The Connected Logistics Market is expected to grow from its current value of US$ 22.2 billion in 2022 to US$ 47.6 billion by the end of 2029. Over the projection period, demand for connected logistics is anticipated to grow at an excellent CAGR of 11.5%. (2022-2029).
The majority of freighting operations, which make up a significant portion of logistics and supply chains, are conducted on roads, which dominate the connected logistics market. Currently, 10% of the revenue generated by the global supply chain management industry comes from connected logistics.
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Key Takeaways of Connected Logistics Market Study
- While software segment will be in high demand, devices continue to be preferred by consumers across the globe.
- Roadways will continue to be the preferred mode of transportation through 2029.
- Retail & consumers industry remains the key end-use area of connected logistics market.
- North America remains lucrative connected logistics market in view of ongoing digitization process.
Connected Logistics Market – Key Growth Factors
- Increasing adoption in manufacturing sector is supporting the growth of connected logistics market.
- Technological advancements in logistics industry such as blockchain technology and Internet of Things are bolstering the market growth.
- Preponderance of digital sales channels continues to shape the connected logistics market.
- Rapid tech penetration in Asia Pacific is boosting the regional connected logistics market.
- Need for real-time data and tracking precise location is pushing the growth of connected logistics market.
“Logistics industry is incorporating technologies such as Artificial Intelligence to manage inventory and reduce operational costs. Moreover, key players utilize this technology to manage networks, optimize delivery routes and to predict demand. Artificial Intelligence has helped streamline the entire logistics ecosystem,” concludes the FMI report.
Analysis by Category
- Which Transportation Sector Should Expect the Best Future?
- Road transportation holds a significant market share for connected logistics, according to
- Roadways will make up 41.4% of the worldwide connected logistics market in 2022. The preference for roadways in the logistics business is anticipated to be driven by an increase in the movement of goods as a result of an increase in e-Commerce and retail purchasing globally.
- The dominance of the roads sector in the global connected logistics market is anticipated to increase with the expansion of technology and the introduction of autonomous road vehicles.
- Currently, the linked logistics industry is dominated by the trains segment, which has 28.7% of the market, and the airlines segment, which holds 15.8%.
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Connected Logistics Market – Key Restraints
- Dynamic competitive structure of connected logistics market presents critical challenges for market leaders.
- Data security issues associated with cloud-based technologies is limiting the growth of connected logistics market.
According to FMI analysis, the market for connected logistics rose by 101 BPS points between H1 2022(O) and H1 2022(P). The use of sensors and other devices for edge computing and the Internet of Things has greatly increased the market’s potential for connected logistics. This makes it feasible to gather data from sources that could not previously be combined, unifying the linked logistical systems.
Additionally, the H1,2022(O)-H1,2021(A) market analysis increased by 144 BPS points. For the connected logistics market, digitization and automation in all facets of business operations have been major drivers. To guarantee that the shipments and cargo are transported at the proper speeds, quantities, and temperatures.
Competitive Landscape
Global connected logistics market is fragmented in nature. Prominent stakeholders profiled in this FMI study include, but are not limited to, Cisco, Infosys Ltd., Intel Corporation, IBM Corporation, SAP SE, and Bosch. Off-highway Vehicle (OHV) and Radio-frequency Identification (RFID) continue to be prioritized by market players. Moreover, enhanced customer retention, personnel safety and better stock are key focus areas of industry leaders. Software component will offer lucrative growth opportunities for key players through the forecast period.
More about the Report
This Future Market Insights study of 388 pages provides all-inclusive insights on the global connected logistics market. The market analysis is based on component (devices, software, and services), transportation (roadways, railways, airways, and seaways), and vertical (manufacturing, IT & telecom, automotive, retail & consumer goods, food & beverages, healthcare, energy & utilities) across six regions (North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa).
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Key Segments of Connected Logistics Industry Survey
Connected Logistics Market 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
Connected Logistics Market by Transportation:
- Connected Logistics for Roadways
- Connected Logistics for Railways
- Connected Logistics for Airways
- Connected Logistics for Seaways
Connected Logistics Market 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
Connected Logistics Market by Region:
- North America Connected Logistics Market
- Latin America Connected Logistics Market
- Europe Connected Logistics Market
- East Asia Connected Logistics Market
- South Asia & Pacific Connected Logistics Market
- Middle East & Africa (MEA) Connected Logistics Market
Explore FMI’s Other Extensive Reports of Technology:
Reverse Logistics Market Size: Reverse Logistics Market is estimated at USD 2924.42 Bn by 2032, surge at a CAGR of 12% during the forecast period 2022-32 | Future Market Insights.
Logistics Visualization System Market Analysis: Logistics is one of the critical aspect of the supply chain management for businesses around the world. Hence, logistics providers are adopting logistics visualization systems to enable visibility into global logistics operations.
Autonomous Mobile Robots for Logistics and Warehousing Market Demand: The autonomous mobile robots for logistics and warehousing market is likely to register a CAGR of 22.7% during the forecast period and is anticipated to reach a market share of US$ ~17 Bn in 2032, from US$ 2.42 Bn in 2022.
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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The post Connected Logistics Market stands at a revenue of US$ 22.2 Bn in 2022, and is estimated to cross US$ 47.6 Bn at an impressive CAGR of 11.5% during forecast period of 2022-29 appeared first on Future Market Insights.