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Global Digital Transformation Spending in Logistics to Reach $75.5 Billion by 2026
SAN FRANCISCO, May 20, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Digital Transformation Spending in Logistics - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 9; Released: March 2021
Executive Engagements: 74231
Companies: 104 - Players covered include 3GTMS, Inc.; 4flow AG; Advantech Co., Ltd.; APL Logistics Ltd.; Digital Logistics Group Ltd.; Hexaware Technologies Ltd.; IBM Corporation; JDA Software, Inc.; Logistic Solutions Inc.; Logitech; MindTree Ltd.; Oracle Corporation; Partner Tech USA; Samsung Electronics Co., Ltd.; SAP SE; Scanco; Syntel, Inc.; Tech Mahindra Ltd. and Others.
Coverage: All major geographies and key segments
Segments: Solution (Hardware, Software, Services); Deployment (Cloud, On-Premise)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
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ABSTRACT-
Global Digital Transformation Spending in Logistics to Reach $75.5 Billion by 2026
COVID-19 is emerging to be the biggest driver of digital transformation. Over 60% of companies in North America, Europe and Asia expect to witness a higher velocity of change in digital transformation during the years 2020 through 2023. Digital transformation is now visible in all industrial sectors. With companies across all industries including logistics going online launching digital initiatives, investments in automation is rising. Amid the COVID-19 crisis, the global market for Digital Transformation Spending in Logistics estimated atUS$45.6 Billion in the year 2020, is projected to reach a revised size of US$75.5 Billion by 2026, growing at a CAGR of 8.8% over the analysis period. Hardware, one of the segments analyzed in the report, is projected to grow at a 8.2% CAGR to reach US$38.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Software segment is readjusted to a revised 8.9% CAGR for the next 7-year period.
The U.S. is Estimated at $14 Billion in 2021, While China is Forecast to Reach $13.7 Billion by 2026
Digital Transformation Spending in Logistics in the U.S. is estimated at US$14 Billion in the year 2021. The country currently accounts for a 28.98% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$13.7 Billion in the year 2026 trailing a CAGR of 10% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.7% and 8.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7.8% CAGR while Rest of European market (as defined in the study) will reach US$15.1 Billion by the year 2027. The push towards digital transformation in these markets in pushing up investments in connected devices, radio frequency identification (RFID) and Internet of Things (IoT) for enhanced real-time visibility into the supply chain. Foray of third-party logistics providers (3PLs) in the logistics and freight management industry is changing market dynamics, providing shippers with the opportunity to find the most suitable partner for their business. The future holds even more opportunities for transportation & logistics companies to improve their efficiency and profits. IoT and vehicle-to-vehicle communication holds promise for enabling "vehicle trains" or "vehicle platoons".
Services Segment to Reach $22.1 Billion by 2026
In the global Services segment, USA, Canada, Japan, China and Europe will drive the 9.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$8.1 Billion in the year 2020 will reach a projected size of US$15.7 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$2.5 Billion by the year 2026. More
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Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
CONTACTS:
Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]
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SOURCE Global Industry Analysts, Inc.
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