Digital Transformation Spending in Logistics Market Size, Share, Growth Analysis, By Component(Hardware, Software, Services), By Devices(RFID Readers, Real-Time location System (RTLS), Barcode Scanners, Printers), By Deployment Mode(Cloud Based, and On Premise), By Region - Industry Forecast 2024-2031

Digital Transformation Spending in Logistics Market size was valued at USD 47.98 billion in 2019 and is poised to grow from USD 52.2 billion in 2023 to USD 102.5 billion by 2031, growing at a CAGR of 8.8% in the forecast period (2024-2031).

The market growth is attributable to increasing spending on digital transformation in logistics. Speed and time are crucial elements that contribute to enhanced efficiency as a result of the growing digitalization of many industries, and they are now even more crucial for the logistics sector. Technology has ushered in a logistical revolution marked by quicker and more effective operations.

The development of artificial intelligence and the Internet of Thought has accelerated the growth of digital transformation spending in the logistics sector for a number of significant organizations. The market's primary driver is the growing digitalization of business. For a number of large firms, the increase in digital transformation spending in the logistics sector has been driven by the development of artificial intelligence and the Internet of Thought. The increased digitalization of business is the main force driving the market.

Digital logistics refers to the automation and digitalization of processes related to the movement of commodities. Every routine logistical task that uses paper and a pen and requires repetitive manual labour can be digitally and automatically automated. Digital logistics comes into play in this situation. In 2019, according to NITI Aayog, the Indian government prioritised IoT, AI, and Big Data to transform the nation's supply chain and logistics industry. The government invested 100 crores of Indian Rupees in this sector, which is boosting the need for digital logistics across the nation.

US Digital Transformation Spending in Logistics Market is poised to grow at a sustainable CAGR for the next forecast year.