PUBLISHER: Grand View Research | PRODUCT CODE: 1512089
PUBLISHER: Grand View Research | PRODUCT CODE: 1512089
The global API logistics market size is anticipated to reach USD 5.23 billion by 2030, expanding at a CAGR of 20.2% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market growth is attributed to factors such as the growing digitalization in the logistics industry, the growth of the e-commerce sector, and the need for real-time supply chain visibility. Application Programming Interfaces (APIs) can enhance real-time bookings, rate quoting, and broker processing tasks, providing a modern and faster alternative to Electronic Data Interchange (EDI) systems for addressing time-sensitive customer and partner requests.
APIs aid in application and software development by enabling developers to integrate data and functionalities from existing applications rather than building everything anew. Additionally, APIs provide application owners with a secure method to share their application data and capabilities internally across departments as well as externally with business partners or third-party developers. In the logistics industry, APIs aid in ensuring operational efficiency, saving time, and mitigating risks, leading to enhanced customer satisfaction.
Governments are taking initiatives to improve supply chain infrastructure, which is likely to impact API adoption positively. For instance, in October 2022, the Canadian government announced a USD 98 million initiative to digitally transform Canada's supply chains, funded through Budget 2022. This initiative, part of Canada's National Supply Chain Strategy, aims to optimize transportation coordination, enhance data visibility, support industry-driven digital solutions, and promote evidence-based decision-making to strengthen trade corridors like the Pacific Gateway and Windsor-Quebec corridor.
Companies operating in the API logistics industry are continuously innovating and launching new solutions. For instance, in September 2022, Google announced the Preview release of the new Routes API, which combines and enhances the Directions and Distance Matrix APIs, offering advanced routing features like real-time traffic, toll data, and eco-friendly routing to all Google Maps Platform developers.