Ottawa, Feb. 07, 2023 (GLOBE NEWSWIRE) -- By enhancing process transparency, connected logistics assist companies in becoming more client-focused and productive. The Supply Chain Management (SCM) system and other industries will increasingly adopt IoT and sensor-based technologies like RFID, which will fuel the growth of the connected logistics market during the forecast period.
Big Data and advanced analytics are two emerging technologies that will accelerate the adoption of logistics 4.0. Utilizing AI systems, the data gathered from logistics and supply chains that are smart and connected can be transformed into insights that can be put to use by businesses to more accurately forecast demand and enhance capacity planning. A few other factors propelling the market include the rising demand for cloud-based solutions, RFID, and internet accessibility everywhere. the development of new software and cloud-based products for product management and transportation, including tracking of goods and the movement of the trucks, ships, and planes that transport them. In addition, emerging economies, changing consumer lifestyles, and the rapid development of smart cities in developing nations like China, Brazil, and India are among the macroeconomic factors driving the market.
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Due to the COVID-19 outbreak, the government in the United States has stopped all logistical operations, which has a significant impact on the sector. The market's top players in connected logistics claim that the American government has become more accommodating to telework and online help as a result of this outbreak. During the forecast period, these factors are anticipated to fuel the market even more. COVID-19's effects are being felt in every aspect of the transportation industry. All forms of transportation from airlines to maritime were adversely affected by the pandemic. The inability of businesses to transport goods was hampered by the travel restrictions that were implemented to stop the virus's spread. Due to the sharp decline in transportation revenues, jobs were lost, wages were cut, and some transportation companies had to close their doors due to bankruptcy.
Report highlights:
- During the period of forecasting, North America is anticipated to grow the market. North America brought in USD 4.71 billion in income in 2018 and is projected to bring in up to USD 23.97 billion by 2026.
- The transition from conventional transportation methods to loT-enabled connected logistics solutions is being driven by the rising cost of fuel and associated environmental issues like carbon emissions and pollution.
- countries must lower their logistics costs through standardization that is comparable to international standards like the European Union (EU) standards and ISO standards in order to maintain a high level of global competitiveness.
- The global connected logistics market has tremendous potential for expansion with the adoption of technologies like IoT and data-driven solutions, like analytics, at a larger scale by logistics providers.
- The market for connected logistics companies is being further impacted by the rising cost of installing and maintaining IoT systems.
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Scope of the Report
| Report Attributes | Details |
| Revenue Forecast by 2032 | USD 72.94 Billion |
| CAGR | 11.99% from 2023 to 2032 |
| Largest Market | North America |
| Fastest Growing Region | Asia Pacific |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
| Key Players | Intel Corporation, Cisco System Inc., HCL Technology Limited, Infosys Limited, IBM Corporation, ORBOCMM, Freightgate Inc., Honeywell International Inc., SAP SE, NEC Corporation, Trimble and others. |
Regional Snapshot:
During the period of forecasting, North America is anticipated to grow the market. The adoption of linked logistics solutions that make use of cutting-edge technologies like machine learning, IoT, cloud computing, big data, data analytics, deep learning, and artificial intelligence is mostly to blame for this lucrative rise in North America (Al). Industries in this area are putting connected logistics technology to use to improve supply chain management and operational effectiveness. Due to the existence of numerous notable firms, the US holds the biggest market share in North America.
The second-largest market share belongs to Europe, which is anticipated to develop at a phenomenal CAR during the course of the projection period. Because of the increasingly expanding logistics sector, demand is rising throughout Europe. Additionally, market expansion in the region is being fueled by rising public and private sector investments in the transportation sector.
