Connected Logistics Market to Reach $57.75 Billion by 2029 with a CAGR of 11.5%


Posted September 23, 2024 by Meticulous2222

Connected Logistics Market by Offering, Transportation Mode (Roadways, Railways), Application (Inventory Tracking, Real-Time Fleet Management, others), End-use Industry (Automotive, Healthcare & Pharmaceuticals, Others)

 
Meticulous Research®, a globally recognized leader in market intelligence, has published its latest report titled, "Connected Logistics Market by Offering, Transportation Mode (Roadways, Railways), Application (Inventory Tracking, Real-Time Fleet Management, and Others), End User (Automotive, Healthcare & Pharmaceuticals, and Others), and Geography—Global Forecast to 2029." The report forecasts the connected logistics market to experience a strong compound annual growth rate (CAGR) of 11.5% between 2022 and 2029, reaching an estimated market value of $57.75 billion by 2029.
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The expanding demand for efficient warehouse management and the accelerated adoption of Internet of Things (IoT), cloud technologies, and advanced automation across various industries are the primary drivers of this market's robust growth. However, a lack of standardization continues to impede progress. Nonetheless, the integration of blockchain technology in freight management and the untapped potential in developing regions are likely to present significant growth opportunities. Challenges such as data management security remain a concern for industry players, while the rising emphasis on autonomous vehicles marks a key trend shaping the future of connected logistics.
Market Segmentation Overview
The connected logistics market is categorized into various segments based on offering, transportation mode, application, and end-use industries. The comprehensive study also evaluates key market players and provides an in-depth analysis at the regional and country levels.
1. By Offering: Solutions to Dominate, Services to Grow Rapidly
The market is segmented into solutions and services. In 2022, the solutions segment is projected to hold the largest share of the global connected logistics market. This dominance is attributed to the rising need for real-time inventory tracking, improved monitoring of goods in transit, favorable government initiatives promoting logistics efficiency, and the growing adoption of eco-friendly vehicle technologies.
On the other hand, the services segment is expected to grow at the highest CAGR during the forecast period, driven by the increasing demand for real-time visibility into logistics operations. The ability to diagnose and address issues before they affect business or customer experiences further propels the growth of services in this market.
2. By Transportation Mode: Roadways to Lead with Highest CAGR
The connected logistics market is segmented by transportation mode into roadways, railways, airways, and maritime. In 2022, the roadways segment is expected to account for the largest market share. The growth of this segment is fueled by the rising need for safer roads, traffic congestion reduction, sustainable transportation solutions, and government initiatives to enhance infrastructure.
Roadways are also anticipated to grow at the highest CAGR during the forecast period, underpinned by significant government investments in modernizing and expanding transportation networks.
3. By Application: Inventory Tracking Leads, End-to-End Delivery Tracking Emerges as High-Growth Segment
The market is divided into various applications, including inventory tracking, optimized warehousing, real-time fleet management, predictive maintenance, cargo integrity monitoring, and end-to-end delivery tracking.
In 2022, the inventory tracking segment is poised to command the largest share of the connected logistics market. IoT-powered solutions, which offer comprehensive visibility into inventory movement, reduce manual errors, and improve accuracy through automation, are key factors driving this segment.
Looking ahead, the end-to-end delivery tracking segment is projected to witness the fastest growth during the forecast period. This growth is driven by the ability of connected logistics solutions to integrate supply chain processes into user-friendly dashboards, streamlining supply chain management across different stages.
4. By End-Use Industry: Retail & E-Commerce to Dominate, Automotive Sector to Witness Fastest Growth
The connected logistics market serves a wide range of industries, including automotive, healthcare & pharmaceuticals, oil & gas, food & beverage, aerospace & defense, manufacturing, IT & telecommunications, retail & e-commerce, and others.
The retail & e-commerce sector is expected to account for the largest share of the market in 2022, thanks to increasing infrastructure development, heightened awareness of tech-enabled logistics platforms, and the rise in online shoppers. However, the automotive sector is expected to grow at the highest CAGR during the forecast period, driven by the demand for optimized logistics solutions that enhance visibility and mitigate risks associated with automotive part shipments.
Geographical Insights: North America Leads, Asia-Pacific Poised for Rapid Growth
Geographically, the connected logistics market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, North America is expected to account for the largest share of the market, driven by factors such as heightened public safety concerns, growing traffic congestion, government initiatives promoting traffic management, and increased adoption of sustainable automotive technologies. The region's leadership in smart city developments further boosts the market's growth.
Conversely, the Asia-Pacific region is forecasted to experience the highest growth rate during the forecast period, thanks to substantial investments in megacity projects and ongoing efforts to modernize transportation infrastructure. These initiatives are expected to bolster the region's connected logistics capabilities, facilitating smoother trade exchanges and fostering further industry expansion.
Key Market Players
Prominent companies in the connected logistics market include:
• International Business Machines Corporation (U.S.)
• SAP SE (Germany)
• Intel Corporation (U.S.)
• Cisco Systems, Inc. (U.S.)
• Freightgate Inc. (U.S.)
• ORBCOMM (U.S.)
• AT&T Intellectual Property (U.S.)
• Honeywell International Inc. (U.S.)
• Bosch Service Solutions GmbH (Germany)
• HCL Technologies Limited (India)
• Infosys Limited (India)
• Eurotech S.p.A. (Italy)
• Microsoft Corporation (U.S.)
• Siemens AG (Germany)
• Oracle Corporation (U.S.)
• Zebra Technologies Corp. (U.S.)
• Cloud Logistics (U.S.)
• NEC Corporation (Japan)
• Accenture (Ireland)
• Sigfox (France)
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Issued By Dipali
Country India
Categories Business
Tags connected logistics market connected logistics connect logistics associated logistics linked logistics
Last Updated September 23, 2024