Connected Logistics Market Reach US$ 67.96 Billion by 2027 | CAGR of 16.50%
According to the latest report by IMARC Group, The global connected logistics market reached a value of US$ 25.55 Billion in 2021.
SHERIDAN, WYOMING, UNITED STATES, August 5, 2022 /EINPresswire.com/ -- According to the latest report by IMARC Group “Connected Logistics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global connected logistics market reached a value of US$ 25.55 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 67.96 Billion by 2027, exhibiting a CAGR of 16.50% during 2022-2027.
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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Note: 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.
Market Trends:
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 the 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:
Hardware
Solutions
Services
Breakup by Software:
Asset Management
Warehouse IoT
Security
Data Management
Network Management
Streaming Analytics
Breakup by Technology:
Bluetooth
Cellular
Wi-Fi
ZigBee
NFC
Satellite
Breakup by Devices:
Gateways
RFID Tags
Sensor Nodes
Breakup by Transportation Mode:
Roadways
Railways
Airways
Seaways
Breakup by End Use Industry:
Automotive
Manufacturing
Oil and Gas
IT and Telecom
Healthcare
IT and Telecommunication
Retail
Food and Beverage
Others
Competitive Landscape with Key Player:
AT&T Inc.
Cisco Systems Inc.
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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About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Elena Anderson
IMARC Services Private Limited
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