Digital Twin in Logistics Market to cross $9.4 Bn by 2032, Says Global Market Insights Inc.
Major digital twin in logistics market participants include IBM, SAP, Dassault Systèmes, Oracle Corporation, Kinaxis, Blue Yonder, Siemens Digital Industries Software
Selbyville, Delaware, Oct. 03, 2024 (GLOBE NEWSWIRE) —
The digital twin in logistics market valuation is predicted to exceed USD 9.4 billion by 2032, reported in a research analysis by Global Market Insights Inc.
By creating a virtual replica of their physical logistics network, companies can monitor and analyze every facet of their operations, from warehouse management to route optimization, significantly boosting operational efficiency through real-time insights.
End-users are increasingly integrating digital twins with artificial intelligence (AI) and machine learning (ML) technologies. This fusion amplifies the predictive prowess of digital twins, leading to sharper forecasting and optimization. AI and ML algorithms sift through vast data from digital twins, discerning patterns and making instantaneous decisions. For example, in route optimization, AI-enhanced digital twins can modify delivery routes in real-time, factoring in traffic, weather, and historical data.
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The digital twin in logistics market is bifurcated into component, deployment model, application, end user, and region.
The digital twin in logistics market from the software segment accounted for roughly USD 893 million. The capabilities of digital twin software have been significantly bolstered by the integration of Internet of Things (IoT) devices and sensors. These enhancements facilitate real-time data gathering from assets, vehicles, and infrastructure within the logistics network. Such detailed data is vital for crafting precise digital replicas of tangible systems. For instance, in March 2024, DHL harnessed digital twin technology to craft virtual models of its warehouses.
The market categorizes the digital twin in logistics by deployment model into cloud-based and on-premises. The cloud-based segment is projected to surpass USD 7.5 billion by 2032. These cloud solutions offer unparalleled scalability, allowing logistics firms to modulate computing resources in response to demand shifts. During peak times or unforeseen surges, businesses can swiftly upscale their infrastructure without hefty capital outlays. This adaptability not only ensures peak performance but also bolsters efficiency and customer satisfaction.
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North America led the digital twin in logistics market, capturing about 31% of the revenue share. Spearheaded by the U.S., this region stands at the vanguard of technological advancements. The swift evolution and adoption of IoT, AI, and big data analytics are pivotal in driving the uptake of digital twins in logistics. Companies in this region harness these technologies to boost operational efficiency, refine decision-making, and secure a competitive edge.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates & calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimation
1.3 Forecast model
1.4 Primary research and validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis, 2021 – 2032
Chapter 3 Digital Twin in Logistics Market Insights
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 Software providers
3.2.2 Logistics service providers
3.2.3 Technology providers
3.2.4 End-user
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Key news & initiatives
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Growing demand for real-time insights into logistics operations
3.8.1.2 Rising need for data-driven decision-making
3.8.1.3 Technological advancements in the logistics industry
3.8.1.4 Growing focus of logistics companies on cost reduction
3.8.2 Industry pitfalls & challenges
3.8.2.1 Data integration challenges
3.8.2.2 Digital twin implementation complexity
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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