The global Connected logistics market size is expected to reach USD 71.10 billion by 2030, according to a new study by Polaris Market Research. The report “Connected logistics market Share, Size, Trends, Industry Analysis Report, By Component analysis (Hardware, Solutions, Service); By Transportation; By Verticals; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The adoption of the market is more in North America as compared to other regions. With the adoption rate of connected logistics services to improve operational efficiency, businesses in this region are driving logistics technology. The U.S. maintains the largest market share in North America due to the existence of several prominent players.
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The need for logistics optimization in the transportation and shipping sectors to save costs and emissions has significantly increased the use of connected logistic solutions. Logistic suppliers are able to give improved monitoring and tracking of their goods while also being capable of remotely regulating operations to prevent any losses due to technologies like IoT, AI, machine learning, etc.
Demand for linked logistics is also anticipated to increase as Industry 4.0 deployment and industrial IoT device usage grows. It is also projected that the market potential would increase with the growing availability of various IoT-based linked logistic technologies, AI-enabled connected logistic equipment, etc.
During the time of forecasting period, North America is anticipated to grow the market due to use of cutting-edge technologies like machine learning, the Internet of Things, cloud technology, big data, analytics, and deep learning which are largely responsible for this significant growth in North America.
Due to the onset of widespread COVID-19, the pandemic of 2020 had a significant impact on the worldwide logistics sector and affected the supply chain all over the world. Lockdown regulations imposed by several countries in 2020 had a negative impact on the connected logistic business.
Connected Logistics Market Report Highlights
- Big Data & advanced analytics are two emerging technologies that will accelerate the implementation of logistics 4.0. Utilizing AI systems, data gathered from logistic and supply chains that are smart and linked may be transformed into insights that can be put to use by organizations to more precisely estimate demand and enhance capacity planning.
- A few other reasons propelling the industry include the rising need for cloud-based technologies, RFID, and internet accessibility. The development of new software and cloud-based technologies for product management and transportation, including tracking of commodities and the movement of the trucks, ships, and aircraft that deliver them impact the market growth. In addition, expanding economies, changing consumer lifestyles, and the fast development of smart communities in growing countries like India, Brazil, and China are among the macroeconomic drivers driving the market.
Polaris Market Research has segmented the connected logistics market report based on component analysis, transportation, vertical, region:
Connected Logistics, Component Analysis Outlook (Revenue – USD Billion, 2018 – 2030)
- RFID Tags
- Sensor Node
- Freight Management
- Fleet Management
- Warehouse Management
- Asset Tracking and Management
- Device Management
- Connectivity Management
- Professional Services
- Managed Services
Connected Logistics, Transportation Outlook (Revenue – USD Billion, 2018 – 2030)
Connected Logistics, Vertical Outlook (Revenue – USD Billion, 2018 – 2030)
- Food and Beverage
- Consumer Goods & Retail
- Oil and Gas
- Tourism and Hospitality
- Other Industries
Connected Logistics, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa