Redding, California, Oct. 04, 2022 (GLOBE NEWSWIRE) -- According to a new market 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,’’ the connected logistics market is expected to reach $57.75 billion by 2029, at a CAGR of 11.5% from 2022 to 2029.
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Connected Logistics technology is a system of interconnected devices rendered by IoT solution providers to enhance the operating efficiency in the logistics industry. Its technologies include efficiency in fleet management and monitoring & tracking in warehouse management & asset management. Additionally, it includes other associated logistics operations, such as financial transactions, dispatching, order processing, and shipping.
The growth of this market is mainly driven by the rising need for efficient warehouse management and the increasing adoption of IoT, cloud, and other technologies across industries. In addition, the incorporation of blockchain technology in freight management and the growing scope of leveraging connected logistics in developing regions are expected to offer significant opportunities for the growth of this market. However, the lack of standardization can restrain market growth.
Impact of COVID-19 on the Connected Logistics Market
The COVID-19 pandemic emerged in Wuhan, China, in December 2019. By March 2020, the virus had spread to most countries, with the WHO declaring COVID-19 a global pandemic. Governments worldwide imposed countrywide lockdowns to control the spread of the infection. The lockdown restrictions impacted manufacturing operations, with production facilities either completely shutting down or running at reduced capacities to ensure social distancing and employee safety. Most industries came to a standstill due to raw material & workforce shortages, supply chain disruptions, and restrictions on international trade. The pandemic impacted many businesses, including connected logistics.
The effects of COVID-19 are being felt across the transportation sector. From maritime transportation to airlines, all modes of transportation felt the negative impact of the pandemic. The travel restrictions that were put in place to minimize the spread of the virus, which hindered the capability of companies to transport goods. As a result, transportation revenues dropped significantly, resulting in the deduction of wages, jobs, and transport companies shutting their operation because of bankruptcy.
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In order to control the spread of COVID-19, countries worldwide placed restrictions on domestic transit and/or closed border crossings for road freight transport services. The maritime industry largely proved resilient to the COVID-19 outbreak. Despite the crises, most ports remain open to cargo operations. However, most of them remained closed for passenger traffic. Despite the disruptions at ports, the shipping industry largely continued to operate worldwide, facilitating the movement of essential supplies and medicines needed to keep countries dealing with the global public health crisis.
The connected logistics market is segmented based on offering (solutions and services), transportation mode (roadways, railways, airways, and maritime), application (inventory tracking, optimized warehousing, real-time fleet management, predictive maintenance, cargo integrity monitoring, end-to-end delivery tracking, and other applications), end-use industry (automotive, healthcare & pharmaceuticals, oil & gas, food & beverage, aerospace & defense, manufacturing, IT & telecommunications, retail & e-commerce, and other end-use industries), and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.
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 organizations’ growing need for real-time visibility into operations for diagnosing and troubleshooting problems before they impact the business or customer experience is driving the adoption of connected logistics 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 and sustainable roadways, and increasing government initiatives and investments in infrastructure development. Additionally, the railways segment is 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.
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Based on end-use industry, 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 segment's growth is attributed to factors such as a rise in infrastructure improvements, increasing awareness of tech-enabled logistics platforms, and an increase in 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 report also includes an extensive assessment of the key growth strategies adopted by the leading market participants between 2020 and 2022. 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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Scope of the report:
Connected Logistics Market, by Offering
- Solutions
- Contract Rate Management
- Visibility and Control Solutions
- Network Management
- Asset Management
- Warehouse Management
- Transportation Management
- Other Solutions
- Services
Connected Logistics Market, by Transportation Mode
- Roadways
- Railways
- Airways
- Maritime
Connected Logistics Market, by Application
- Inventory Tracking
- Optimized warehousing
- Real-Time Fleet Management
- Predictive Maintenance
- Cargo Integrity Monitoring
- End-to-end Delivery Tracking
- Other Applications
Connected Logistics Market, by End-use Industry
- Automotive
- Healthcare & Pharmaceuticals
- Oil & Gas
- Food & Beverage
- Aerospace and Defense
- Manufacturing
- IT & Telecommunication
- Retail & E-commerce
- Others End-use Industries
Connected Logistics Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- Denmark
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Singapore
- Malaysia
- Indonesia
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- UAE
- Israel
- Rest of the Middle East & Africa
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