Global Digital Logistics Market - Segmented by Type of System (Tracking and Monitoring, Electronic Data Interchange, Fleet Management), Service (System Integration Services and Consulting Services), End User, and Region - Growth, Trends, and Forecast (2018 - 2023)
The global digital logistics market is expected to register a CAGR of 7.89% during the forecast period of 2018-2023. Besides impacting the cost side of the value equation, it also fuels the growth, through the capability to deliver customer-focused, personalized logistics, with unique customer satisfaction. Companies implementing digital logistics recognize that there is an advancement in capabilities, which begin with functional excellence, enterprise logistics management, and eventually to the supply chain integration and collaboration, which will brand the supply chain leaders. Currently, logistics professionals have a powerful range of new digital logistics tools, which can be strategically deployed, in order to unlock significant value and produce customer-focused logistics systems that offer a long-term competitive advantage.
Growth of E-commerce and M-commerce and Increase in Same-day Delivery Expected to Drive the Market
Digital logistics is being driven by the emergence of e-commerce and m-commerce, which have empowered customers to source products from all over the world. With digital logistics, the new enterprise and supply chain logistics applications are united with core warehouse, labor management systems, and transportation, to ensure fulfillment, excellence, and enable new process models.
As per the US Department of Commerce, it costs companies above USD 40 billion a year, due to employee theft. The logistics security issue has a huge influence over both large and small companies. Therefore, companies are moving toward the adoption of digital logistics.
Tracking and Monitoring System considered to be a Key Service Requirement for the Global Transportation Industries
The tracking and monitoring of shipments are quite important for manufacturing companies, in terms of customer service and proficiently managing logistics networks. Across the globe, industries are facing problems while tracking and monitoring their logistics supply networks, which is creating significant coordination problems at product development sites. This problem results in losing track during delivery, distribution, and production in the complete logistics chain, from source to destination, which is the main reason for opportunity cost via customer disappointment. Tracking systems help identify the position of the consignment and inform the customer well in advance. This system might fulfil the concerns of the project manager, to track the production process from initiation until completion.
Key Developments in the Market: