Digital Transformation Spending in Logistics Market – Snapshot
The global digital transformation spending in logistics market is projected to be driven by rise in demand for digitalization of business processes and increase in cost pressure on the service providers. The logistics industry has adopted digital advances at a slower pace than other industries, which could be potentially disastrous even for the major players in the industry. Hence, digitalization of business processes drives the digital transformation spending in logistics market. Additionally, digitalization is happening across industries, and the benefits are revolutionary for companies with greater consumer awareness and reach, higher productivity, and innovative business models. However, the end-users have to make significant initial investments and incur high maintenance costs. These act as restraints of the market. The global digital transformation spending in logistics market is anticipated to reach US$ 94,972.3 Million by 2026 at a CAGR of 10.7% during the forecast period.
Logistics companies spend on digital transformation to increase efficiency, optimization, and speed and timing of logistic services, thereby increasing customer satisfaction and revenue. Among a range of rapid technological evolutions and in an increasingly digital environment where digital transformations are affecting the industry, most of the CEOs of transport & logistics companies appreciate digital solutions (to engage with customers, and optimize production and operations) as major areas of investment.
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Growth in e-commerce coupled with quick delivery of goods to gain competitive advantage has led to high demand for transport management systems and warehouse management systems. Moreover, increase in the number of Internet users along with rise in popularity of social media platforms has contributed to the surge in awareness about digital solutions. Innovative digital solutions and sharing platforms are being incorporated within the enterprise infrastructure. Vinculum Solutions, an India-based company, focuses on delivering solutions (Vin eRetail WMS) and products specific to the retail industry. The solution supports easy order delivery, last mile delivery, and integration of manufacturers, logistics companies and web stores among each other.
The online sales channel has become more complex and has induced manufacturing businesses to adopt digital transformation. Moreover, as an alternative to in-house fulfillment, a large number of retailers have shifted from Internet order processing to 3PLs, which are equipped and experienced in warehouse management system to handle these online needs. This is expected to propel the Warehouse Management System (WMS) market in the next few years.