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A recent report published by Infinium Global Research on connected logistics market provides in-depth analysis of segments and sub-segments in the global as well as regional connected logistics market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional connected logistics market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of the global connected logistics market. According to the report, the global connected logistics market is projected to grow at a CAGR of 23.8% over the forecast period of 2021-2027, growing from more than USD 29.3 billion in 2021 to about USD 101.7 billion in 2027.
The logistic sector has witnessed several transformations over the past few years due to advancements in technology. The technological advancements in the field of robotics, autonomous vehicles, drones, and the Internet of Things are revolutionizing the global logistics sector. IoT is one of the emerging technologies which is being widely integrated across logistics, creating an entirely new market called connected logistics. With the integration of IoT, logistics activities have become more efficient and streamlined. IoT enables logistics providers to remotely track the deliveries and warehouses in real-time. Moreover, connected logistics offer several advantages to the shippers including enhanced operational efficiency, improved productivity, and assist informed decision making. The market players in the connected logistics market are offering innovative solutions to the customers, enabling ease of access and a high level of interoperability.
The spread of the Covid-19 pandemic had a serious impact on the logistics sector across the world. Several manufacturing facilities were compelled to halt their production activities during the pandemic due to government restrictions, and concern over getting an infection. The lower production and higher losses among the end-users resulted in dropped demand for connected logistics. Other factors such as travel bans, an international ban on freight movement, closure of state boundaries further hampered the market. However, the eCommerce sector grew exponentially during this crisis, driving the demand for logistics. Many logistics providers adopted various advanced technologies such as AI, and IoT to keep up with the demand from the eCommerce industry. This, in turn, augmented the growth of connected logistics during the pandemic. Furthermore, as the pandemic crisis came under control, the logistics industry bounced back to its pre-pandemic state. Many logistics companies started to invest heavily in modern technologies to prepare for any future crisis, and improve their productivity and sales. This is expected to boost the market growth over the forecast period.
The boom in the e-commerce industry is driving the demand for connected logistics. Connected logistics improve the consumer experience of the e-commerce industry. The use of IoT ensures streamlined operations, reducing operational costs to e-commerce companies. Moreover, connected logistics allows real-time monitoring, error reduction, scalability, and speed. These advantages of connected logistics are further augmented the market growth. Furthermore, growth in the manufacturing sector is augmenting the demand for connected logistics. The adoption of connected logistics results in the improvement in the overall efficiency of operations in the manufacturing sector. However, the high cost of installment and maintenance limits the adoption of connected logistics restraining the growth of the market. Developments in advanced technologies such as connected vehicles and drones are expected to offer growth opportunities to the players in the connected logistics market.
North America accounted for the largest share in the connected logistics market, in terms of region. The growing E-commerce industry in North America is majorly attributed to the region’s dominance in the global connected logistics market. The presence of modern and advanced transportation infrastructure with mature supply chains is supporting the market growth. Moreover, Asia-Pacific is expected to grow at the fastest rate in the global connected logistics market. Asia-Pacific region is the largest manufacturer of consumer products in the world. Countries such as Thailand, South Korea, Taiwan, China, and others have a large number of manufacturing facilities. Thus, the demand for connected logistics is high in this region, as the manufacturing sector is a major end-user of connected logistics.
The report on global connected logistics market covers segments such as solution, device, services, mode of transportation, and end user. On the basis of solution, the sub-markets include asset tracking, warehouse control system, fleet management, security, and others. On the basis of device, the sub-markets include GPS tracking devices, RFID tags, sensor nodes, data loggers, and others. On the basis of services, the sub-markets include consulting, integration & deployment, and support & maintenance. On the basis of mode of transportation, the sub-markets include railways, roadways, waterways, and airways. On the basis of end user, the sub-markets include manufacturing, retail, healthcare, oil & energy and gas, chemical, and others.
The report provides profiles of the companies in the market such as IBM Corporation, Intel Corporation, AT&T Inc., PTC Inc., Hexagon AB, Eurotech S.p.A., Cisco System Inc., Veridify Security Inc., ORBCOMM Inc., and E2open, LLC.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of connected logistics market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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