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Digital Twin in Logistics Market Trends

  • Report ID: GMI10655
  • Published Date: Aug 2024
  • Report Format: PDF

Digital Twin in Logistics Market Trends

The integration of digital twins with artificial intelligence (AI) and machine learning (ML) technologies are increasing among different end-users. This integration enhances the predictive capabilities of digital twins, enabling more accurate forecasting and optimization. AI and ML algorithms analyze extensive data from digital twins, identifying patterns and making real-time decisions.
 

For instance, in route optimization, AI-driven digital twins can dynamically adjust delivery routes based on traffic conditions, weather forecasts, and historical data. This trend helps logistics companies minimize delays, reduce costs, and improve overall efficiency. Additionally, the convergence of AI and digital twins is advancing predictive maintenance, where machine learning models predict equipment failures before they occur, thereby reducing downtime and maintenance costs.
 

Moreover, sustainability has become a critical focus in the logistics sector, with digital twins playing a significant role in this evolution. By simulating and analyzing various scenarios, digital twins enable companies to understand and reduce their environmental impact. Further, they optimize routes to minimize fuel consumption and recommend energy-efficient practices for warehouse operations. This trend aligns with the increasing emphasis on corporate social responsibility and regulatory demands for greener logistics practices. Utilizing digital twins in sustainability efforts allows companies to achieve their environmental objectives while maintaining operational efficiency.
 

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of digital twin in logistics reached USD 1.2 billion in 2023 and is set to register over 25.7% CAGR between 2024 and 2032, led by rising need for data-driven decision making.

The software segment recorded USD 893 million in 2023, owing to the integration of Internet of Things (IoT) devices and sensors.

North America market held 31% share in 2023, attributed to the rapid development and integration of IoT, AI, and big data analytics.

IBM, SAP, Dassault Systèmes, Oracle Corporation, Kinaxis, Blue Yonder, and Siemens Digital Industries Software.

Digital Twin in Logistics Market Scope

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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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