Digital logistics Market is a process of making logistics smarter, with the help of various digital technologies. In other words, the use of advanced technology and communication in logistics, which helps to reduce operating costs, enhances the overall efficiency, improves supply chain, and provides customer-centric solutions, is known as digital logistics. The digital logistics solutions provide some salient features such as the acceptance of data-driven logistics plans, improved collaborations with various supply chain partners, and enhanced performance and quality of logistics. It allows various companies and supplies chain logistics applications to closely integrate with labour management systems, core warehouse, and transportation systems to enable novel process models and ensure fulfilment excellence.
Digital Logistics Market Dynamic
The exponential growth of the e-commerce industry over the past decade has been driven by the rise in online shopping and an increase in the number of Internet users. This rise in e-commerce activities requires logistics providers to operate faster and more efficiently to rapidly process small individual orders. Online customers expect order accuracy, same-day or same-hour delivery, and free returns. E-commerce companies are exploring ways to reduce order delivery times and operational costs. The e-commerce industry drives the demand for transparency, affordability, convenience, and speed in delivery as well as compelling frictionless returns. To cater to this need, it is essential to create new business models and solutions by digitalizing the logistics operations, automating material handling system, warehouse management system, and distribution management system. This has ensured faster and varied fulfilment services, especially in terms of last-mile delivery options and seamless returns processes.
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COVID-19 Impact on Digital Logistics Market
The outbreak of the COVID-19 pandemic has hurt the consumer sector which contributes the most to economic growth. The retail, catering, and travel services are experiencing tremendous cash flow pressure due to declining sales and high fixed costs. The logistics and supply chain companies are under pressure due to higher emphasis of the national government on the continued supply of essential commodities and healthcare products. Thus, the logistics chains are witnessing unusual and massive losses from the disruption caused by the COVID-19 pandemic. The shutdown of factories and scarcity of workforce to de-stuff cargo as well as drivers to operate trucks for cargo clearing has derailed the trade and smooth functioning of the logistics industry. Digitization of core business activities such as fleet monitoring, documentation, seamless networks of communication, the management of revenue, and building digital foundations by modernizing systems in the COVID times has helped logistics companies to shorter innovation cycles, agility and quick solution.
Digital Logistics Market Segmental Overview
The report analyses the Digital Logistics market based on type, function, deployment mode, organization size, industry and geography.
Digital Logistics Market by Component
The solutions sub-segment, the data management and analytics solution are expected to hold a larger market size during the forecast period. Data management solution helps IoT devices to collect enormous amounts of data and draw insights out of raw data, which could help improve the industry’s efficiency. Hence, to extract insights from bulk data, vendors offer data management solutions to manage structured and unstructured data. Data management operates in six steps, such as data identification, gathering, authentication, storage, analysis, and generating information for making decisions. This data could be transformed into crucial information and insights with the help of advanced IT solutions to yield greater efficiency, productivity, and profitability to organizations. A real-time IoT analytics solution influences remote management, monitoring, and gains insights from remote devices. It also helps detect anomalies in data and triggers error alerts.
Digital Logistics Market by Function
The digital logistics industry has opportunities to drive change in both operations and customer engagement including intelligent pallets, omnichannel commerce, slot optimization, mobile order management, and predictive maintenance. Companies embracing digital logistics will achieve functional quality in three key areas including distribution, transportation and labour and resource management. The distribution includes real-time warehouse management system (WMS) technology and adoption of improved fulfilment processes. Additionally, various companies have taken advantage of the opportunities to significantly increase employee retention and work product that is available through advanced labour management solutions.
Digital Logistics Market by Deployment Mode
Based on the deployment model, the cloud is expected to grow at a higher growth rate during the forecast period. Cloud-based solutions and applications are being leveraged by various organizations all over the globe. The major benefits offered by cloud services include flexibility, ability to scale their applications, and easy management capabilities. The adoption of cloud services among SMEs is due to aggressive competition and unavailability various resources that are present with large enterprises. Large enterprises, however, are also hypersensitive to the cost of these solutions, which is leading them to increase cloud-based software deployment. Digital logistics solutions are deployed in a customized form as per the business requirements, which leads to better customer’s satisfaction due to cloud-based services. New functionalities are easily added or removed with an easy-to-implement code change. Logistics solutions on the cloud also enable better communication among back-office and on-field leading to efficient resource management.
Digital Logistics Market by Organization Size
The rising usage of cloud technology has driven the adoption of SDN technology among SMEs. Owing to budget constraints, SMEs generally prefer the cloud-based solutions available in the market. These organizations have gradually started adopting technologically advanced products that enhance their business functionalities with limited resources. For SMEs, network automation can ensure cost reduction in terms of expenditure on network infrastructure and reduce the time required for troubleshooting network issues (by determining the state of the network at any point in time).
Digital Logistics Market Key Players
Some of the vital players operating in this market include IBM, Oracle, SAP, ATT, Intel, Infosys, Honeywell, Eurotech S.P.A, HCL Technologies, ORBCOMM, Impinj, Logisuite, Cloud Logistics among others.
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