USD 30.32 billion
Report ID:
SQMIG45F2087 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|Tables:
64
|Figures:
77
Global Connected Logistics Market size was valued at USD 30.32 billion in 2022 and is poised to grow from USD 34.97 billion in 2023 to USD 109.53 billion by 2031, at a CAGR of 15.34% during the forecast period (2024-2031).
It aids in performance optimisation, position tracking for each fleet vehicle, and risk resilience planning. Approximately 71% of all IP traffic worldwide, according to CISCO, originated from non-PC devices. By 2023, Machine-To-Machine (M2M) connections will account for 50% of all connected devices and connections worldwide. In addition, by 2023, there will be 14.7 billion M2M connections. The market expansion is supplemented by the rising need for mobility, the requirement to lower the cost of administrative operations, the penetration of IoT & Logistics 4.0, and the expanding market for connected devices. Real-time updates, interoperability, and simpler access to necessary information are all benefits of connected logistics for logistical businesses. It offers an interface to combine different devices, allowing for more informed decision-making. The expansion of the connected logistics market is anticipated to be fuelled by the expanding demand for intelligent transportation solutions.
Global Market Size
USD 30.32 billion
Largest Segment
Hardware
Fastest Growth
Software
Growth Rate
15.34% CAGR
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Global Connected Logistics Market is segmented on the basis of component, transport mode, vertical outlook and region. By component, the market is segmented into hardware, software, services. By transport mode, market is segmented into roadways, railways, software, services. By vertical outlook, the market is segmented into retail & e-commerce, automotive, aerospace & defense, healthcare, energy, electronics & semiconductors, others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Connected Logistics Market Analysis by Component
In 2022, the hardware segment dominated the market, and it is predicted that it will continue to do so while growing at the fastest CAGR possible. The market is further divided based on the hardware into RFID tags, sensors, communication devices, tracking devices, and others. The sensors category is expected to gain a sizable market share due to the rising need for asset tracking. Additionally, connected sensing technology built on the Internet of Things (IoT) helps to maintain temperature stability, cut down on food waste, and increase supply chain visibility.
It is predicted that the software category would grow at a significant CAGR throughout the forecast period. The workload planning, tracking, receiving, and inventory storage are only a few of the warehouse tasks that the warehouse management software automates and improves. Owners of cargo ships, aero planes, trucks, and other transport vehicles all over the world can take use of the fleet management software's wide variety of vehicle management capabilities. Fixed assets, inventory tools, and other significant physical assets can all be tracked using asset monitoring and management. Solutions for enhancing and monitoring end-to-end logistics performance are provided through data management and analytics.
Connected Logistics Market Analysis by Transport Mode
The Roadways segment led the market in 2022 in terms of transportation mode. Through the forecast period, it is anticipated to grow at the fastest CAGR. This can be linked to the growing demand for road-based transportation to move retail products over vast distances, especially for last-mile delivery. This form of transportation also has a great carrying capacity, which makes it a popular option for logistics. The expansion of the category is also being aided by the rising efforts made by governments around the world to promote road travel.
Throughout the forecast period, the railway segment is anticipated to expand at a sizable CAGR. This method of transportation benefits naturally from less frictional resistance, which makes it possible to attach a heavier load to waggons or carriages. Additionally, the expansion of government programmes to support rail freight is anticipated to support segment growth. For instance, the Rail Programme was started by the US Department of Transportation. The government intends to double the number of freight rail routes under this programme.
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In 2022, the market was most successful in North America. The availability of a highly developed infrastructure for rail and road connectivity can be credited with the region's progress. Furthermore, the region can be anticipated to contribute the most revenue to the global market during the projected period due to the presence of important players in the sector. Modern infrastructure facilitates the quicker adoption of contemporary technologies. Because of the emergence of new technologies, rising working capital, and explosive growth of the e-commerce industry, the U.S.
Over the projected period, the CAGR for growth in Asia-Pacific is anticipated to be the quickest. Compared to other regions, the Asia Pacific is predicted to have faster economic growth and will eventually take the lead in terms of investment and expansion in the logistics sector. Furthermore, during the course of the projected period, regional growth is anticipated to be fueled by rising transportation technology breakthroughs and expanding investment in megacity initiatives. The target market is expanding at a rapid rate thanks to the region's burgeoning manufacturing and e-commerce sectors.
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Connected Logistics Market Drivers
Increasing Demand for Real-Time Visibility to Bolster Market Growth
Connected Logistics Market Restraints
Lack of Standardization and Interoperability to Hinder Market Growth
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The existence of numerous multinational and local businesses has led to the linked logistics market's intense competition and fragmented structure. To stay competitive and strengthen their market position even more, all of the key market players are concentrating on developing new products.
Connected Logistics Market Top Player’s Company Profiles
Connected Logistics Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global connected logistics market has experienced significant growth in recent years, driven by technological advancements, increasing demand for supply chain visibility, and the need for efficient logistics operations. The market has seen the emergence of various innovative solutions and technologies aimed at optimizing and streamlining logistics processes across industries. The global connected logistics market is expected to continue its growth trajectory. Technological advancements such as AI, machine learning, blockchain, and autonomous technologies will further enhance the capabilities of connected logistics solutions. The focus on sustainability, green logistics, and risk management will also shape the future of the market. As companies increasingly recognize the value of connected logistics in improving operational efficiency, reducing costs, and enhancing customer satisfaction, the adoption of connected logistics solutions is likely to increase across industries. The market presents opportunities for both established players and new entrants to innovate and provide customized solutions to address the evolving needs of the logistics industry.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 30.32 billion |
Market size value in 2031 | USD 109.53 billion |
Growth Rate | 15.34% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Connected Logistics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Connected Logistics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Connected Logistics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Connected Logistics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG45F2087