The global connected logistics market size is projected to reach USD 82.14 Billion by 2026. Technological advancements have played a key role towards the advancements in connected logistics systems. According to a report published by Fortune Business Insights, titled “Connected Logistics Market Size, Share & Industry Analysis, By Component (Hardware, Solutions, Services), By Transportation Mode (Roadway, Railway, Airway, Seaway), By Vertical (Manufacturing, Automotive, Food and Beverages, Consumer Goods and Retail, Oil & Gas, Travel and Hospitality, Healthcare and Pharmaceuticals, and Others) and Regional Forecast, 2019-2026,” the market was worth USD 14.49 billion in 2018 and will exhibit a CAGR of 24.7% during the forecast period, 2019-2026.
Connected logistics is an interconnected system that delivers real-time data about the goods and products that are carried during transportation. Use of real-time concepts such as IoT and AI has allowed improved efficacies. Recent advancements in products have led to wider product adoption across the world. The increasing investment in the development of advanced connected logistics will emerge in favor of the growth of the market. The high demand for these products is consequential to the increasing trading activities in several countries across the world. Moreover, the decreasing costs of IoT-integrated systems, accounting for the availability of open-source systems, will influence the growth of the market in the coming years.
North America to Emerge Dominant; Growing Adoption of Logistic Solutions Will Aid Growth
The report analyses the ongoing smart label market trends across North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among these regions, the market in North America is likely to emerge dominant in the coming years. The increasing adoption of connected logistics solutions has created several growth opportunities for companies operating in the regional market. As of 2018, the market in North America was worth USD 4.71 billion and this value is projected to increase further in the coming years. Besides North America, the market in Europe will witness considerable growth in the coming years.
A few of the leading companies that are operating in the global connected logistics market are:
• AT&T Intellectual Property
• Robert Bosch GmbH
• Cisco Systems, Inc.
• Freightgate Inc.
• HCL Technologies Limited
• Honeywell International Inc.
• IBM Corporation
• Infosys Limited
• Intel Corporation
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