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Among the essential market factors that have huge impact on the development and future growth of Connected Logistics market, there are several of these. The biggest driver behind the expansion of this industry is the increasing demand for Supply Chain transparency and visibility. There is growing demand for integrated logistics solutions providing monitoring, real-time tracking, and advanced analytics as companies are looking for efficient and streamlined operations, and consumer demands for transparency is rising. The market is exponentially reaching higher figures because of the application of integrated logistics solutions by different domains including the focus on visibility and transparency.
Also, a dynamic relationship between the international logistics industry and IoT (Internet of Things) technology is observed with the latter becoming part of the logistics processes. The open flow of information and communication in supply chains is accelerated by the establishment of linked logistics networks that is largely enabled by the generally available IoT sensors and connection gear. It is the integration of IoT technology that has led to having connected logistics platforms which are full of real-time insights, predictive analytics and automated processes. These platforms are expanding the market and revolutionizing conventional logistics operations.
The requirement for linked logistics infrastructure has been driven by the complex and growing networks of global supply chains. The integration of transportation networks across various regions of the world and the globalization of trade together have wrought more complex logistics, with numerous partners, transportation modes and localities involved in the operations. Thriving of the connected logistics market is on the rise as a result of the advent of connected logistics technologies including telematics, GPS tracking, RFID (Radio-Frequency Identification) and cloud-based logistics platforms, which are seen as integral tools in managing and simplifying complicated supply chain systems.
The other aspect of the market that has also been of importance has been the rising consumer expectations for logistics services which are faster, more reliable and real-time information. The increased requests for efficient and traceable logistics processes come from customers' needs for E-commerce, omnichannel shopping, and on-demand delivery services. To fulfill these needs, companies actively rely on connected logistics solutions that give them the ability to monitor their cargo in real-time, trace deliveries, and send automatic notifications.This is pushing the industry forward in order to keep up with changing consumer expectations.
Furthermore, the market for linked logistics has been impacted by the focus on environmental responsibility and sustainability. Businesses are using connected logistics technology to develop environmentally friendly and efficient transportation and distribution processes, with an emphasis on lowering carbon emissions, optimizing fuel use, and minimizing the environmental effect of logistics operations. As companies look to match their logistics operations with sustainable aims, IoT-enabled fleet management, route optimization, and smart transportation solutions have gained acceptance and helped to expand the connected logistics industry.
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Connected Logistics Market Highlights:
Connected Logistics Market Overview
Connected logistics market is expected to grow at a CAGR of approximately 18.33% during the forecast period 2022-2030.Connected logistics is a method used worldwide to access real-time data and manage the logistics operations that are otherwise very complex to handle in the most effective way possible.
It has various alternative ways to administer the division of logistics. It provides relevant information and helps transfer the data to an internal and even external database. The sensors on the vehicles carry out this activity. Presenting news and analyzing the status of the road in the context of the physical condition and traffic is also carried out by it.
Connected logistics was also developed initially as a part of helping in the transportation of sensitive goods like pharma products. It involves many applications which can be performed under the supervision of such products. They require an optimum temperature, and great care needs to be taken about their physical condition during transportation. The application enables the companies to perform excellent management tasks, reduce the delivery time, and maintain standards.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
COVID-19 Analysis
The recent pandemic that has hit the entire world has indeed come with a lesson to be prepared for everything that time brings on the way. Not only at the individual level, but the amount of stress, financial loss, and the physical trauma each one has been going through is indeed a matter of concern; every business has suffered in one or another way. If not financially, physically, and mentally for sure. But, it's the time to act and not sit back and crib about this all.
The government is taking various necessary steps to revive this market. The reports provide the current market scenarios and the qualitative and quantitative measurements of the Connected Logistics Market.
Connected logistics Market
Market dynamics
Growth
The global connected logistics market is expecting to witness growth which will be considerably high. The projected CAGR of the market during the upcoming Connected Logistics industry Forecast period is 22%. Also, the market is expected to grow to a market value of 41.30 million in 2021 as opposed to 10.04 million in the year 2016.
Drivers
Major drivers in the market include the decrease in the cost of the sensors and increased demand for operational efficiency and quality. Moreover, with the introduction of IoT connecting devices, the Connected Logistics Market Trends has also seen a steep rise. Also, an increase in the number of high technology vehicles and increased innovation in the mobile sector has bought the development in the market to a great extent.
Restraints
The primary factor that has resulted in the hampered growth of the market is the lack of balanced standards in the Connected Logistics Market Growth.
