Report : Digitization in Logistics Supply Chain Market Forecasts to 2027 - Covid-19 Impact & Global Analysis by Component (Solutions and Services); Organization Size (SMEs and Large Enterprise); Industries (Automotive, BFSI, Manufacturing, IT & Telecom, Healthcare, Oil & Gas)
Growth of logistics sector propels digitization in logistics supply chain market
According to our latest market study on “Digitization in Logistics Supply Chain Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Component (Solutions and Services); Organization Size (SMEs and Large Enterprise); Industries (Automotive, BFSI, Manufacturing, IT & Telecom, Healthcare, Oil & Gas); Geography” the market was valued at US$ 11,794.24millionin 2019 and is projected to reach US$ 23607.06millionby 2027; it is expected to grow at a CAGR of 8.5% from 2020 to 2027.The report highlights the key factors driving the market growth, and prominent players and their development sin the market.
The global logistics and transportation sector is soaring at an exponential rate since the past decade. The demand for transportation of raw materials from procurement sites to production units, and finished product from manufacturing facilities to warehouses and distribution centers, and ultimately to customers, requires extensive supply chain and logistics infrastructure.The continuous growth in the logistics sector has allowed several software developers and connected devices manufacturers to design and develop robust software and systems to allow manufacturing facilities as well as the logistic partners to leverage efficient technologies. The rise in e-commerce has further bolstered the logistics sector. The e-commerce industry is continuously expanding due to the regular increase in the number of companies. The e-commerce giants are continuously increasing their investments toward new warehouses and distribution centers. This is propelling the demand for higher volumes of transportation infrastructure.Thus, e-commerce is a key enabler of the global logistics sector growth and is anticipated to influence digitization in logistics supply chain market significantly.
The key companies operating in the digitization in logistics supply chain market include Accenture, Advnatech Co. Ltd., Cognizant, Capgemini SE, Hexaware Inc., IBM Corporation, Oracle Corporation, SAP SE, Tata Consulting Services Limited, and Wipro Ltd.
COVID-19 Impact on Digitization in Logistics Supply Chain Market
The COVID-19 outbreak has been affecting every business globally since December 2019. The continuous growth in the number of virus-infected patients has led governments to put a bar on transportation of humans and goods. The manufacturing sector has witnessed severe losses due to the temporary shutdown of factories and low production volumes, which has had a negative impact on the logistics sector. Additionally, the social or physical distancing measures imposed by governments have led the logistics service providers to limit their operations. However, the logistics and supply-chain industry players are focusing on digital technologies to curb the negative effect of the pandemic on the logistics operations based on traditional logistics concepts. This is boosting the digitization in logistics supply chain market. Nonetheless, the lower volumes of production are limiting the full-fledged usage of the fleets, which is creating tremors on the logistics service providers' business, thereby leading to slower growth of digitization in logistics supply chain market.
The report segments the global digitization in logistics supply chain market as follows:
By Organization Size