FACTS AT A GLANCE
Editing: 9; Posted: March 2021
Executive commitments: 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; Tech partner United States; Samsung Electronics Co., Ltd .; SAP SE; Scanco; Syntel, Inc .; Tech Mahindra Ltd. and others.
Blanket: 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; UK; and rest of Europe); Asia Pacific; Rest of the world.
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Global digital transformation spending in logistics to be achieved $ 75.5 billion by 2026
COVID-19 is emerging as the main driver of digital transformation. More than 60% of companies North America, Europe and Asia expect to see a higher speed of change in digital transformation during the years 2020 to 2023. Digital transformation is now visible in all industrial sectors. With companies across industries, including logistics, launching digital initiatives online, investments in automation are increasing. Amid COVID-19 Crisis, Global Logistics Digital Transformation Spending Market Is Estimated At $ 45.6 billion in 2020, is expected to reach a revised size of $ 75.5 billion by 2026, with a CAGR of 8.8% during the analysis period. Hardware, one of the segments analyzed in the report, is expected to grow at a CAGR of 8.2% to reach 38.3 billion USD at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, the growth of the software segment is readjusted to a revised CAGR of 8.9% for the next 7-year period.
The United States is estimated at $ 14 billion in 2021, when China is expected to reach $ 13.7 billion by 2026
The digital transformation spending in logistics in the United States is estimated at $ 14 billion in 2021. The country currently represents a 28.98% share of the global market. China, the world’s second-largest economy, is expected to reach an estimated market size of $ 13.7 billion in 2026, with a CAGR of 10% over the analysis period. Other notable geographic markets include Japan and Canada, each forecasts growth of 7.7% and 8.5% respectively over the period of analysis. In Europe, Germany is expected to grow by around 7.8% CAGR while the rest of the European market (as defined in the study) will reach $ 15.1 billion by 2027. The push towards the digital transformation of these markets by increasing investments in connected devices, radio frequency identification (RFID) and the Internet of Things (IoT) for better real-time visibility of the chain supply. The foray of third-party logistics providers (3PLs) into the logistics and freight management industry is changing market dynamics, offering shippers the opportunity to find the most suitable partner for their business. The future offers even more opportunities for transport and logistics companies to improve their efficiency and profits. IoT and vehicle-to-vehicle communication show promise for activating “vehicle trains” or “vehicle platoons”.
Service segment to be reached $ 22.1 billion by 2026
In the global services segment, United States, Canada, Japan, China and Europe will result in the estimated 9.9% CAGR for this segment. These regional markets represent a combined market size of 8.1 billion USD in 2020 will reach a projected size of $ 15.7 billion at the end of the analysis period. China will remain among the most dynamic in this group of regional markets. Led by countries such as Australia, India, and South Korea, the market of Asia Pacific should reach $ 2.5 billion by 2026. After
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