Connected Logistics Market Overview:
Connected Logistics Market is valued at around USD 30.1 Billion in 2022 and is expected to reach USD 74.0 billion by 2030, registering a CAGR of 16.35% over the forecast period.
Through connecting several corresponding platforms, connected logistics increases productivity, improves operational efficiency, and provides real-time access for logistics companies catering to a variety of industry verticals. In order to promote accessibility and high levels of interoperability, service providers in the linked logistics industry have developed cutting-edge goods and solutions. Their goal is to increase teamwork and lead to more informed decision-making and increased productivity. Moreover, a number of communication technologies, including Bluetooth, Wi-Fi, and ZigBee, are essential for improving logistical assistance.
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Market Drivers:
The rising costs of fuels and the escalating concerns regarding environmental issues such as carbon emissions and pollution are driving a shift from traditional transportation methods towards IOT-enabled connected logistics solutions. These solutions utilize sensors, cloud technology, and IOT connectivity to remotely manage, monitor, and control supply chain operations. The adoption of IOT has significantly enhanced the efficiency of supply chain platforms within the logistics and transportation industry. It enables complete visibility and faster detection of network issues, facilitating effective and timely decision-making. Additionally, improved supply chain visibility results in long-term cost savings.
Many sectors that are facing challenges in meeting the need for faster delivery times can profit greatly from the use of autonomous trucks and vehicles. Therefore, the demand for connected logistics technologies is being driven by the increasing requirement for these vehicles for the movement of goods across industries like manufacturing, healthcare and pharmaceuticals, and food and beverage production. The increasing need for mobility has brought attention to issues including fluctuating oil costs, significant investment, and pollution management.
Technological advancements:
in the logistics sector are driving the growth of the connected logistics market, propelled by the widespread adoption of cloud-based technology, Bluetooth 5, IOT, and logistics 4.0. Cloud computing, in particular, is gaining popularity among various businesses, including logistics companies, due to its cost-effective nature. Leveraging the cloud enables organizations to integrate more efficiently, operate anytime and from anywhere, thus contributing to the expansion of the connected logistics market.
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Market Trends:
The need for connected logistics solutions is being driven by the growing availability of these solutions with high levels of accessibility, security, and interoperability features. The market is expanding due in part to the necessity of reducing the costs related to shipping and warehousing services. It is projected that the growing demand for intelligent transportation solutions will quicken the market’s expansion.
Throughout the course of the forecast period, the development of autonomous logistics trucks and the advent of logistic 4.0 are anticipated to generate significant potential prospects for the market. Furthermore, the industry is growing because IOT sensors are becoming less expensive. Nonetheless, one of the things impeding the market’s expansion is the escalating security and safety concerns within the logistics sector.
Market Segmentations:
On the basis of component:
- Hardware
- Solutions
- others
On the basis of software:
- Asset management
- Warehouse IOT
- Security
- Data management
- Network management
- Streaming analytics
- others
on the basis of technology:
- Bluetooth
- Cellular
- Wi-Fi
- ZigBee
- NFC
- Satellite
- others
On the basis of devices:
- gateways
- RFID Tags
- Sensor Nodes
- Others
On the basis of transportation mode:
- Roadways
- Railways
- Airways
- Seaways
- Others
On the basis of end-user industry:
- Automotive
- Manufacturing
- Oil and Gas
- IT and Telecom
- Healthcare IT and Telecommunication
- Retail
- Food and beverages
- Others
Market Regional Analysis:
North America, which presently leads the worldwide connected logistics market, is anticipated to have a rise in demand throughout the forecast period. The application of cutting-edge technologies like machine learning, the Internet of Things, cloud computing, big data, analytics, and deep learning is one of the drivers driving the market’s growth in North America. Because of the presence of significant firms, the US maintains its highest market share in North America.
Leading Companies Involved in this report are:
AT&T Inc., Cisco Systems Inc., Erotic S.p.A., HCL Technologies Limited, Honeywell International Inc., Infosys Limited, Intel Corporation, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, SAP SE and Zebra Technologies Corporation, and others.
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