The global connected logistics market is expected at USD 50.03 billion in 2024 and is anticipated to succeed in the valuation of USD 150.85 billion by 2029 and is predicted to register a CAGR of 24.7% during the forecast period.
Connected Logistics is a set of platforms or software and hardware that help you get real-time information about goods transported in different modes of transportation such as road, rail, aviation, and sea. Share relevant data and logistics information with all supply chain partners to simplify the transportation process. Connected Logistics Market Industry solutions help organizations improve operational efficiency, real-time access, and productivity through the integration of multiple connected platforms. Supports freight transport management and routing, as well as supply chain security management. It also helps with risk prevention planning, tracking the location of each fleet vehicle, and optimizing performance.
Remotely manage, monitor and control supply chain operations using sensors, cloud technology and IoT connectivity. The advent of the IoT has made the logistics and transportation industry supply chain platforms more efficient. Full visibility into network issues and faster detection to help you make effective and timely decisions. In addition, increased supply chain visibility leads to long-term cost savings. As a result, demand for IoT-enabled solutions is increasing in various industries such as manufacturing, transportation, and automobiles.
Logistics standardization should pose diverse demanding situations because of marked variations in commercial enterprise customs, infrastructure, culture, and authorities’ policies. Additionally, to preserve a excessive stage of worldwide competitiveness, the nations want to lessen their logistics fees thru logistics standardization similar to worldwide requirements just like the European Union (EU) requirements and ISO requirements. For instance, compared to the U.S. and Europe Union nations, the quantity of logistics standardization in each China and Korea is limited. This owed to the shortage of promotional and enforcements made with the aid of using the Chinese and Korean governments in addition to the absence of local groups which can actively provoke and unify multi-country wide logistics standardization efforts. These efforts include the development and implementation of national and international standards related to logistics equipment, tools, packaging, storage, transportation, loading and unloading, and ICT that are compatible with widely used international logistics standards such as ISO standards. included. Therefore, the lack of logistics standardization increases the costs associated with the entire supply chain process and hinders the growth of the connected logistics market.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
24.7% |
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Segments Covered |
By Component, Transportation Mode, Vertical and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
AT&T, Inc, Eurotech S.P.A, IBM Corporation, Intel Corporation, SAP SE, Infosys Ltd, Cisco Systems, Inc, HCL Technologies Ltd, Orbcom Inc, Cloud Logistics and Others. |
Based on the components, the market is divided into hardware, solutions and services. Of these, the solutions segment will hold the largest market share in 2018 and is expected to continue during the forecast period. This growing market growth is primarily due to the growing need for mobility and effective supply chain management. Solution segments are further subdivided into warehouse management, cargo management, fleet management, asset tracking and management, equipment management, connectivity management and more. Of these, the Asset Tracking and Management segment held the largest market share in 2021 due to increased adoption of asset tracking solutions for GPS positioning and real-time asset management.
Based on the means of transportation, the market is divided into roads, rail, aviation and sea. Of these, the road segment will hold the largest market share in 2021 and is expected to continue during the forecast period. The need to organize and manage the flow of goods in terms of product purchase, production, warehousing, distribution, reuse, exchange, and value-added services is increasing, and demand in the road segment is increasing. In addition, the need for real-time location tracking to solve transportation problems is increasing demand.
By vertical, the markets are diversifying into manufacturing, automotive, food and beverage, consumer goods and retail, oil and gas, travel and hospitality, healthcare and pharmaceuticals. Due to the growing need to improve tracking of pallets and packages in transit, the manufacturing sector had the largest share in 2021.
The consumer goods and retail sectors showed the highest CAGR over the forecast period due to increased acceptance of time-sensitive and temperature-controlled road freight transport.
North America is expected to expand its market over the forecast period. North America will generate US $ 4.71 billion in revenue. This profitable growth in North America is primarily due to the adoption of connected logistics solutions that leverage advanced technologies such as machine learning, IoT, cloud computing, big data, data analytics, deep learning and artificial intelligence (AI). It is due to. Industries in the region are implementing connected logistics technology to improve operational efficiency and supply chain management. In North America, the United States has the largest market share due to the large number of prominent players.
By Component
By Transportation Mode
By Vertical
By Region
Frequently Asked Questions
The key drivers include the increasing adoption of IoT and cloud-based solutions, the need for real-time visibility in supply chains, advancements in communication technologies, and the growing demand for automated and optimized logistics processes.
Key technologies include IoT devices, AI and machine learning algorithms, blockchain, GPS and RFID tracking, cloud computing, and big data analytics.
Challenges include high initial investment costs, data privacy and security concerns, lack of standardized protocols, and the complexity of integrating new technologies with existing systems.
The market is expected to grow significantly over the next decade, driven by continuous technological advancements, increasing e-commerce activities, and the growing need for efficient and transparent supply chain operations. The integration of emerging technologies like 5G and edge computing is also anticipated to further propel market growth.
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