Worldwide Digital Transformation Spending in Logistics Industry is Projected to Reach $75.5 Billion by 2026
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.
Digital Transformation Spending in Logistics in the U.S. is estimated at US$15.1 Billion in the year 2022. The country currently accounts for a 28.98% share in the global market. China, the world's 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 end of the analysis period. 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.
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