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Digital Twin in Logistics Market Size

Report ID: GMI10655
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Published Date: August 2024
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Report Format: PDF

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Digital Twin in Logistics Market Size

Digital Twin in Logistics Market size was valued at USD 1.2 billion in 2023 and is estimated to register a CAGR of over 25.7% between 2024 and 2032. Digital twins significantly enhance operational efficiency by providing real-time insights into logistics operations. Companies can monitor and analyze every aspect of their operations by creating a virtual replica of the physical logistics network, from warehouse management to route optimization. By implementing digital twins, logistics companies can achieve enhanced visibility, predictive maintenance, and data-driven decision-making, resulting in more resilient and efficient operations.

 

Digital Twin in Logistics Market

In January 2023, Maersk introduced digital twin technology to monitor container locations in real-time. This initiative optimizes Maersk's supply chain, minimizes losses and damage, and improves customer service. Its implementation demonstrates the transformative impact of digital twin technology in the logistics sector, setting a standard way for digital innovations role in improving transparency, predictive capabilities, and strategic decision-making throughout the supply chain.   
 

Moreover, digital twins facilitate the continuous monitoring of assets such as vehicles, machinery, and infrastructure. By analyzing data from these assets, digital twins can predict potential failures before they occur. This proactive approach minimizes unplanned downtime, reduces maintenance costs, and extends the lifespan of critical assets. For instance, sensors on a delivery truck provide data to its digital twin, which can then predict when a part is likely to fail and schedule maintenance accordingly. This ensures that vehicles remain in optimal condition, preventing delays and maintaining service reliability.
 

Integrating data from diverse sources and formats into a unified digital twin presents significant challenges due to the variability in data sources and formats. Poor data quality can lead to inaccurate simulations and predictions, thereby reducing the effectiveness of digital twin technology. Additionally, ensuring real-time data flow and accuracy is crucial for effective decision-making. Organizations must implement robust data management strategies and technologies to handle data integration seamlessly and maintain data integrity.
 

Creating an accurate digital representation of physical assets requires detailed modeling and continuous updates. This process involves integrating various data streams and ensuring that the digital twin evolves in sync with physical changes. Hence, to effectively manage the complexity and dynamic nature of digital twins, organizations are investing in advanced technologies, and implementing a robust data management framework.
 

Authors: Preeti Wadhwani, Aishvarya Ambekar
Frequently Asked Question(FAQ) :
How big is the North America digital twin in logistics industry?
North America market held 31% share in 2023, attributed to the rapid development and integration of IoT, AI, and big data analytics.
Mention the key players involved in digital twin in logistics market?
Why is the demand for digital twin in logistics software growing?
What is the size of the digital twin in logistics market?

Report Content

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   Industry 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

Chapter 4   Competitive Landscape, 2023

4.1    Introduction

4.2    Company market share analysis

4.3    Competitive positioning matrix

4.4    Strategic outlook matrix

Chapter 5   Market Estimates & Forecast, By Component, 2021 - 2032 ($Bn)

5.1    Key trends

5.2    Software

5.3    Services

5.3.1    Managed services

5.3.2    Professional services

5.3.2.1    Consulting services

5.3.2.2    Integration and implementation services

5.3.2.3    Support and maintenance services

Chapter 6   Market Estimates & Forecast, By Deployment Model, 2021 - 2032 ($Bn)

6.1    Key trends

6.2    Cloud-based

6.3    On-premises

Chapter 7   Market Estimates & Forecast, By Application, 2021 - 2032 ($Bn)

7.1    Key trends

7.2    Route optimization

7.3    Warehouse and inventory management

7.4    Predictive maintenance

7.5    Asset tracking

7.6    Others

Chapter 8   Market Estimates & Forecast, By End User, 2021 - 2032 ($Bn)

8.1    Key trends

8.2    Automotive

8.3    Aerospace & defense

8.4    Manufacturing

8.5    Retail & E-commerce

8.6    Energy & utilities

8.7    Others

Chapter 9   Market Estimates & Forecast, By Region, 2021 - 2032 ($Bn)

9.1    Key trends

9.2    North America

9.2.1    U.S.

9.2.2    Canada

9.3    Europe

9.3.1    UK

9.3.2    Germany

9.3.3    France

9.3.4    Italy

9.3.5    Spain

9.3.6    Russia

9.3.7    Nordics

9.3.8    Rest of Europe

9.4    Asia Pacific

9.4.1    China

9.4.2    India

9.4.3    Japan

9.4.4    South Korea

9.4.5    ANZ

9.4.6    Southeast Asia

9.4.7    Rest of Asia Pacific

9.5    Latin America

9.5.1    Brazil

9.5.2    Mexico

9.5.3    Argentina

9.5.4    Rest of Latin America

9.6    MEA

9.6.1    South Africa

9.6.2    Saudi Arabia

9.6.3    UAE

9.6.4    Rest of MEA

Chapter 10   Company Profiles

10.1    AAG IT Services

10.2    AVEVA (Schneider Electric Group)

10.3    Blue Yonder

10.4    Bosch Rexroth

10.5    Dassault Systemes

10.6    General Electric

10.7    IBM

10.8    Kinaxis, Inc.

10.9    Microsoft Solutions

10.10    Oracle

10.11    SAP

10.12    Siemens Digital Industries Software

10.13    Simio LLC

10.14    The Anylogic Company

Authors: Preeti Wadhwani, Aishvarya Ambekar
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Premium Report Details

Base Year: 2023

Companies covered: 14

Tables & Figures: 310

Countries covered: 25

Pages: 260

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