Overview
Connected logistics is an interrelated set of communication devices, joints, and IoT technologies that transform the essential logistical procedures to be more customer-driven by sharing information, data, and facts with supply chain partners. The rapidly increasing demand for connected logistics market can be attributed to the solution helping companies enhance operational efficiency, real-time access, and the improvisation of productivity by merging multiple related platforms.
The growing obtainability of connected logistics solutions with an upgraded level of security and accessibility features interoperability fuels the demand for these solutions. Additionally, the requirement to cut down the costs linked with warehousing services and shipments is driving market growth. The inflated market for smart transportation solutions is expected to speed up the development of the market.
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Growth Drivers
Increasing environmental concerns to boost the market
The growing fuel prices and associated environmental concerns such as pollution and carbon emissions motivate the move from conventional transportation methods towards IoT-enabled connected logistics solutions. Grasping of cloud technology, sensors, and IoT connectivity to handle remotely, monitor, and regulate the supply chain operations are included in the connected logistics market trend. The acquisition of IoT has enhanced the efficacy of the supply chain platform for the logistics and transportation industry.
Independent trucks and vehicles hold several advantages across many industries grappling with the demand for shorter delivery times. Therefore, the increasing requirement for these vehicles covering industries such as food and beverage, healthcare and pharmaceuticals, and manufacturing for maneuvering goods is fuelling the demand for connected logistics technologies. The high-tech vehicles utilized in supply chain and logistics assist in enhancing both the efficacy and safety of transportation and improvised environmental sustainability of the related logistics market size.
Recent Developments
In May 2020, BluJay Solutions, an apex cloud-based logistics implementation platform, will be obtained by E2open Parent Holdings Inc. for almost USD 1.7 billion. E2open Parent Holdings Inc. is the primary network-based distributor of a 100% cloud-based, mission-analytical, end-to-end management of supply chain platforms.
Geographic Overview
Increasing use of modern technologies such as IoT and ML to thrust the market
North America held the largest connected logistics market share as the usage of modern technologies such as machine learning, the Internet of Things, cloud technology, extensive data analysis, and deep understanding is acutely accountable for this stupendous rise in North America. To enhance operational efficiency, businesses in this region are grabbing linked logistics technology. Because of the prevalence of many notable organizations, the US sustains the most significant market share in North America.
Europe is the second largest contender in this market which is expected to expand at an arresting CAGR over the projection period. The demand is rising across Europe due to the continuously expanding logistics sector. Further, market inflation in this area is propelled by growing public and private investment in the transportation sector.
Segmental Analysis
Increasing the use of asset tracking systems for GPS location to drive the market
By component analysis, solutions held the most significant market share due to the growing requirement for flexibility and structured supply chain management. The solutions branch can be further segregated into freight forwarding management, connection management, and warehouse management. Increasing usage of asset tracking systems for GPS location and real-time asset management have been acquired with the asset processing and monitoring system staying consistent, thus fuelling the connected logistics market demand.
Increasing requirement for transportation solutions to propel the market
Based on transportation, roadways are anticipated to witness the fastest growth. It is easier to organize and manage a similar flow of merchandise connected to the production, warehousing, distribution, reuse, and furnishing of value-added services. Demand is also being fuelled by increasing requirements for transportation solutions. The connected logistics market forecast states that due to solutions for shifting refrigerated and frozen cargo from one place to another, the seaway sector is expected to have the speediest growth in the global smart transportation market.
Key Players
Connected logistics market key players are AT&T Inc., IBM, Intel Corporation, SAP SE, Infosys Ltd., Cisco Inc, HCL Technologies Ltd, ORBCOMM Corp, EUROTECH Group, Freightgate Corporation, YUSEN LOGISTICS CORP. Limited, Nippon Express Corp. Ltd., SENKO Holdings Inc. Limited, XPO Logistics Inc.
Scope of the Report
The market is segmented into component analysis, transportation, vertical, and region. The growing requirement for cloud-based service, RFID, and internet accessibility is everywhere. The opportunities in connected logistics market can be the advancement of contemporary software and cloud-based technology for product management and transportation, including tracing of products and maneuvering of ships, trucks, and aircraft that deliver them. This report's analysis is done by geography, highlighting the consumption of the product/service in the region and indicating the factors affecting the market within each region.
By Component Analysis Outlook
- Hardware
- Solutions
- Service
By Transportation Outlook
- Roadways
- Railways
- Airways
- Maritime
By Vertical Outlook
- Manufacturing
- Automobiles
- Food and Beverage
- Consumer Goods & Retail
- Oil and Gas
- Tourism and Hospitality
- Pharmaceuticals
- Other Industries
By Region Outlook
- North America (U.S, Canada, Mexico)
- Asia-pacific (China, Japan, India, Australia, Rest of Asia- pacific)
- Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
- LAMEA (Latin America, Middle East & Africa)
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