According to a new market research report “Global Connected Logistics Market Size, Share, Development, Growth and Demand Forecast to 2023 - Industry Insights by Software (Asset Management, Warehouse Internet of Things (IoT), Security, Data Management, Network Management, and Streaming Analytics), by Platform (Device Management, Application Management and Connectivity Management), by Service (Professional Service and Managed Service), by Transportation Mode (Roadways, Railways, Airways and Waterways), by Industry Vertical (Food and Beverage, Retail, Manufacturing, Oil and Gas, Healthcare and Pharmaceuticals, IT and Telecom, Automotive and Others)” published by P&S Intelligence, the global connected logistics market is projected to reach $73,864.1 million by 2023, growing at a CAGR of 33.0% during 2017 - 2023.
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Global connected logistics market to reach $73,864.1 million by 2023
The study reveals that the global connected logistics market is likely to reach $73,864.1 million by 2023. Due to significant growth in technologies such as IoT, advancement in big data analytics, and real time monitoring, the global connected logistics market is gaining traction.
Insights on market segments
As per the findings of the research, asset management has been the largest software market in the global connected logistics market. Among various platforms, application management witnessed the highest growth in demand from 2014 to 2016 and this segment is expected to continue leading the growth of the market during the forecast period. Retail industry has been the highest user of connected logistics market. However, the market is expected to witness fastest growth in demand from IT and telecom industry, during the forecast period.
The market to witness fastest growth in Asia-Pacific during the forecast period
Geographically, North America has been the largest market for connected logistics, whereas Asia-Pacific is expected to witness the fastest growth among all the regions, during the forecast period. The expected growth can be owed to factors such as growth of digitalization, advancement in new technologies, growth in retail industry, and increasing adoption of connected technologies by major logistics providers in the region. Further, due to rapid technological advancements in supply chain management and improvement in technology infrastructure, the region has high tendency to adopt connected logistics solution at a rapid scale in near future.
Professional service becomes the larger connected logistics market globally
Professional service has been the larger contributor to the global connected logistics market. Professional services are required during and after successful implementation of connected logistics system in every industry. The services are offered through specialists or professionals for supporting various critical business operations. Factors such as expert consulting, seamless system integration, on-time support and services, reduced resource loss, and overall effective logistics management have been driving the demand for professional services in the global connected logistics market.
Growth in IoT bolsters the global connected logistics market growth
The factors driving the growth of the global connected logistics market include significant growth in IoT, decreasing cost of communication devices, increasing need for logistic operational efficiency, and adoption of smart devices globally. Technological advancements have 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. 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.
Increased adoption of smart devices, such as smartphones, and usage of cloud computing are also impacting the global connected logistics market. With increasing customer expectations, industries such as retail and consumer goods are focusing to streamline their manufacturing to consumer product flow through new technologies. Connected logistics allow the end customers and logistic providers to adjust their supply chains in case of delayed shipments or order cancellations. The demand for on-time and real-time tracking is also a factor driving the global connected logistics market growth. With immense 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. This further helps them in enhancing operational productivity and ensuring faster and safer delivery.
Moderate competition among key players in the global market
The research states that the global connected logistics market is moderately competitive with players developing new connected logistics approach. Some of the key players in the connected logistics ecosystem are AT&T, Inc., IBM Corporation, Intel Corporation, SAP SE, Infosys Limited, Cisco Systems Inc., HCL Technologies Limited, and Cloud Logistics.
Most of the vendors prevailing in the global connected logistics market are actively participating in organic and inorganic strategies. Many of them are entering strategic partnership to help the industries such as retail, healthcare, and manufacturing in operational transformation, while others are enhancing their capabilities for rich connected logistics offerings.
GLOBAL CONNECTED LOGISTICS MARKET SEGMENTATION
By Transportation Mode
By Industry Vertical