According to forecasts, the connected logistics market will be worth $24.6 billion in 2023 and $73.4 billion in 2033. Sales of linked logistics are anticipated to increase at an 11.5% CAGR during the projection period.
According to the connected logistics industry trend, traditional transportation methods will give way to IoT-enabled linked logistics solutions.
The market trend is primarily influenced by rising fuel costs and associated environmental issues like pollution and carbon emissions.
Sensors, cloud computing, and automated processes are frequently utilised to remotely monitor and manage supply chain activities. Additionally, it offers complete understanding of network concerns, facilitating rapid and effective decision-making.
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Improved supply chain visibility leads to long-term cost savings, necessitating the use of IoT-enabled solutions in a variety of industries, including manufacturing, transportation, and automotive.
It is expected that the target market will benefit from the increased adoption of Logistics 4.0 and ongoing work on improving autonomous logistics trucks.
One of the factors fueling the market growth is the decreasing cost of loT sensors and connected logistics hardware. However, rising security and safety concerns in the logistics sector limit the market’s growth to some extent.
Key Takeaways:
- Asset tracking is the top priority for the players which is leading the devices segment towards a strong growth of 12.5%. Organizations can collect massive amounts of data during the shipping and transit processes by incorporating RFID chips and IoT devices.
- In terms of mode of transportation, roadways hold the majority of the market share and is showing a substantial growth of 12.2%. This is due to the increasing demand for road-based transportation to transport retail goods over long distances.
- The usage of cutting-edge technologies like machine learning, the Internet of Things, cloud computing, big data, analytics, and deep learning is leading United States towards a revenue share of US$ 16.5 billion by 2033.
- Rising public and private investment in the transportation sector is enhancing market expansion in the area is driving the United Kingdom regional market towards an impressive growth of 12.5%
- Japan is the most lucrative region of all growing at an impressive rate of 15.7%. Japan began transforming logistics in order to strengthen its position in the Asia Pacific logistics industry by integrating new technologies with existing processes.
Manufacturers Eying Opportunities through Aggressive Strategies
The competitive landscape of this market is split moderately because of the presence of several developing and established companies in the industry. Moreover, it is forecasted that the technological developments in logistic sectors is anticipated to quicken the product development as well as investment growth.
In the market, there are different competitors aiming at addressing the problems aggressively by framing plans which are going to leave an overall impact on the market development. The growth prospects of this market have a lot of room to flourish during the forecast period.
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Recent Development:
A top cloud-based logistics execution platform, BluJay Solutions was acquired by E2open Parent Holdings, Inc. for almost US$ 1.7 billion in May 2020. It is a foremost network-based provider of mission-critical, 100% cloud-based, and end-to-end supply chain management platforms.
Key Players:
AT&T Inc., IBM Corporation, Intel Corporation, SAP SE, Infosys Limited, Cisco Systems Inc., HCL Technologies Limited, Eurotech S.P.A., Microsoft, Oracle, Cloud Logistics, Zebra technologies, ORBCOMM, and GT Nexus.
Key Segments Covered in the Connected Logistics Market Report
By Component:
Connected Logistics Devices
- Vehicle Telematics
- Data Loggers
- GPS Tracking Devices
- RFID Tags
Connected Logistics Software
- Fleet Management
- Asset Tracking
- Security Solutions
Connected Logistics Services
- Consulting
- Integration & Deployment
- Support & Maintenance
By Transportation:
- Connected Logistics for Roadways
- Connected Logistics for Railways
- Connected Logistics for Airways
- Connected Logistics for Seaways
By Vertical:
- Connected Logistics in Manufacturing
- Connected Logistics in IT & Telecom
- Connected Logistics in Automotive
- Connected Logistics in Retail & Consumer Goods
- Connected Logistics in Food & Beverages
- Connected Logistics in Healthcare
- Connected Logistics in Energy & Utilities
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Japan
- The Middle East & Africa (MEA)
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