Connected Logistics Market Size & Share Set to Reach USD 71.10 Billion by 2030, at 18.1% CAGR Growth: Polaris Market Research
NEW YORK, Nov. 21, 2022 /PRNewswire/ -- Polaris Market Research recently published [115+ Pages] research report on "Connected Logistics Market Share, Size, Trends, Industry Analysis Report, By Component Analysis (Hardware, Solutions, Service); By Transportation; By Vertical; By Region; Segment Forecast, 2022 - 2030" in its research database.
According to the research study, the global connected logistics market size & share was valued at USD 16.11 billion in 2021 and is expected to reach USD 71.10 Billion by 2030, growing at a CAGR of 18.1% during the forecast period.
What is Connected Logistics? What is Expected Size & Share of Connected Logistics Market?
Connected logistics is a set of interconnected wireless sensor devices, joints, and Internet of Things (IoT) technologies that enhance operating efficiency in the logistics industry. With this technology, logistical businesses can gain real-time updates, interoperability, and access to required information. Connected logistics is not just about the Industrial Internet of Things, but it also includes services, security, the cloud, big data analysis, and several other third-platform technologies.
Connected logistics includes other associated logistics operations such as tracking, monitoring, asset management, warehouse management, as well as order processing, financial transactions, dispatching, and shipping. These technologies enhance process transparency which helps companies in becoming more client-focused and productive, thus driving the connected logistics market size.
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Growth Driving Factors
Big Data & advanced analytics are two technologies expected to augment the deployment of logistics 4.0. Data obtained from logistics and supply chains may be converted into insights that can be used by organizations to measure demand accurately. These factors are majorly driving the demand for the connected logistics market. Also, increasing demand for cloud-based services, RFID, and internet accessibility everywhere is propelling the market growth. The industry is further booming due to the rising development of novel software and cloud-based technologies for product management and transportation.
Moreover, growing economies, fluctuating consumer lifestyles, and the rapid development of smart communities in developing economies like China, Brazil, & India are expected to accelerate the connected logistics market sales. In addition, factors such as the lowering cost of communication tools coupled with the escalating demand for logistic operational effectiveness and increasing acceptance of smart devices worldwide are positively influencing the connected logistics industry evolution.
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In May 2020, BluJay Solutions, a top cloud-based logistics execution platform, acquired E2open Parent Holdings, Inc. for about USD 1.7 billion. E2open Parent Holdings, Inc. is a leading network-based distributor of a 100% cloud-based, mission-critical, end-to-end management of supply chains platform.
Based on component analysis, the solutions segment accounted for the highest revenue share in the market in 2021. It is also expected to continue its dominance over the forecast period owing to the growing necessity for flexibility and efficient supply chain management. Further, the market's hardware component segment is further divided into gateway, RFID tags, and sensor node. Among these, sensor node sub-segment accounted for the largest revenue share.
Based on transportation connected logistics market segmentations, the roadways segmentation is growing at the fastest rate because management and organization of merchandise regarding production, warehousing, distribution, and reuse are easier. Also, the rising requirement for transportation solutions is fueling the segment demand.
In terms of vertical, the consumer goods & retail sector is expected to record the major CAGR over the forecast period due to the rising adoption of time-sensitive shipments by the industry players. This may minimize average delivery time (ADT) and provide a competitive advantage in the supply chain.
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Connected Logistics Market: Report Scope & Analysis
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Based on geography, North America is expected to generate high growth for the market. North America is estimated to generate nearly USD 23.97 billion by 2026. One of the major factors driving the industry growth in the region is the rising use of cutting-edge technologies like machine learning, the Internet of Things, cloud technology, big data, analytics, and deep learning.
Moreover, Europe is the second-largest current region and is expected to progress at a spectacular CAGR over the foreseen period. This can be attributed to the developing logistics sector. In addition, growing investments by public and private companies in the transportation industry are anticipated to boost European market growth.
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Polaris Market Research has segmented the connected logistics market report based on component analysis, transportation, vertical, region:
By Component Analysis Outlook
By Transportation Outlook
By Vertical Outlook
By Region Outlook
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About Polaris Market Research
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.
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