New York, March 28, 2022 (GLOBE NEWSWIRE) -- Over the past few years, with the increasing population and rising demand for different types of goods and services, global trade has registered new heights. According to the statistics by the United Nations Conference on Trade and Development (UNCTAD), in the year 2021, the value of global trade touched a record level of about USD 28.5 Trillion. This was an increase of close to 25% to its previous year, i.e., 2020. While comparing the values to the pre-pandemic level of 2019, the value of global trade witnessed an increase of about 13%. Besides this, the statistics also stated that trade in goods strongly outperformed the trade in services on a year-over-year basis, registering an increase of about 27% and 17% respectively in the year 2021. However, the growth forecasts for the year 2022 are being revised downwards, primarily due to the COVID-19 pandemic and the unprecedented pressures on global supply chains, followed by the logistics disruptions, and for the spiraling shipping costs, backed by the rising energy prices.
Research Nester has recently released a report titled “Global Connected Logistics Market” which is studied for the forecast period, i.e., 2021-2030. The analysis of the market is done by using both primary and secondary research processes and the market research report a brief analysis of the product portfolio and the competitiveness of the key players operating in the market. Additionally, the report also covers the market dynamics, which include the growth drivers, recent market trends, future opportunities, and the challenging factors associated with the market growth during the forecast period.
Despite the growing trade of goods and services, there is a rising concern amongst the logistics companies to mitigate the challenges associated with the global supply chain and also reduce their operational costs. For instance, according to the statistics by the Bureau of Transportation Statistics (BTS), the value of property damage during transit increased from USD 50.3 Million (in current USD) in the year 2010 to USD 59.0 Million in the year 2019. Furthermore, it has been estimated that close to 13% of unit loads arriving at a distribution center were known to have some level of in-transit damage. Owing to such factors, there is a growing need amongst businesses in the transportation and logistics industry to increasingly adopt advanced information technology (IT) tools that can help them lower the cost of damage associated with the process of transportation of goods. Such a factor is anticipated to drive the demand for connected logistics, and in turn, contribute to the market growth. The global connected logistics market registered a revenue of USD 22532.08 Million in the year 2020 and is further expected to touch a revenue of USD 110610.52 Million by the end of 2030, by growing with a CAGR of 19.77% during the forecast period.
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The market growth can also be attributed to the growing smart city initiatives worldwide, increasing IT infrastructure, the surge in the adoption of sensor-based technologies, growing advancements in the internet of things (IoT), and the rising focus of the governmental bodies to raise awareness on the issues related to global logistics. For instance, the World Bank has developed the Logistics Performance Index (LPI) interactive benchmarking tool to help countries identify the challenges and opportunities they face in their performance on trade logistics. According to the report, in the year 2018, Germany ranked 1st when compared to other nations with an overall LPI score of 4.20, while international shipments, logistics quality & competence, tracking & tracing, and timeliness scores were registered as 3.86, 4.31, 4.24, and 4.39 respectively. Besides this, the increasing number of active IoT devices worldwide, which is expected to cross 25 Billion by the end of 2030, up from around 10 Billion in the year 2021, followed by the increasing adoption of 5G, which is expected to surpass 1 Billion connections by the end of 2025, are some of the opportunities anticipated to boost the market growth. Furthermore, the rising need amongst businesses to lower their operational costs, backed by the rising cost of fuels, followed by the need to remain environmentally friendly owing to the rising challenges of carbon emission and vehicular pollution, along with the shift of businesses towards logistic 4.0 in-tandem with industry 4.0 are some of the additional factors projected to contribute to the market growth in the coming years.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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The global connected logistics market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Amongst the market in these regions, the market in the Asia Pacific generated the largest revenue of USD 7322.93 Million in the year 2020 and is further projected to reach USD 39930.40 Million by the end of 2030. The growth of the market in the region can primarily be attributed to the presence of several manufacturers of connected logistics equipment, especially in nations, such as China, Taiwan, South Korea, and Japan among others, who are also known to be the largest semiconductor manufacturers worldwide. For instance, the sales of semiconductors in the APAC region touched close to USD 11 Billion in February 2021, up from around USD 8 Billion in February 2016. Moreover, the production share of semiconductors of South Korea, Japan, and Taiwan in the global value chain reached close to 20%, 15%, and 10% respectively in the year 2019. The market in the region is further segmented by country into China, India, Japan, South Korea, Australia, Singapore, Thailand, Philippines, Malaysia, Indonesia, Vietnam, Myanmar, and others. Among the market in these countries, the market in China generated the largest revenue of USD 2365.31 Million in the year 2020 and is further expected to touch USD 14814.18 Million by the end of 2030, by growing with the highest CAGR of 22.70% during the forecast period. Moreover, the market in Japan is anticipated to garner the second-largest revenue of USD 8425.31 Million by the end of 2030, up from a revenue of USD 1486.55 Million in the year 2020.
