MarketsandMarkets forecasts the global digital logistics market size to grow from USD 17.4 billion in 2020 to USD 46.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 21.7% during the forecast period. Digitalization offers significant operational and customer engagement enhancement benefits to logistics service providers. Digital logistics solutions are being implemented by all stakeholders in the industry, including manufacturers, distributors, warehouse owners, and transportation service providers. Digital logistics solution providers are developing applications to enable large amounts of information to be stored, exchanged, analyzed, communicated, and visualized.
The solutions segment to hold a larger market size during the forecast period
Based on component, the solutions segment of the digital logistics market is projected to hold a larger market size during the forecast period. The solutions segment in the digital logistics market comprises six major segments: asset management, warehouse management, data management and analytics, security, and network management. Due to increasing Information and Communication Technology (ICT) integration with different verticals, digital logistics solutions are also expected to witness a massive growth. These solutions are customized by companies for specified requirements from customers. All the solutions are aimed at logistics monitoring, optimizing Total Cost of Ownership (TCO), reducing risks, improving safety and security, and enhancing operations with real-time tracking and maintenance.
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By function, the warehouse management segment to record a higher growth rate during the forecast period
Warehouse management is a very important function in the digital logistics market. The storage of goods that are being transported is managed through this function. Warehouse management is done with help of software and platforms that are dedicated to keep the updates of incoming and outgoing goods in the warehouse. Orders that are being processed are synched with the inbound and outbound logistics details in the WMS, enabling the logistics service providers to keep track of the inventory being stored inside and moving out of the warehouse. Therefore, the WMS has features for updating the inventory checks and stock takes. The WMS software can be integrated with scanners that update the order details in the various warehouse systems and software. The integration of WMS with TMS is very necessary to keep the order details and processing up to date and keep the supply chain going.
The key and emerging market players in the digital logistics market include IBM (US), Oracle (US), SAP (Germany), AT&T (US), Intel (US), Infosys (India), Honeywell (US), Eurotech S.P.A (Italy), HCL Technologies (India), ORBCOMM (US), Cloud Logistics (US), Freightgate (US), Blue Yonder (US), Digilogistics (China), WebXpress (India), Ramco Systems (India), Logisuite (US), Impinj (US), Intersec (France), ICAT Logistics (US),Magaya (US), Softlink (India), Samsung SDS (South Korea), Hexaware (India), Tech Mahindra (India), and Advantech (Taiwan). These players have adopted various strategies to grow in the global digital logistics market.
Oracle offers nimble and scalable solutions to companies, allowing them to manage their supply chains, manage fleets, schedule services, and obtain real-time updates on the location and status of operators and shippers, thereby improving efficiencies, reducing costs, and increasing customer satisfaction. In this market space, the company offers Oracle IoT Cloud Suite, Oracle Logistics Cloud, and Oracle Mobile Cloud Service. These products allow companies to achieve global visibility of orders, shipments, inventory, and trade compliance data. It also monitors orders, shipments, and inventory on a single cloud-enabled platform, thus simplifying a wide range of business processes. In 2016, Oracle acquired NetSuite, the very first cloud company.
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Intel is another leading company in the digital logistics market. The company focuses on organic growth strategies to expand its business in the digital logistics market with latest innovations and developments. Intel offers Intel Connected Logistics Platform (Intel CLP). This cost-effective IoT solution enables users to monitor the condition and location of assets in any environment throughout the supply chain. The platform provides its customers a powerful solution across a range of different industry sectors for unprecedented real-time transparency of shipment progress and condition, also monitoring the quality, integrity, and security of freight during every step of the supply chain.
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