Regulatory implications
Regulatory implications do not directly affect the connected logistics industry but have been indirectly related to it. Rules have always stayed in favor of the companies dealing in the related logistics market because of the immense support from the regulatory bodies and government authorities across various regions worldwide. The permission from the authorities comes to ensure that all the businesses that have been related to the logistics business get a similar type of growth and increased sales due to efficient working of the connected logistics market.
Segmentation Overview
The Connected Logistics Market is divided into the following segments:
- Based on the Software
- Based on the Platform
- Based on the mode of transportation
- Based on the industry vertical
Based on the software
Based on the software, the market is further divided into the following subtypes:
- Asset management
- Warehouse management system
- Security
- Data management
- Network management
- Streaming analytics
Based on the platform
Based on the platform, the market is further segmented into the following:
- Application management
- Device management
- Connectivity management
Based on the mode of transport
Based on the mode of transport, the market is subdivided into the following:
- Roadways
- Railways
- Airways
- Waterways
Based on industry vertical
Based on the industry vertical, the market is further divided into the following:
- Retail
- Manufacturing
- Oil and gas
- Healthcare
- IT & Telecom
- Automotive
- Food and beverage
- Others
Regional Analysis
Based on the regions, the market is segmented into the following:
- North America
- Europe
- Asia pacific
- Rest of the world.
The region that dominates the Connected Logistics Market Size and holds the largest share in North America. The growth and dominance of the area in the market are attributed to the advanced innovations in logistics.
The Asia Pacific is expected to grow at the fastest pace. Countries like China and India are expected to share the highest percentage in the Connected Logistics industry Share due to the growing opportunities in the regions. Also, the increase in the population and the number of manufacturers in the countries have affected the Connected Logistics Market Growth to a great extent. The fact that logistics works better with the help of advanced tools, the region has been leading in introducing these in the market, thereby bringing significant growth in the Connected Logistics Market Opportunities.
Europe is also expecting to witness considerable growth in the Connected Logistics Market Share due to the increase in technological advancements. The rest of the parts of the world might as well notice the change but at a slower pace than others.
Competitive Landscape
Connected Logistics Market Key Players are as follows
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AT&T Inc. (U.S.)
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Siemens (Germany), SAP SE (Germany)
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Accenture (Republic of Ireland)
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Eurotech S.P.A (Europe)
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Huawei Technologies (China)
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ORBCOMM (U.S.)
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Amazon Web Services (U.S.)
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IBM Corp. (U.S.)
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Infosys Limited (India)
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Cisco System Inc. (U.S.)
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Cloud Logistics (U.S.)
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Intel Corporation (U.S.)
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Freightgate Inc. (U.S.)
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HCL Technology Limited (India)
All these Connected Logistics Industry Key Players have been working hard to bring growth to the Connected Logistics Market Size. Collaborations, acquisitions, and mergers have successfully increased the overall revenue of the need to a large extent. The plans and strategies they have been implementing are organized and tend to bring out the best in each one of them.
Recent Advancements
- To acquire Kuebix, an agreement was signed by Trimble in January 2020 to ensure that the company can serve its commercial carrier customers and also strengthen its network in the private fleet. This has indeed widened the horizons of the company to a great extent.
- Intel connected the logistics platform by Intel in December 2018, a cost-effective IoT solution, and enabled the users to monitor the location and the condition in the supply chain.
- Honeywell and Intel partnered with each other in January 2017 to develop an IoT-based retail industry solution. The collaboration was aimed mainly to increase the supply chain and also increase the profitability margins. The product has an in-built monitoring and tracking system to achieve an even more accurate and better customer experience.
- The focus is on bringing the technologically advanced and intelligent systems in the Connected Logistics Market Opportunities to help them get growth in productivity and help bring down the cost involved.
- Making things more straightforward with the help of assisted devices had been a significant point of focus for all the major players in the connected logistics industry.
The report prepared exclusively for the companies dealing in the connected logistic market has every tiny detail that an organization would need for the smooth and efficient running of the business. The survey conducted in the pre and post covid time has been made a part of the beautiful report from the market overview to the Connected Logistics Market Analysis. It also has market dynamics explained properly, including the growth, driving factors, and market restraints. The market segmentation has also been discussed in detail, including the segmentation based on the regions. The major players of the market and the strategies they have been implementing have also been added to the report. The latest advancements that have also been included in the report helps the companies to stay up to date with the innovations in the market
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