On the other hand, the connected logistics market in North America registered the second-largest revenue of USD 6354.05 Million in the year 2020 and is further expected to reach USD 31855.83 Million by the end of 2030. The market in the region is also expected to grow with the second-highest CAGR of 20.02% during the forecast period. Additionally, the market in the region is segmented by country into the United States and Canada, out of which, the market in the United States is projected to attain the largest revenue by the end of 2030 and also grow with the highest CAGR of 20.51% during the forecast period.
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The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global connected logistics market is segmented by technology into Bluetooth, Wi-Fi, Zigbee, cellular, and others. Amongst these segments, the cellular segment generated the largest revenue of USD 9547.63 Million in the year 2020 and is further expected to reach USD 50770.23 Million by the end of 2030. In the Asia Pacific, the segment is projected to touch the largest revenue of USD 18328.05 Million by the end of 2030, up from a revenue of USD 3112.24 Million in the year 2020, while in North America, the segment generated USD 2681.41 Million revenue in the year 2020 and is further expected to grow with the highest CAGR of 21.03% during the forecast period to touch USD 14621.83 Million by the end of 2030.
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The global connected logistics market is further segmented on the basis of transportation mode into roadways, railways, airways, and seaways. Among these segments, the roadways segment is projected to attain the largest revenue of USD 80197.93 Million by the end of 2030. Additionally, in the year 2020, the segment generated a revenue of USD 15645.89 Million. In the Asia Pacific, the segment generated the largest revenue of USD 5074.79 Million in the year 2020 and is further expected to touch USD 29069.33 Million by the end of 2030. Moreover, in Europe, the segment touched the largest revenue of USD 18601.15 Million by the end of 2030, by growing with the highest CAGR of 19.78% during the forecast period.
The global connected logistics market is also segmented on the basis of component and verticals.
Global Connected Logistics Market, Segmentation by Component
- Software
- Fleet Management
- Warehouse Management
- Freight Management
- Asset Tracking
- Network Management
- Security Solutions
- Others
- Hardware
- Sensor Nodes
- Data Loggers
- RFID Tags
- Gateways
- Others
- Services
- Professional Services
- Consulting Services
- Managed Services
- Others
Global Connected Logistics Market, Segmentation by Verticals
- Retail
- Manufacturing
- Oil, Energy & Gas
- Pharmaceuticals & Healthcare
- Telecom & IT
- Automotive
- Aerospace & Defense
- Food & Beverages
- Chemical
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Some of the prominent industry leaders in the global connected logistics market that are included in our report are AT&T Inc., IBM Corporation, Intel Corporation, SAP SE, Infosys Limited, Cisco Systems Inc., HCL Technologies Limited, ORBCOMM Inc., EUROTECH S.p.A., Freightgate Inc., YUSEN LOGISTICS CO., LTD., Nippon Express Co, Ltd., SENKO Group Holdings Co., Ltd., XPO Logistics, Inc., and others.
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