Dublin, March 25, 2024 (GLOBE NEWSWIRE) -- The "Connected Logistics Market by Component, Software, Technology, Devices, Transportation Mode, End Use Industry, and Region 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The global connected logistics market reached US$ 35 billion in 2023. Looking forward, the market is projected to reach US$ 123.5 billion by 2032, exhibiting a growth rate (CAGR) of 15% during 2023-2032. The growing integration of advanced analytics and artificial intelligence (AI), rising utilization of blockchain technologies, and increasing investments in advanced tracking systems that offer seamless visibility across the entire supply chain are some of the major factors propelling the market. 
At present, the increasing adoption of the Internet of Things (IoT) technologies, which enable real-time tracking and monitoring of goods throughout the supply chain, is impelling the growth of the market. Besides this, the rising utilization of connected logistics to gather valuable data on factors, such as temperature, humidity, and location, ensuring better visibility and control over the movement of goods, is contributing to the growth of the market. In addition, the growing demand for end-to-end supply chain visibility and transparency is offering a favorable market outlook. Apart from this, increasing investments in advanced tracking systems and digital platforms that offer seamless visibility across the entire supply chain are supporting the growth of the market. Additionally, the rising online shopping activities of individuals around the world are bolstering the growth of the market.
Rising integration of advanced analytics and artificial intelligence (AI)
Advanced analytics and AI technologies play a crucial role in the connected logistics market as these technologies enable the processing and analysis of large volumes of data generated by connected devices, sensors, and systems. By leveraging AI algorithms, logistics companies can gain actionable insights, optimize routes and schedules, predict demand patterns, and improve overall supply chain efficiency. AI-powered solutions also enable autonomous decision-making and enhance real-time monitoring and predictive maintenance capabilities. Advanced analytics and AI can process large volumes of data in real time, enabling more accurate and timely decision-making. This could include adjusting routes on-the-fly based on traffic conditions, weather forecasts, or other variables. Advanced analytics is also used to model and analyze entire supply chains, enabling companies to identify bottlenecks or inefficiencies and optimize their operations.
Increasing utilization of blockchain technologies
Blockchain possesses the potential to revolutionize the logistics industry by presenting a secure and transparent platform for recording and verifying transactions and shipments. The decentralized and immutable nature of blockchain ensures data integrity, enhances traceability, and reduces the risk of fraud and errors. Smart contracts, enabled by blockchain, can automate and streamline various processes, such as payments, contract management, and customs documentation. As a result, blockchain technology has the potential to enhance supply chain visibility, reduce paperwork, and enable more efficient and secure cross-border trade. Furthermore, the capacity of blockchain to provide an immutable record of every step in a supply chain, from production to end consumer, is propelling the demand for connected logistics.
Growing popularity of cloud computing and platform integration
Cloud computing plays a significant role in connected logistics by offering scalable and flexible infrastructure for data storage and processing. Cloud-based logistics platforms facilitate seamless integration and collaboration between various stakeholders in the supply chain, including manufacturers, suppliers, carriers, and customers. These platforms provide a centralized system for managing and sharing data, enabling real-time communication, enhancing transparency, and promoting collaboration across the logistics ecosystem. Cloud computing allows for better integration of different logistics systems and applications, increasing interoperability. Moreover, a cloud-based logistics platform is capable of integrating with an inventory management system or a customer relationship management system, allowing for a unified view and better control over the logistics process.
Connected Logistics Industry Segmentation
The report provides an analysis of the key trends in each segment of the global connected logistics market report, along with forecasts at the global, regional and country levels from 2024-2032. The report has categorized the market based on component, software, technology, devices, transportation mode and end use industry.
Breakup by Component:
- Hardware
- Solutions
- Services
Solutions dominate the market
Connected logistics solutions leverage advanced technologies, such as the Internet of Things (IoT), artificial intelligence (AI), and data analytics to streamline and optimize the flow of goods and information across the entire supply chain. These solutions enable predictive insight, and automation, revolutionizing the way logistics operations are managed and executed.
Connected logistics solutions also facilitate end-to-end visibility across the supply chain. Through the integration of various stakeholders, including suppliers, manufacturers, distributors, and retailers, these solutions enable seamless information sharing and collaboration. Connected logistics solutions provide real-time visibility into the movement and status of packages throughout the supply chain. This visibility enables logistics companies to track shipments, examine inventory levels, and identify potential bottlenecks or delays.
Breakup by Software:
- Asset Management
- Warehouse IoT
- Security
- Data Management
- Network Management
- Streaming Analytics
Asset management holds the largest share of the market
Asset management in connected logistics refers to the process of tracking, monitoring, and optimizing the utilization of physical assets involved in logistics operations through connected technologies and data analytics. These assets include vehicles, containers, inventory, machinery, and other resources used in the supply chain.
Connected logistics leverage Internet of Things (IoT) devices, sensors, and connectivity solutions to gather real-time data from assets. This data is then transmitted to a centralized platform where it can be analyzed to provide insights and enable informed decision-making. Connected logistics enable predictive maintenance practices. By analyzing data collected from assets, algorithms can identify patterns and indicators of potential failures or maintenance needs. This allows for proactive maintenance scheduling, reducing unexpected breakdowns, and optimizing asset uptime.
