The connected logistics market size is predicted to exhibit 22% CAGR from 2020-2027, according to the latest report by Market Research Future (MRFR). Connected logistics make it possible for logistic companies for monitor and track their assets remotely. MRFR’s report on the connected logistics market enlightens users on various connected technologies, its pivotal use in IoT, and scope of logistics industry for the forecast period (2020-2027). The COVID-19 pandemic and its implications on the industry are explored in high detail.
Market Scope
The global connected logistics market is driven by demand for rapid delivery times and execution of tasks. Introduction of IoT and use of RFID chips to monitor goods and assets in various industries can drive market growth. Mitigation of risks and efficient use of tools and techniques for meeting end-to-end needs of various industries is likely to bolster market demand significantly. Increasing use of number of devices and evolving threats present a new growth opportunity to the industry.
But lack of standards can hamper the market.
COVID-19 Impact
The COVID-19 pandemic has initially had grave consequences for the connected logistics market owing to policies enforced on international trade. But easing of norms by countries and aim of delivering products to customers can push the growth of the connected logistics market.
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Segmentation
Asset Management to Capture Large Market Share by Software
The asset management software is highly reliable for management of logistics chains effectively. It contains route plans for delivery of assets, enhancement, and its subsequent renewal. It can drive demand due to lowering operational costs and assuring the performance of the product.
Roadways Segment to Lead the Way in Global Market
The roadways segment is set to dominate market share due to investments in highway development and use of roads as a path for international and domestic trade. Huge need for monitoring of goods and management of goods flow in stages of production, distribution, purchasing, and warehousing can bode well for the segment.
Healthcare Vertical to Command a Significant Share
The healthcare vertical is set to command a huge share of the connected logistics market owing to need for cold storage transportation of vaccines. Inclusion of IoT for monitoring temperatures and preventing spoilage of products can bode well for the market. Moreover, the continuous relay of information to transportation supervisors in real-time can convince players in the industry.
Regional Analysis
APAC to Dominate in Global Connected Logistics Market
Asia-Pacific is bound to lead in the global market owing to robust growth of ecommerce firms and logistical solution firms. Use of sensors, automation, and advanced technologies like industry 4.0 can drive the regional market demand for connected logistics. The Industry Transformation Programme by the Singapore government for digitizing its logistic solutions and inviting investments in the country.
Competitive Analysis
Huawei Technologies (China), Accenture (Republic of Ireland), Cloud Logistics (U.S.), Amazon Web Services (U.S.), IBM Corp. (U.S.), HCL Technology Limited (India), Freightgate Inc. (U.S.), Intel Corporation (U.S.), SAP SE (Germany), AT&T Inc. (U.S.), Siemens (Germany), Eurotech S.P.A (Europe), Cisco System Inc. (U.S.), ORBCOMM (U.S.), and Infosys Limited (India) are key connected logistics companies. Development of new components and collaborations are to be witnessed in the market.
Industry News
XPO Logistics has spun into 2 companies, GPO Logistics and XPO Logistics to focus on contract logistics and freight logistics respectively.
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Connected Logistics Market Research Report: Information by Technology (Hall Effect, Magneto Resistive, Variable Reluctance), By Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2030
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