Logistics Services Software Market Size to Grow by $ 2.92 bn through 2021-2025
Technavio research projects the logistics services software market to grow by $ 2.92 bn, accelerating at a CAGR of almost 10% till 2025. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking View Free Sample Report
Logistics Services Software Market: Key Market Driver
The rapid growth in the e-commerce industry will significantly fuel the logistics services software market growth over the forecast period. The e-commerce industry is growing rapidly, owing to the penetration of the internet and smartphones. Since the e-commerce industry involves doorstep delivery of products, the growth of the industry has a direct impact on the development of the logistics industry. With the advent of technology, logistics service providers in the transportation and warehouse sectors are adopting logistics software solutions for improved efficiency. Such solutions provide e-commerce companies with updates about stock and freight forwarding. WMS software solutions help end-users in inventory management and provide accurate details about the inward and outward stock.
Logistics Services Software Market: Vendor Analysis
The market is fragmented due to the presence of several players. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Accenture Plc, Blue Yonder Group Inc., BluJay Solutions Inc., Epicor Software Corp., Honeywell International Inc., Infor Inc., Manhattan Associates Inc., Oracle Corp., SAP SE, and The Descartes Systems Group Inc. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
Technavio also offers custom research reports with detailed insights assessing the market from a global as well as regional perspective. This customized report will help clients keep up with new product launches in direct & indirect or related markets. It will also provide insights on upcoming developments along with a pipeline analysis of vendor operations and the impact of government regulations.
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Technavio has been monitoring the global logistics services software market and it is expected to grow by $ 2.92 billion, accelerating at a CAGR of almost 10% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking. View Free Sample Report
Leading Product Segment: On premise and Cloud-based
The logistics services software market share growth by the on-premise segment will be significant during the forecast period. On-premise logistics services software solutions are widely used by large organizations and e-commerce service providers that have a global presence, as they enable the control and ownership of the performance of hardware and software and the data generated and stored within the software.
However, the post COVID-19 impact has brought forth a slowdown in the on-premise segment owing to the shutdown of industrial hubs and manufacturing units. This report provides an accurate prediction of the contribution of all the segments to the growth of the logistics services software market size.
Key Emerging Trend: Integration of technologically advanced solutions
The integration of technologically advanced solutions is one of the critical logistics services software market trends. End-users are implementing logistic software solutions for transportation management, inventory management, and warehouse management. To capitalize on the growing adoption of logistics software solutions, vendors are introducing software solutions with advanced technologies such as AI. AI in the supply chain is used to predict the demand, plan demand and supply forecast, optimize warehouse management stock, and ensure accuracy in shipping to reduce the lead time and transportation expenses. Therefore, the integration of technologically advanced solutions in supply chain management will significantly influence market growth.
Technavio offers custom research reports with detailed insights from the perspective of global industry trends, regional market influences and supply chain operations. This customized report will help clients keep up with new product launches in direct & indirect markets. It will also provide insights on upcoming developments along with pipeline analysis of vendor operations and the impact of government regulations.
For more insights on this market: Download Free Sample Report