Breakup by Technology:
- Bluetooth
- Cellular
- Wi-Fi
- ZigBee
- NFC
- Satellite
Bluetooth holds the maximum share in the market
Bluetooth technology plays a significant role in connected logistics, enabling seamless communication and data transfer between various devices and systems. Bluetooth-enabled tags or beacons can be attached to assets such as shipping containers, pallets, or packages. These tags transmit their location and other relevant information to nearby Bluetooth-enabled devices, such as smartphones or gateways. This enables real-time asset tracking and monitoring throughout the supply chain, providing visibility and improving efficiency.
Bluetooth sensors can be employed to monitor environmental conditions, such as temperature, humidity, or shock, within the logistics ecosystem. Bluetooth technology can also be utilized to connect and communicate with vehicles and their onboard systems. This enables tracking of vehicle locations, driver behavior monitoring, and remote diagnostics. Additionally, Bluetooth connectivity can be used for seamless integration with mobile devices used by drivers, enabling hands-free communication and access to critical information.
Breakup by Devices:
- Gateways
- RFID Tags
- Sensor Nodes
Sensor nodes hold the largest share in the market
Sensor nodes play a crucial role in connected logistics by capturing and transmitting real-time data from various points within the supply chain. They can measure and transmit data about temperature, humidity, light levels, air quality, and other environmental factors. This information is valuable for ensuring optimal conditions during storage, transportation, and handling of goods, especially for perishable or sensitive products.
Sensor nodes can be attached to assets, such as containers, vehicles, or equipment, to track their location and movement. By continuously transmitting global positioning system (GPS) coordinates or using proximity-based technologies like Bluetooth, these nodes enable real-time asset tracking, reducing the risk of loss, theft, or misplacement.
Breakup by Transportation Mode:
- Roadways
- Railways
- Airways
- Seaways
Roadways hold the largest share in the market
Connected logistics systems provide real-time visibility into the movement of goods and vehicles on roadways. By utilizing technologies, such as GPS, sensors, and telematics, logistics operators can track the location, speed, and status of vehicles, allowing them to monitor and control the entire supply chain more effectively. Connected logistics enable efficient route planning and optimization.
By analyzing real-time data on traffic conditions, road closures, and weather information, logistics systems can identify the most optimal routes for deliveries, reducing fuel consumption, minimizing delays, and improving overall efficiency. Connected logistics generates vast amounts of data related to vehicle performance, traffic patterns, customer preferences, and supply chain operations.
Breakup by End Use Industry:
- Automotive
- Manufacturing
- Oil and Gas
- IT and Telecom
- Healthcare
- IT and Telecommunication
- Retail
- Food and Beverage
- Others
Manufacturing holds the largest share of the market
The manufacturing sector utilizes connected logistics to revolutionize the way goods are produced, distributed, and delivered. Connected logistics, enabled by advanced technologies and data-driven systems, offer numerous benefits to the manufacturing industry, driving efficiency, reducing costs, and enhancing overall performance. It enables manufacturers to gain real-time insights into their entire supply chain, from raw material procurement to finished goods distribution.
By integrating sensors, RFID tags, and other tracking devices, manufacturers can monitor the movement and location of materials, components, and products at every stage. This visibility enables better planning, inventory management, and demand forecasting, ensuring that the right materials are available when needed and reducing stockouts or overstocks.
Breakup by Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
North America exhibits a clear dominance, accounting for the largest connected logistics market share
North America held the biggest market share due to the development of robust IT infrastructure and widespread adoption of connected devices allowing for seamless data transfer and communication between various elements of the logistics ecosystem.
Besides this, the increasing number of e-commerce brands due to the rising online shopping activities of individuals is propelling the growth of the market. In addition, the growing focus on improving customer satisfaction and experience is offering a favorable market outlook.
Asia-Pacific is estimated to expand further due to the rising demand for resilient and flexible supply chains. Apart from this, increasing collaborations between logistic providers, technology companies, and startups to develop innovative solutions that address the complications faced by the logistics industry is bolstering the growth of the market.
Competitive Landscape
Key market players are allocating significant resources to research and development (R&D) activities to innovate and improve their connected logistics solutions. They are developing new technologies, enhancing existing features, and exploring emerging trends, such as artificial intelligence (AI), machine learning (ML), blockchain, and automation.
Top companies are focusing on enhancing their data analytics capabilities to derive valuable insights from the excessive amounts of data generated by connected devices and sensors. They are also tailoring their connected logistics solutions to meet specific customer needs and deliver an exceptional user experience. Leading companies are investing in robust cybersecurity infrastructure, implementing encryption techniques, and adhering to industry standards and regulations to protect sensitive information.
The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:
- AT&T Inc
- Cisco Systems Inc
- Eurotech S.p.A.
- HCL Technologies Limited
- Honeywell International Inc
- Infosys Limited
- Intel Corporation
- International Business Machines Corporation
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- Zebra Technologies Corporation
Key Attributes
| Report Attribute | Details |
| No. of Pages | 143 |
| Forecast Period | 2023-2032 |
| Estimated Market Value (US$) in 2023 | USD 35 Billion |
| Forecasted Market Value (US$) by 2032 | USD 123.5 Billion |
| Compound Annual Growth Rate | 15% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/45yb7b
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