Connected Logistics Market to Reach $57.75 billion by 2029 - Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®
REDDING, Calif., Nov. 22, 2022 /PRNewswire/ -- According to a new market research report titled, 'Connected Logistics Market by Offering, Transportation Mode (Roadways, Railways), Application (Inventory Tracking, Real-Time Fleet Management, Others), End-use Industry (Automotive, Healthcare & Pharmaceuticals, Others), and Geography - Global Forecast to 2029', the connected logistics market is expected to grow at a CAGR of 11.5% from 2022 to 2029 to reach $57.75 billion by 2029.
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Connected logistics enables better control over inventory distribution, sorting, and cross-docking, among other processes, ensuring timely delivery, optimized distribution, increased labor productivity, and greater customer satisfaction, ultimately leading to higher profits.
The growth of this market is attributed to the rising need for efficient warehouse management and the increasing adoption of IoT, cloud, and other technologies across industries. In addition, the incorporation of blockchain technology in freight management and the growing scope of leveraging connected logistics in developing regions are expected to offer significant opportunities for the growth of this market. However, the lack of standardization can restrain the market growth of this market.
Increasing Adoption of IoT, Cloud, and Other Technologies across Industries is Expected to Drive the Growth of Connected Logistics Market
The successful implementation of connected logistics solutions heavily depends on data communication, cloud, mobility, sensors, and the overall IoT architecture. Rapid advancements in these areas have enabled better connectivity, developing connected logistics ecosystems.
The need for better integration, improved process efficiency, real-time reporting, greater visibility, and improved communications drives the adoption of advanced technologies in the connected logistics market. Advances in IoT technology are also expected to support the growth of the connected logistics market. The Internet of Things allows linking individuals and devices across networks, helping improve route design, emergency preparedness, and security. For instance, in the U.S., more than 70% of all goods are transported by trucks. Thus, logistics companies need solutions to help them manage their truck operations. Location & route management IoT solutions can help monitor the location of the trucks in real-time. Routes can also be monitored from remote locations using GPS tracking systems and geofencing techniques, which further helps logistics companies track cargo and ensure timely delivery. Moreover, the real-time notifications provided by these vehicle tracking solutions can alert users about events such as thunderstorms or accidents that may affect shipment status.
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Using these technologies, manufacturing, transportation, utilities, and other industries can eliminate delays and other barriers and mitigate risks, streamlining business processes and ensuring customer satisfaction. Thus, the rising need for greater visibility and better inventory management has boosted the adoption of innovative technologies, driving the growth of the global connected logistics market.
To provide efficient analysis, Meticulous Research® has segmented this market based on offering (solutions and services), transportation mode (roadways, railways, airways and maritime), application (inventory tracking, optimized warehousing, real-time fleet management, predictive maintenance, cargo integrity monitoring, end-to-end delivery tracking, and other applications), end-use industry (automotive, healthcare & pharmaceuticals, oil & gas, food & beverage, aerospace & defense, manufacturing, IT & telecommunications, retail & e-commerce, and other end-use industries), and geography (Asia-Pacific, Europe, North America, Latin America, and the Middle East and Africa).
Based on offering, the connected logistics market is segmented into solutions and services. In 2022, the solutions segment is expected to account for the largest share of the global connected logistics market. However, the services segment is expected to grow with the highest CAGR during the forecasted period. The rise in demand for organizations' growing need for real-time visibility into operations for diagnosing and troublehooting problems before they impact the business or customer experience is driving the adoption of connected logistics services.
Based on transportation mode, the connected logistics market is broadly segmented into roadways, railways, airways, and maritime. In 2022, the roadways segment is expected to account for the largest share of the global connected logistics market. The growth of this segment is mainly attributed to the rising need for road safety, reduced traffic congestion, better and sustainable roadways, and increasing government initiatives and investments in infrastructure development. Additionally, the railways segment is expected to grow with the highest CAGR during the forecast period.
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Based on application, the connected logistics market is segmented into inventory tracking, optimized warehousing, real-time fleet management, predictive maintenance, cargo integrity monitoring, end-to-end delivery tracking, and other applications. In 2022, the inventory tracking segment is expected to account for the largest share of the global connected logistics market. The benefits of IoT-powered, connected inventory tracking solutions, such as complete visibility into inventory movement, improved accuracy, and reduced error-prone manual operations via automated scanning of inbound and outbound items, are expected to drive segment growth. However, the end-to-end delivery tracking segment is expected to grow with the highest CAGR during the forecast period.
Based on end-use industry, the connected logistics market is broadly segmented into automotive, healthcare & pharmaceuticals, oil & gas, food & beverage, aerospace & defense, manufacturing, IT & telecommunications, retail & e-commerce and other end-use industries. In 2022, the retail & e-commerce segment is expected to account for the largest share of the global connected logistics market. However, the automotive segment is expected to grow at the highest CAGR during the forecast period. Factors such as the rising need to optimize visibility and introduce effective risk management solutions for potential issues in the logistics of automotive parts are expected to drive the segment growth.
Based on geography, the connected logistics market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2022, North America is expected to account for the largest share of the connected logistics market. The growth in this region is mainly driven by the factors such as increasing initiatives toward public safety, growing traffic congestion problems, favorable government initiatives for effective traffic management, increasing adoption of eco-friendly automobile technologies, and the development of smart cities. However, Asia-Pacific is expected to witness rapid growth during the forecast period owing to heavy investments in megacity projects and the perpetual ongoing process of modernizing local transportation networks to facilitate trade exchanges.
Some of the key players operating in the connected logistics market are International Business Machines Corporation (U.S.), SAP (Germany), Intel Corporation (U.S.), Cisco Systems, Inc. (U.S.), Freightgate Inc. (U.S.), ORBCOMM (U.S.), AT&T Intellectual Property (U.S.), Honeywell International Inc. (U.S.), Bosch Service Solutions GmbH (Germany), HCL Technologies Limited (Noida), Infosys Limited (Bengaluru), Eurotech S.p.A. (Italy), Microsoft (U.S.), Siemens (Germany), Oracle (U.S.), Zebra Technologies Corp. (U.S.), Cloud Logistics (U.S.), NEC Corporation (Japan), Accenture (Ireland), and Sigfox (France).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/connected-logistics-market-5363
Scope of the report:
Connected Logistics Market by Offering
Connected Logistics Market, by Transportation Mode
Connected Logistics Market, by Application
Connected Logistics Market, by End-use Industry
Connected Logistics Market, by Geography
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About Meticulous Research®
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