Meticulous Research®—a leading global market research company, published a research report titled, ‘Connected Logistics Market by Offering, Transportation Mode (Roadways, Railways), Application (Inventory Tracking, Real-Time Fleet Management, others), End User (Automotive, Healthcare & Pharmaceuticals, Others) and Geography—Global Forecast to 2029.’
According to this latest publication from Meticulous Research®, the connected logistics market is projected to grow at a CAGR of 11.5% from 2022–2029, to reach $57.75 billion by 2029. The growth of this market is driven by the rising need for efficient warehouse management and the increasing adoption of IoT, cloud, and other technologies across industries. However, the lack of standardization restrains the growth of this market. The incorporation of blockchain technology in freight management and the growing scope of leveraging connected logistics in developing regions are expected to create market growth opportunities. However, security issues in data management remain a challenge for market growth. Additionally, the increased focus on autonomous vehicles in the logistics sector is a major trend in the connected logistics market.
The connected logistics market is segmented by offering, transportation mode, application, and end-use industries. The study also evaluates industry competitors and analyzes the market at the region/country level.
Based on offering, the connected logistics market is segmented into solutions and services. In 2022, the solutions segment is expected to account for the largest share of the global connected logistics market. The large share of this segment is mainly attributed to the rising need to remotely track & monitor inventories and the movement of goods in real-time, favorable government initiatives for improving the efficiency & efficacy of logistics, and the increasing adoption of eco-friendly automobile technologies.
However, the services segment is expected to grow with the highest CAGR during the forecasted period. The rise in demand for real-time visibility into operations for diagnosing and troubleshooting problems before they impact the business or customer experience is driving the adoption of services.
Based on transportation mode, the connected logistics market is broadly segmented into roadways, railways, airways, and maritime. In 2022, the roadways segment is expected to account for the largest share of the global connected logistics market. The growth of this segment is mainly attributed to the rising need for road safety, reduced traffic congestion, better & sustainable roadways, and increasing government initiatives & investments in infrastructure development. The roadways segment is also expected to grow with the highest CAGR during the forecast period.
Based on application, the connected logistics market is segmented into inventory tracking, optimized warehousing, real-time fleet management, predictive maintenance, cargo integrity monitoring, end-to-end delivery tracking, and other applications. In 2022, the inventory tracking segment is expected to account for the largest share of the global connected logistics market. The benefits of IoT-powered, connected inventory tracking solutions, such as complete visibility into inventory movement, improved accuracy, and reduced error-prone manual operations via automated scanning of inbound and outbound items, are expected to drive segment growth.
However, the end-to-end delivery tracking segment is expected to grow with the highest CAGR during the forecast period owing to the ability to create user-friendly web dashboards that integrate separate stages of supply chain management into a single app.
Based on end-use industries, the connected logistics market is broadly segmented into automotive, healthcare & pharmaceuticals, oil & gas, food & beverage, aerospace & defense, manufacturing, IT & telecommunications, retail & e-commerce and other end-use industries. In 2022, the retail & e-commerce segment is expected to account for the largest share of the global connected logistics market. The growth of the segment is attributed to the factors such as a rise in infrastructure improvements, increasing awareness of tech-enabled logistics platforms, and an increase in the number of online shoppers.
However, the automotive segment is expected to grow with the highest CAGR during the forecast period. Factors such as the rising need to optimize visibility and introduce effective risk management solutions for potential issues in the logistics of automotive parts are expected to drive the segment growth.
Based on geography, the connected logistics market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2022, the North American region is expected to account for the largest share of the connected logistics market. The growth in this region is mainly driven by the factors such as increasing initiatives toward public safety, growing traffic congestion problems, favorable government initiatives for effective traffic management, increasing adoption of eco-friendly automobile technologies, and the development of smart cities. However, the Asia-Pacific region is expected to witness rapid growth during the forecast period owing to heavy investments in megacity projects and the perpetual ongoing process of modernizing local transportation networks to facilitate trade exchanges.
The key players operating in the connected logistics market are International Business Machines Corporation (U.S.), SAP (Germany), Intel Corporation (U.S.), Cisco Systems, Inc. (U.S.), Freightgate Inc. (U.S.), ORBCOMM (U.S.), AT&T Intellectual Property (U.S.), Honeywell International Inc. (U.S.), Bosch Service Solutions GmbH (Germany), HCL Technologies Limited (Noida), Infosys Limited (Bengaluru), Eurotech S.p.A. (Italy), Microsoft (U.S.), Siemens (Germany), Oracle (U.S.), Zebra Technologies Corp. (U.S.), Cloud Logistics (U.S.), NEC Corporation (Japan), Accenture (Ireland), and Sigfox (France).
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