The global logistic software market will reach USD 17.76 billion at an 8.31% CAGR by 2030, states the new Market Research Future report.
Logistic Software Market Drivers
Multiple Benefits of Using Logistics Software to Boost Market Growth
The multiple benefits of using logistics software like time and cost saving, emergence of digital technology, and proper management of labors will boost market growth over the forecast period.
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Booming E-commerce Industry to Offer Robust Opportunities
The booming e-commerce industry will offer lucrative opportunities for the market over the forecast period. Because of the widespread usage of the internet and cellphones, the e-commerce industry is fast expanding. Because the e-commerce industry involves product delivery to customers’ homes, its expansion has a direct impact on the development of the logistics industry. As technology advances, logistics service providers in the transportation and warehouse industries are implementing logistics software solutions to boost efficiency.
Safety and Security Issues to act as Market Restraint
The safety and security issues may act as a market restraint over the forecast period.
Lack of Awareness in SMEs to act as Market Challenge
The lack of awareness about logistics software in SMEs may act as a market challenge over the forecast period.
The global logistics software market is bifurcated based on software type and end-users.
By software type, the logistic software market is segmented into Warehouse management, Labor management, Transportation management and Data management.
By End-users, the logistic software market is segmented into Automotive, Healthcare, Government & Defense, Telecommunication and IT, Engineering and Manufacturing, Industrial, Oil & Gas and Others.
The COVID19 pandemic wave has had a devastating impact on the entire planet, slowing economic progress. People all throughout the world were broken down by the financial and health crises. All industrial operations and production tasks were prohibited during the lockdown. The imposition of lockdown also caused significant disruption in the supply chain. The pandemic’s negative ramifications did have an impact on the logistic software business. However, due to the limitations of manual procedures, companies relied heavily on software. The ease of management in logistics software pushed enterprises to adopt it, allowing the logistic software business to grow steadily even under difficult times. The market was capable to regain its normal potential due to increased demand for logistics software. Market participants also contributed significantly to the growth of the logistic software market by delivering better solutions to clients. The numerous advantages of logistics software will drive sales of logistics software in the future years.
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APAC to Head Logistic Software Market
Because of the region’s increasing need for high-end technology adoption and booming electronics industry, the Asia-Pacific region accounts for the largest logistic software market share. Countries such as China, India, and Japan contribute the most to market expansion. Rapid industrialization and digitalization will drive Asia-Pacific market growth during the forecast period. The Asia-Pacific area is predicted to increase during the projection period due to emerging economies such as India and Japan. Because China is the world’s largest vehicle producer, Asia Pacific is likely to dominate the global logistic software market in the next years. The rising industrialization of Asia Pacific, notably in China, contributes to the expansion of the Asia Pacific logistic software market. Furthermore, with the launch of the Make in India Initiative, India is positioned to become the next global design and manufacturing center, expanding the Asia Pacific logistic software market. The ‘Make in India’ program is creating a large number of job possibilities in the country. India possesses one of the world’s fastest expanding economies. Among nations such as China, India, and Japan, Asia Pacific accounted for the biggest market share. The explanation is related to the region’s increased demand for high technology adoption and electronic industry. Because of rising industrialization and digitalization in emerging markets like as India and Japan, Asia Pacific is predicted to be the quickest expanding market.
North America to Have Favorable Growth in Logistic Software Market
It is because the region has some high technology usage. The United States, Canada, and Mexico are the primary contributors to the North American logistic software market. The North American transportation and logistics system is emerging as a result of developments in trade and industry. The development of a worldwide oriented production and distribution system, together with increased import and export operations in countries, raises the demand for logistic software. North America’s thriving healthcare, telecommunications, and information technology industries all contribute to increased need for logistics software. The US is a vital market for the adoption of innovative technology. The country’s strong financial situation allows it to invest substantially in the adoption of cutting-edge techniques and technology to assure commercial success.
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Eminent industry players profiled in the global logistic software market report include Advantech Corporation, Digilogistics, UTI Worldwide Inc., Hexaware Technologies, IBM Corporation, JDA Software, Oracle, Samsung Electronics Co, SAP AG, and Tech Mahindra.
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