Connected Logistics Market is Expected to Rise US$ 73.4 Billion by 2033 | Report by Future Market Insights, Inc.

The connected logistics market size is projected to be valued at US$ 24.6 billion in 2023 and is expected to grow at US$ 73.4 billion by 2033. The sales of connected logistics are anticipated to record a significant CAGR of 11.5% during the forecast period.

The connected logistics market trend indicates a shift away from traditional transportation methods and toward IoT-enabled connected logistics solutions. Rising fuel prices, as well as related environmental issues such as carbon emissions and pollution, are primarily driving the market trend.

Sensors, cloud computing, and automated processes are widely used to remotely monitor and manage supply chain processes. It also provides complete network issue visibility, allowing for quick and efficient decision-making.

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Improved supply chain visibility leads to long-term cost savings, necessitating the use of IoT-enabled solutions in a variety of industries, including manufacturing, transportation, and automotive. It is expected that the target market will benefit from increased adoption of logistics 4.0 and ongoing work on improving autonomous logistics trucks.

One of the factors fueling market growth is the decreasing cost of loT sensors and connected logistics hardware. However, rising security and safety concerns in the logistics sector limit the market’s growth to some extent.

Key Takeaways:

• Asset tracking is the top priority for the players which is leading devices segment towards a strong growth of 12.5%. Organizations can collect massive amount of data during the shipping and transit processes by incorporating RFID chips and IoT devices.
• In terms of mode of transportation, roadways hold the majority of market share and is showing a substantial growth of 12.2%. This is due to the increasing demand for road-based transportation to transport retail goods over long distances.
• Usage of cutting-edge technologies like machine learning, the Internet of Things, cloud computing, big data, analytics, and deep learning is leading United States towards a revenue share of US$ 16.5 billion by 2033.
• Rising public and private investment in the transportation sector is enhancing market expansion in the area is driving the United Kingdom regional market towards an impressive growth of 12.5%
• Japan is the most lucrative region among all growing at an impressive rate of 15.7%. Japan began transforming logistics in order to strengthen its position in the Asia Pacific logistics industry by integrating new technologies with existing processes.

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Manufacturers Eying Opportunities through Aggressive Strategies

The competitive landscape of this market is split moderately because of the presence of several developing and established companies in the industry. Moreover, it is forecasted that the technological developments in logistic sectors is anticipated to quicken the product development as well as investment growth.

In the market, there are different competitors aim at addressing the problems aggressively by framing plans which are going to leave overall impact on the market development. The growth prospects of this market have a lots of room to flourish during the forecast period.

Recent Development:

A top cloud-based logistics execution platform, BluJay Solutions was acquired by E2open Parent Holdings, Inc. for almost US$ 1.7 billion in May 2020. It is a foremost network-based provider of mission-critical, 100% cloud-based and end-to-end supply chain management platform.

Key Players:

AT&T Inc., IBM Corporation, Intel Corporation, SAP SE, Infosys Limited, Cisco Systems Inc., HCL Technologies Limited, Eurotech S.P.A., Microsoft, oracle, Cloud Logistics, Zebra technologies, ORBCOMM, and GT Nexus.

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Key Segments Covered in the Connected Logistics Market Report

By Component:

• Connected Logistics Devices
• Vehicle Telematics
• Data Loggers
• GPS Tracking Devices
• RFID Tags
• Connected Logistics Software
• Fleet Management
• Asset Tracking
• Security Solutions
• Connected Logistics Services
• Consulting
• Integration & Deployment
• Support & Maintenance

By Transportation:

• Connected Logistics for Roadways
• Connected Logistics for Railways
• Connected Logistics for Airways
• Connected Logistics for Seaways

By Vertical:

• Connected Logistics in Manufacturing
• Connected Logistics in IT & Telecom
• Connected Logistics in Automotive
• Connected Logistics in Retail & Consumer Goods
• Connected Logistics in Food & Beverages
• Connected Logistics in Healthcare
• Connected Logistics in Energy & Utilities
• Others

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• Asia Pacific excluding Japan (APEJ)
• Japan
• The Middle East & Africa (MEA)