In terms of CAGR, Asia Pacific is predicted to have the quickest growth in the worldwide connected logistics market. The growth of the market is being fueled by the solutions providers in this area who are attempting to create loT-enabled solutions for efficient supply chain management. A consistent market growth rate is predicted for the Middle East and Africa. The region's market will increase as a result of rising demand for more energy- and money-saving solutions as well as a tendency to cut operating costs.
market dynamics:
Driver:
Increased Use of IoT-Enabled Connected Devices to Support Market Growth
The transition from conventional transportation methods to loT-enabled connected logistics solutions is being driven by the rising cost of fuel and associated environmental issues like carbon emissions and pollution. To remotely manage, monitor, and control the supply chain operations, they make use of sensors, cloud computing, and loT connectivity. The logistics and transportation sector's supply chain platform is now more effective thanks to the adoption of loT. Complete visibility is provided, and quicker network issue detection aids in efficient and timely decision-making. Additionally, improved supply chain visibility results in long-term cost reductions. As a result, there is a growing need for loT-enabled solutions in a variety of industrial sectors, including manufacturing, transportation, and the automotive.
Restraint:
Lack of Standardization in Logistics
Due to the striking differences in business practices, infrastructure, culture, and governmental policies, logistics standardization could present a number of difficulties. Additionally, the countries must lower their logistics costs through standardization that is comparable to international standards like the European Union (EU) standards and ISO standards in order to maintain a high level of global competitiveness. For instance, China and Korea have less logistics standardization than countries in the United States and the European Union. This was due to the governments of China and Korea not actively promoting and enforcing multi-national logistics standardization efforts, as well as the lack of regional organizations that could do so.
As part of these efforts, domestic and international standards for ICT, packaging, storage, transportation, loading, and unloading that are compatible with widely adopted international logistics standards like ISO standards are being developed and put into practice. Thus, a lack of standardization in logistics raises the price of the entire supply chain process, which restrains the expansion of the connected logistics market.
Opportunity:
The global connected logistics market has tremendous potential for expansion with the adoption of technologies like IoT and data-driven solutions, like analytics, at a larger scale by logistics providers. The way logistics vendors operate in the global market is likely to improve thanks to elements like real-time tracking, sophisticated shipment techniques, warehouse capacity optimization, predictive asset management, and efficient improvement in last-mile delivery. In addition, public and private sector funding and investments in the development of transportation and logistics technologies are anticipated to further accelerate the expansion of the global connected logistics market.
Challenges
The applications and effects of the revolutionary technology known as the Internet of Things are still unknown. Logistics firms' IoT spending growth will be further hampered by rising security breaches in the market and an increase in data collection. The connected logistics market's IoT spending is facing significant challenges as a result of these obstacles. Small businesses in the new market face an increasing number of technical difficulties, which will probably result in more difficulties. The market for connected logistics companies is being further impacted by the rising cost of installing and maintaining IoT systems.
Even though pollution levels are rising, the availability of warehousing space and falling inventory costs are inhibiting market growth. The development of the connected logistics market is also constrained by consumer mistrust of e-commerce services and worries about online safety. The market growth for IoT spend by connected logistic businesses will be further affected by ongoing technological advancements and high implementation costs of these solutions.
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Recent developments in the Connected Logistic Market:
- March 2021 - The Oracle Fusion Cloud Supply Chain & Manufacturing (SCM) offering, which links shippers' supply networks with a comprehensive set of cloud business applications, has received new updates.
- July 2021 - The second logistics fund from Singapore-based CapitaLand will target the Indian market. The roughly $300 million fund is intended to capitalise on India's soaring warehousing demand.
- January 2022 - Due to an increase in high-tech vehicles worldwide, the global connected logistics market is anticipated to grow with over the forecast period. For instance, Mahindra Electric Mobility introduced the e-Alfa Cargo, a brand-new electric vehicle. It has a top speed of 25 km/h and a peak power output of 1.5 kW.
Market Segmentation
By Component
- Hardware
- Software
- Services
By Application
- Inventory Tracking
- Real-Time Fleet Management
- Others
By Transportation Mode
- Roadways
- Railways
- Airways
- Waterways
By Vertical
- Retail & E-commerce
- Automotive
- Aerospace & Defence
- Healthcare
- Energy
- Electronics & Semiconductors
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
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