NEWS PROVIDED BYTechnavio
Jun 19, 2024, 18:00 ET
NEW YORK, June 19, 2024 /PRNewswire/ — The global digital shipment market size is estimated to grow by USD 94.17 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 29.17% during the forecast period. Increasing customer demand for faster and more streamlined services is driving market growth, with a trend towards globalization in the supply chain. However, cybercrime risks poses a challenge. Key market players include AP Moller Maersk AS, Boxnbiz Technologies Pvt. Ltd., CMA CGM Group, COSCO Shipping International Co. Ltd., Descartes Systems Group Inc., Deutsche Post AG, Evergreen Marine Corp. Taiwan Ltd., FedEx Corp., Flexport Inc., Forto GmbH, Hapag Lloyd AG, HMM Europe Ltd., Kuehne Nagel Management AG, MSC Mediterranean Shipping Co. SA, Ocean Network Express Pte. Ltd., Pacific International Lines Pte. Ltd., TRAXENS, Yang Ming Marine Transport Corp., Zencargo, and ZIM Integrated Shipping Services Ltd.
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| Digital Shipment Market Scope | |
| Report Coverage | Details |
| Base year | 2023 |
| Historic period | 2018 – 2022 |
| Forecast period | 2024-2028 |
| Growth momentum & CAGR | Accelerate at a CAGR of 29.17% |
| Market growth 2024-2028 | USD 94171.7 million |
| Market structure | Fragmented |
| YoY growth 2022-2023 (%) | 22.16 |
| Regional analysis | APAC, North America, Europe, Middle East and Africa, and South America |
| Performing market contribution | APAC at 30% |
| Key countries | China, US, Japan, Germany, and South Korea |
| Key companies profiled | AP Moller Maersk AS, Boxnbiz Technologies Pvt. Ltd., CMA CGM Group, COSCO Shipping International Co. Ltd., Descartes Systems Group Inc., Deutsche Post AG, Evergreen Marine Corp. Taiwan Ltd., FedEx Corp., Flexport Inc., Forto GmbH, Hapag Lloyd AG, HMM Europe Ltd., Kuehne Nagel Management AG, MSC Mediterranean Shipping Co. SA, Ocean Network Express Pte. Ltd., Pacific International Lines Pte. Ltd., TRAXENS, Yang Ming Marine Transport Corp., Zencargo, and ZIM Integrated Shipping Services Ltd. |
Market Driver
The global digital shipment market is experiencing growth due to increased globalization in supply chains and the expansion of consumer goods companies across international borders. This trend leads to the development of new trade corridors, such as the Ethiopian Berbera Corridor, the Singapore-Guangxi distribution center, and the International North-South Transport Corridor. These corridors facilitate the transportation of goods like electronics, apparel, and vegetables, generating demand for efficient digital shipment services. Consequently, globalization positively impacts the market’s growth during the forecast period.
The digital shipment market is experiencing significant growth with the implementation of technology in the logistics sector. Real-time tracking, volumetric pricing, and predictive analytics are key trends shaping this industry. Companies are leveraging technology to improve efficiency, reduce costs, and enhance customer experience. The use of digital platforms for booking, managing, and monitoring shipments is becoming increasingly popular. Consumers and businesses alike appreciate the transparency and convenience offered by these solutions. The adoption of digital technologies is also driving innovation in areas such as predictive maintenance and supply chain optimization. Overall, the digital shipment market is poised for continued growth and transformation.
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Market Challenges
- The digital shipment market faces significant challenges from cybersecurity threats. With the rise of connectivity and digitalization, there’s an increased risk of hacking and ransomware attacks. Shipping companies prioritize data security and safety alongside operational efficiency. Cybercrimes, such as cargo manipulation, system interference, and GPS jamming, can negatively impact financial performance and brand image. Innovative technologies are used for cargo tracking, paper filings, and supply chain visibility, necessitating robust cybersecurity measures for interoperability and data protection.
- The digital shipment market faces several challenges in its transformation process. Delay in digital adoption, lack of standardization, and integration issues are major hurdles. Industry players struggle with implementing digital technologies due to high investment costs and resistance to change. Furthermore, the need for seamless integration between different systems and platforms adds to the complexity. Additionally, data security and privacy concerns are crucial in this sector, making it essential to implement robust cybersecurity measures. Lastly, keeping up with the latest technologies and trends is a continuous challenge for market players.
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Segment Overview
This digital shipment market report extensively covers market segmentation by
- Type
- 1.1 Digital shipping lines
- 1.2 Digital freight forwarders
- Deployment
- 2.1 Cloud
- 2.2 On-premises
- Geography
- 3.1 APAC
- 3.2 North America
- 3.3 Europe
- 3.4 Middle East and Africa
- 3.5 South America
1.1 Digital shipping lines- The digital shipping lines segment dominates the digital shipment market in 2023, driven by significant revenue contributions. Key players like Maersk Line, Mediterranean Shipping Co., Hapag Lloyd, and CMA CGM operate in this sector. Digital shipping lines use advanced tracking technology and offer online booking and vessel selection. While they provide competitive rates and real-time cargo tracking, they may not always offer additional transport services or the best rates. Their liability for cargo damage or loss adds value. These factors fuel the growth of the digital shipping lines segment.
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Research Analysis
In the dynamic world of digital shipment markets, advance tracking features have revolutionized the e-commerce industry. Consumers now have real-time access to information regarding their orders, enabling better transportation methods and ensuring efficiency. Analytical reports provide essential insights into impacting factors, allowing businesses to make informed decisions and seize imminent investment pockets. Cross-border e-commerce thrives on easy documentation and instant pricing, offering convenience and instant quotes to consumers. The market continues to evolve, with cancellation of orders and convoy systems becoming increasingly common. Air transportation remains a crucial component, ensuring timely delivery of goods. Overall, the digital shipment market is a critical component of the e-commerce ecosystem, driving growth and innovation.
Market Research Overview
The Digital Shipment Market encompasses various technologies and processes that facilitate the digitalization of international freight forwarding and logistics. This includes the use of advanced analytics, digital platforms, and automation to streamline and optimize the shipping process. Key aspects of the market include the implementation of blockchain technology for secure and transparent transactions, the integration of IoT sensors for real-time tracking, and the adoption of AI and machine learning for predictive analytics and demand forecasting. Additionally, the market is driven by the increasing need for faster and more efficient shipping solutions, as well as the growing trend towards e-commerce and globalization. Overall, the Digital Shipment Market offers significant opportunities for innovation and growth in the logistics industry.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Type
- Digital Shipping Lines
- Digital Freight Forwarders
- Deployment
- Cloud
- On-premises
- Geography
- APAC
- North America
- Europe
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio