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Connected logistics refer to a set of communication devices, advanced network connections and Internet of Things (IoT) technologies, which makes the traditional logistic processes more customer-centric. This is achieved by sharing relevant data, logistical information, and past facts with the supply chain partners. The global connected logistics market has gained significant growth, owing to development of new technologies for transportation and logistics.
The connected logistics technology can further be described as interconnected devices that today’s logistics and IoT solution providers render to enhance the operational efficiency of various logistics operations. These connected logistics technologies include fleet management, warehouse management, transportation, tracking, monitoring and other associated logistics processes, such as order processing, financial transactions, shipping, and dispatching. The growth of the global connected logistics market is also supported by introduction of new software solutions for the transportation and management of goods, such as tracking of goods, and movement of trucks, trains, planes, and ships that carry them through sensors installed on the carriers.
The global connected logistics market is expected to witness a CAGR of 33.0%, during the forecast period, to reach $73,846.1 million by 2023. A significant growth in demand for connected logistics is expected due to rapid increase in adoption of advanced technologies such as IoT in transportation and logistics, advancement in big data analytics, and real time monitoring, globally. In addition, significant improvement in supply chain management is driving the global connected logistics market growth.
Rapid advancement in cloud computing, adoption of sensor based technologies across industries, and demand for advanced freight management systems are some of the key trends observed in the global connected logistics market. The cloud technology through real-time information sharing for transport carriers and logistics providers is helping in optimizing and executing both inbound and outbound shipments from global locations. Moreover, the global connected logistics market is expected to witness rapid growth, owing to the continuous development of data communication technologies in today’s logistics infrastructure.
Apart from this, with significant opportunities of business growth through connected logistics, industries such as retail and consumer goods are redefining their traditional approach of delivering goods from distributer to consumer, to direct end customers.
The global connected logistics market is driven by factors such as rapid growth in IoT, decreasing cost of communication devices, increasing need for logistic operational efficiency, and adoption of smart devices globally.
The evolution of internet of things (IoT) and related connected technologies has brought massive growth in the field of transportation and logistics. The ongoing technological advancements have further led to low cost, smarter and better communication devices. These devices, providing ease of connectivity, are being implemented across industries, including transportation and logistics, to improve operational efficiency through effective data communication.
In addition, with the advent of internet connections and development of advanced communication technologies, new logistic solutions are improving the overall efficiency of freight transportation, warehouse operations, and end delivery. Connected logistics allow end customers and logistic providers to adjust their supply chains to streamline delays and cancellations, which further generates the demand for on-time and real-time tracking logistic service. With significant development in IoT and related technology, logistic providers are rendering connected logistics applications to monitor and track the entire supply chain in real-time through sensors and connected devices anywhere and at any time.
With the implementation of technologies such as IoT, and adoption of data driven solutions, such as analytics, at a greater scale by logistics providers, the global connected logistics market has huge growth potential. Through factors, such as real time tracking, advanced shipment methods, warehouse capacity optimization, predictive asset management and effective improvement in last mile delivery, the way logistics vendors operate in the global market is likely to enhance. Apart from this, funding and investments in the advancement of transportation and logistics technologies by public and private sector is further expected to boost the growth of the global connected logistics market.
The intensity of rivalry in the global connected logistics market is currently moderate. Most of the vendors operating in the global market are actively participating in organic and inorganic strategies. Many of them are entering strategic partnerships to help the industries, such as retail and manufacturing, in operational transformation, while others are enhancing their capabilities for rich connected logistics offerings.
Some of the key players in the connected logistics market are AT&T, Inc., IBM Corporation, Intel Corporation, SAP SE, Infosys Limited, Cisco Systems Inc., HCL Technologies Limited, and Cloud Logistics.
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