technologies such as Internet of Things (IoT) sensors, blockchain for transparent supply chain tracking, and artificial intelligence for route optimization are driving efficiency and cost savings. However, the warehouse management segment is projected to attain the highest CAGR of 23.3% from 2022 to 2032. The advent of artificial intelligence and machine learning is transforming warehouse operations by predicting demand, improving inventory accuracy, and optimizing routing for picking and shipping. Augmented reality (AR) and virtual reality (VR) are being explored for employee training and enhancing order accuracy.

The large enterprises segment to maintain its leadership status throughout the forecast period

Based on organization size, the large enterprise segment held the highest market share in 2022, accounting for more than three-fourths of the global digital logistics market revenue, the growth of digital logistics in the large enterprise segment is poised for significant expansion. The global supply chain has become increasingly complex and interconnected, requiring advanced solutions to manage these intricacies effectively. However, the small and medium-sized enterprise segment is projected to attain the highest CAGR of 24.0% from 2022 to 2032. The adoption of Software-as-a-Service (SaaS) models and pay-as-you-go pricing structures that make advanced logistics technology accessible to SMEs also impact the market's growth.

The on-premise segment to maintain its leadership status throughout the forecast period

Based on deployment mode, the on-premise segment held the highest market share in 2022, accounting for more than two-thirds of the global digital logistics market revenue, the on-premises digital logistics segment are particularly relevant for organizations with unique data security requirements or those looking to modernize their existing logistics infrastructure gradually. Customization and tailored solutions can also be a selling point for vendors offering on-premises deployments. However, the cloud segment is projected to attain the highest CAGR of 22.9% from 2022 to 2032, as the cloud empowers logistics companies to harness the power of data analytics and machine learning for predictive analysis, demand forecasting, and optimization.

The retail and e-commerce segment to maintain its leadership status throughout the forecast period

Based on industry vertical, the retail and e-commerce segment held the highest market share in 2022, accounting for more than one-fourth of the global digital logistics market revenue, the integration of IoT devices for real-time tracking and monitoring of goods is becoming increasingly important. However, the manufacturing segment is projected to attain the highest CAGR of 24.5% from 2022 to 2032. integration of digital logistics with manufacturing processes, such as predictive maintenance of machinery to reduce downtime, and the development of resilient supply chains capable of handling disruptions impact the market's growth.

North America to maintain its dominance by 2032

Based on region, North America held the highest market share in terms of revenue in 2022, sustainability is becoming a major focus with the growing environmental concerns, and there is a push for greener logistics practices. Electric and hybrid delivery vehicles, alternative fuels, and carbon-neutral shipping options are gaining traction as companies aim to reduce their carbon footprint. However, the Asia-Pacific region is expected to witness the fastest CAGR of 24.0% from 2023 to 2032 and is likely to dominate the market during the forecast period. Blockchain is improving trust and traceability in supply chains, crucial in a region where complex cross-border trade is common. Furthermore, sustainability and environmental concerns are driving the adoption of green logistics practices.

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Leading Market Players: -

AT&T Intellectual Property
HCL Technologies Limited
Honeywell International Inc.
IBM Corporation
Infosys Limited
Intel Corporation
Oracle
SAP SE
Tech Mahindra Limited
Webxpress

The report provides a detailed analysis of these key players in the global digital logistics market. These players have adopted different strategies such as expansion, merger, and product launches to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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