LogisticsIQ™ - NextGen Supply Chain Market to hit $75B for Vision 2030 of Future of Logistics

The lure of low-cost data storage and cloud computing has enabled organizations to capture and process large volumes of data in a short period of time in order to find valuable business insights and thus achieve end-to-end digitization of the supply chain. Companies have started implementing technological changes in crucial logistics functions across various internal processes covering supply chain planning, procurement, sales & operational planning and customer services. Under "Strategy 2025" Deutsche Post DHL Group will be spending around EUR 2 billion on digitalization till 2025 and the digitalization investment is expected to lead to yearly benefits of at least EUR 1.5 billion by 2025.

As per LogisticsIQ™ latest study on "Next-Gen Supply Chain Market - Global Forecast to 2030", this market is likely to reach USD 75 billion by 2030, from USD 32 billion in 2019. Enablers of digital supply chain include Artificial Intelligence (AI), 3D Printing, Cloud Computing, Big Data and Predictive Analytics, Robotics and Automation, Data Capture, Driverless Vehicles and Drones, Digital Twin, IoT, Blockchain, Augmented and Virtual Reality, Wearable & Mobile Devices and 5G connectivity.

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Major drivers of a digital supply chain include demand for greater visibility and transparency in supply chain data process, faster adoption of internet of things (IoT), increasing investment in supply chain innovation, and huge demand from e-commerce. Companies have started to embrace the digital revolution and are beginning to see the full potential of Supply Chain 4.0 resulting in real-time product visibility, strategic sourcing and optimization, end-to-end visibility, inventory visibility and optimization, real-time manufacturing asset intelligence, micro fulfilment, efficient last mile delivery and dynamic demand & supply synchronization are some of the major benefits of a digital supply chain. The proliferation of technologies and opportunities around the digital supply chain really means companies need to look seriously at outsourcing these functions.

Rise of The Digital Supply Chain Market with IoT: Organizations are looking to leverage IoT in supply chain management by installing sensors and communication devices to achieve accurate asset tracking, improve inventory management, predictive maintenance, and establish demand driven supply chain network. Logistics companies have been using smart sensors to increase automated data collection and processing and GPS to improve visibility of shipments and improve fill-rate for quite some time now. If we take an example of Jabil then their Intelligent Digital Supply Chain (IDSC) solutions enable the best strategies, innovation, and design throughout the supply chain, delivering superior financial performance and customer experience which include Jabil InControl™, Procurement Solutions and Supply Chain solutions.

5G to Revolutionize NextGen Supply Chain Market: Widespread 5G rollout is expected to occur starting 2020, promising mobile networks with high data speeds, improved quality, and reduced latency. With growing number of smart devices being used in supply chain, there is a challenge to handle all on network which can be addressed by 5G to track the even smallest item, V2X communication and order fulfillment through Augmented Reality in warehouses. 5G is likely to enable massive amounts of data to be collected from remote and mobile sensors analyzed in real time to drive transportation management optimization and predictive analytics. Assuming that there will be at least 5 Million mobile robots in more than 50000 warehouses to pick, store, sort and transport the materials and everything will be connected through WMS/TMS. It makes really important to have a fast, stable and secure connection of 4G LTE or 5G. In June 2019, AT&T Business, Samsung Austin Semiconductor, and Samsung Electronics America unveiled the first manufacturing-focused 5G Innovation Zone in America which explores using 5G in combination with LTE and Wi-Fi to illustrate key use cases like Automated Guided Vehicles, Digital Twin etc.

Artificial Intelligence and Supply Chain 4.0 Market: AI in supply chain is being used to address key challenges such as constant change in process, shorter product lifecycle, and increased demand uncertainty by analyzing complex data and forecast future demand. AI is already being deployed in supply chain planning and optimization, including demand forecasting, inventory management, warehouse management, and fleet management. If supply chain has to be dynamic, responsive and interconnected to the ecosystem and processes the solutions like IBM® Sterling Supply Chain Suite gives you the end-to-end visibility, real-time insights and recommended actions to turn disruptions into opportunities for customer engagement, growth and profit.

The Age of Robotics in Logistics 4.0 Market - The rise in e-commerce has led robots to enter warehouses, sorting centers, and are evening being deployed for micro-fulfillment and last-mile delivery. Autonomous mobile robots (AMRs) are now being used in entire logistics chain, from order intake to customer delivery resulting in faster order fulfillment, greater order accuracy, reduced damages and improved labor productivity. Robots are also being used by large retailers such as Amazon, JD and Walmart to pack and sort items for Warehouse Automation. Automated guided vehicles (AGV) are now being deployed in warehouses as autonomous forklifts, carts and pallet movers. Recent developments like Shopify acquiring 6 River Systems for $450m and Teradyne acquiring AutoGuide Mobile Robots & Mobile Industrial Robots (MiR) for $165m & $272M respectively are the outcomes behind this disruptive technology in the warehouses and logistics.

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Company Name: LogisticsIQ™

Company URL: https://www.thelogisticsiq.com/research/next-gen-supply-chain-market/