According to the latest report by IMARC Group “Connected Logistics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global connected logistics market size reached US$ 30.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 74.0 Billion by 2028, exhibiting a growth rate (CAGR) of 16.35% during 2023-2028.
Connected logistics enables organizations to schedule orders and shipments in advance and assists them in avoiding prolonged deliveries by offering shipment monitoring with real-time tracking. It involves monitoring, warehouse management, transportation fleet management tracking, and associated logistics operations, including dispatching, financial transactions, order processing, and shipping. It aids in forecasting predictable departure and arrival of shipments, improving operational efficiency, and enhancing productivity by incorporating multiple connected devices on a single interface. It also helps organizations create additional value, improve efficiency, save costs, deliver better customer experiences, and enhance brand reputation.
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We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Connected Logistics Market Trends and Drivers:
There is an increase in the preference for online shopping and the requirement for efficient delivery of products. In line with this, e-commerce platform operators are aggressively pursuing the acquisition of connected logistics facilities to expand their distribution networks and handle an expanded volume of products. This represents one of the major factors bolstering market growth around the world. The growth can also be accredited to the rising awareness among individuals about the benefits of ordering food products through online portals, which offer easy availability, convenience, and a wide catalog.
Moreover, rapid urbanization, hectic lifestyles, considerable reliance on smartphones, expanding purchasing power of individuals, and the growing penetration of the high-speed internet are driving the market. In addition, the increasing number of transportation activities on account of the expanding domestic trade is contributing to the market growth. Apart from this, the escalating demand for vaccines and other temperature-sensitive healthcare products is positively influencing the need for connected logistics to maintain the integrity of products during transportation. It can also be attributed to the growing prevalence of viral infections and chronic ailments among the masses. Furthermore, the emerging trend of imported premium vehicles is escalating the demand for connected logistics services worldwide.
Besides this, there is a rise in the integration of artificial intelligence (AI), augmented reality (AR), blockchain, radio frequency identification (RFID) chips, and the internet of things (IoT) devices in numerous vehicles, such as carriage trucks, shipments, and individual product units. These devices allow organizations to know the exact location and condition of the load. This is creating a positive outlook for the market. Additionally, rapid digitization and the increasing adoption of cloud-based solutions in small and medium-scale enterprises (SMEs) to maintain business data efficiently and effectively are offering lucrative growth opportunities to industry players. Significant improvements in the information technology (IT) infrastructure is expected to impel the market growth.
Breakup by Component:
Breakup by Software:
- Asset Management
- Warehouse IoT
- Data Management
- Network Management
- Streaming Analytics
Breakup by Technology:
Breakup by Devices:
- RFID Tags
- Sensor Nodes
Breakup by Transportation Mode:
Breakup by End Use Industry:
- Oil and Gas
- IT and Telecom
- IT and Telecommunication
- Food and Beverage
Competitive Landscape with Key Player:
- AT&T Inc. (NYSE: T)
- Cisco Systems Inc. (NASDAQ: CSCO)
- Eurotech S.p.A.
- HCL Technologies Limited
- Honeywell International Inc.
- Infosys Limited
- Intel Corporation
- International Business Machines Corporation
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- Zebra Technologies Corporation.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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