IMARC Group’s report titled “Connected Logistics Market Report by Component (Hardware, Solutions, Services), Software (Asset Management, Warehouse IoT, Security, Data Management, Network Management, Streaming Analytics), Technology (Bluetooth, Cellular, Wi-Fi, ZigBee, NFC, Satellite), Devices (Gateways, RFID Tags, Sensor Nodes), Transportation Mode (Roadways, Railways, Airways, Seaways), End Use Industry (Automotive, Manufacturing, Oil and Gas, IT and Telecom, Healthcare, IT and Telecommunication, Retail, Food and Beverage, and Others), and Region 2024-2032“. The global connected logistics market size reached US$ 35.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 123.5 Billion by 2032, exhibiting a growth rate (CAGR) of 14.74% during 2024-2032.
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Factors Affecting the Growth of the Connected Logistics Industry:
- Technological Advancements:
The integration of advanced technologies, such as the Internet of Things (IoT), artificial Intelligence (AI), and machine learning (ML), in connected logistics is propelling the market growth. These technologies enable the seamless integration of various logistics components, facilitating real-time data exchange and analytics. IoT devices installed in vehicles and cargo can track location, condition, and environmental factors, ensuring goods are transported efficiently and safely. AI and machine learning algorithms analyze vast amounts of data to predict demand, optimize routes, and automate warehouse operations, thereby reducing operational costs while improving delivery times.
- Rising Demand for Enhanced Transparency:
The escalating demand for connected logistics due to the increasing need for enhanced transparency in logistics operations is supporting the market growth. Real-time visibility into the supply chain allows for enhanced tracking of goods from the manufacturer to the end users, ensuring accountability and reducing the chances of delays or losses. Additionally, the rising adoption of connected logistics solutions that offer detailed insights into every step of the supply chain and enable companies to streamline operations, manage inventory more effectively, and improve the satisfaction of individuals through accurate delivery forecasts is contributing to the market growth.
- Thriving E-Commerce Sector:
The growing demand for connected logistics due to the thriving e-commerce sector is offering a positive market outlook. Online retailers require advanced logistics solutions to manage the high volume of orders, ensure timely deliveries, and process returns efficiently. Connected logistics play a crucial role in fulfilling these requirements by enabling seamless coordination between warehouses, transportation, and last-mile delivery services. This integration ensures that orders are processed and shipped with maximum efficiency, reducing delivery times and enhancing the overall experience of individuals.
Leading Companies Operating in the Global Connected Logistics Industry:
- 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
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Connected Logistics Market Report Segmentation:
By Component:
- Hardware
- Solutions
- Services
Solutions represent the largest segment, which can be attributed to the rising need for predictive insights.
By Software:
- Asset Management
- Warehouse IoT
- Security
- Data Management
- Network Management
- Streaming Analytics
Asset management holds the biggest market share as it tracks, monitors, and optimizes the utilization of physical assets involved in logistics operations through connected technologies and data analytics.
By Technology:
- Bluetooth
- Cellular
- Wi-Fi
- ZigBee
- NFC
- Satellite
Bluetooth accounts for the largest market share due to the increasing focus on seamless communication and data transfer between various devices and systems.
By Devices:
- Gateways
- RFID Tags
- Sensor Nodes
Sensor nodes exhibit a clear dominance in the market on account of the rising demand for real-time asset tracking.
By Transportation Mode:
- Roadways
- Railways
- Airways
- Seaways
Roadways dominate the biggest market share, which can be accredited to the increasing need to track the location, speed, and status of vehicles.
By End Use Industry:
- Automotive
- Manufacturing
- Oil and Gas
- IT and Telecom
- Healthcare
- IT and Telecommunication
- Retail
- Food and Beverage
- Others
Manufacturing accounts for the majority of the market share as to gain accurate insights into the entire supply chain, ranging from raw material procurement to finished goods distribution.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America enjoys a leading position in the connected logistics market due to the presence of robust information technology (IT) infrastructure.
Global Connected Logistics Market Trends:
The rising focus on maintaining environmental sustainability and reducing carbon emissions in the logistics sector is impelling the market growth. Connected logistics solutions optimize routes to minimize fuel consumption and emissions, improve load management to reduce the number of trips, and enhance overall operational efficiency. Additionally, regulatory compliance regarding the transport of goods is simplified through real-time tracking and data logging.
In line with this, connected logistics technologies enable improved risk management through predictive analytics, allowing companies to anticipate and mitigate disruptions.
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