Market Size of Digital Logistics Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 29.70 Billion |
| Market Size (2029) | USD 63.55 Billion |
| CAGR (2024 - 2029) | 16.43 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Digital Logistics Market Analysis
The Digital Logistics Market size is estimated at USD 29.70 billion in 2024, and is expected to reach USD 63.55 billion by 2029, growing at a CAGR of 16.43% during the forecast period (2024-2029).
- Growth is driven owing to the increasing adoption of advanced technologies in the logistics sector. Moreover, these digital solutions are helping logistic companies in reducing incurred costs. Convergence of logistics and technology, along with cloud-based collaborative solutions that extend through the entire supply chain, tight integration of warehouse, transport, and end consumer information, and transparency through the supply chain are driving the growth of the market studied.
- The technological advancement in the digital market and rising cloud adoption are expected to fuel the demand for digital logistic solutions. For instance, in April last year, Locus and loconav announced a strategic cooperation. This partnership between loconav and Locus will promote digital transformation in the logistics sector by automating supply chain processes.
- With the outbreak of COVID-19, many industries have faced significant supply chain and logistic disruption owing to the lockdown imposed by various governments. Companies are transforming their supply chain capabilities with digital logistics platforms to meet those essential deliveries. According to Logistics News, digital supply chains using artificial intelligence and enabling digital payments are the solution to emergencies such as the Covid-19 pandemic.
- Over the past ten years, the e-commerce company has experienced tremendous growth due to the development of online shopping and Internet users. More rapid and efficient transportation providers are required due to the growth of e-commerce. When shopping online, customers expect accurate orders, prompt shipment, and return procedures. Businesses are looking for ways to reduce order shipping costs and timeframes. E-commerce is the driving force behind visibility, cost, ease of use, delivery speed, and hassle-free returns. New models and technologies must be created to accommodate this need by automating distribution routes, digitalizing logistics planning, and material movement. As a result, fulfillment services have become quicker and more varied, especially for last-mile delivery and refunds.
