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.
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.
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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.
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