Newark, March 13, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 27.4 Billion connected logistics market will reach USD 97 Billion by 2033. Increasing innovation in high-tech automobiles, and increasing awareness towards transparency in logistics supply are the major factors that may create lucrative opportunities for Connected Logistics devices in the market. rapidly growing technological innovations in the automobile industry have also paved the way for the Connected Logistics Market. Rising oil prices, higher investment options and an aim to reduce the carbon footprints have propelled market players to look to automatic automobiles. Further, improved efficiency, robustness, and durability of the battery life of automatic vehicles may also help the market grow shortly.
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Key Insight of the Connected Logistics Market
Connected Logistics Market Size by Component (Hardware, Software, Services), by Transportation Mode (Roadways, Railways, Airways, Waterways), by Vertical (Retail and E-commerce, Automotive, Aerospace and Defense, Healthcare, Energy, Electronics & Semiconductors), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2024 to 2033.
North America emerged as the largest market for the global Connected Logistics Market, accounting for 36% of the total market. The presence of well-structured infrastructure in terms of rail and road connectivity happens to fuel the growth of the region. Whereas, Asia-Pacific is expected to grow at the fastest CAGR over the forecast period in the market, owing to rapid economic growth than other regions. Further, it is expected to be the hub for major logistical solutions. China and India are the major markets in the region.
The hardware segment has dominated the market accounting for 46% of the total market.
The hardware segment dominated the market. Thereby acquiring a major share of 46% of the total market. Owing to its increasing use in hardware components across industry verticals. Whereas, the software segment is anticipated to have a considerable CAGR during the forecast period. Owing to the rising, Data management and analytics solutions the rising need to analyze and measure logistics performance
The roadways segment accounted for the largest share of the market share of 43.23% in 2023.
The roadways segment has dominated the Connected Logistics Market and happens to be the fastest-growing segment within the market. It has acquired 43.23% of the market share in 2023. Owing to logistics use in loading and carrying large capacities. Which in turn is the mode of preference for various medium and large enterprises.
The retail and e-commerce segment has dominated the market in the year 2023.
The Retail and e-commerce segment has dominated the Connected Logistics Market, thereby acquiring 54.1% market share in 2023. It is also expected to be the fastest-growing segment across the globe. Owing to the rapidly growing e-commerce and retail industry, and the introduction of a quick order placement mechanism
Report Scope and Segmentation -
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 13.4 % |
| 2033 Value Projection | USD 97 billion |
| Market Size in 2023 | USD 27.4 billion |
| Historical Data | 2020-2022 |
| No. of Pages | 238 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | by Component, Transportation Mode, Vertical, Regions |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Connected Logistics Market Growth Drivers | Increased exposure of loT (Internet of Things) connecting devices |
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Latest Development:
• In February 2022, C.H. Robinson entered into a partnership agreement with Waymo. With this partnership, the companies launched autonomous driving trucks. Which in turn will enhance, the overall connected logistics solutions.
• In May 2020, E2open Parent Holdings, Inc acquired BluJay Solutions (a cloud-based logistics execution platform). The acquisition was made for about USD 1.7 billion. The main objective behind this acquisition was to provide the end-users with seamless interconnectivity and enhance its end-to-end supply chain management platform.
• In January 2020- Trimble acquired Kuebix (transportation management systems (TMS) provider). The main objective behind this acquisition was to interconnect its private fleet and commercial carriers network to customers. This gaining possession will expand the former's extensive portfolio of transportation technology
Market Dynamics
Drivers: Increased exposure of loT (Internet of Things) connecting devices
increasing fuel prices and environmental concerns: carbon emissions and pollution are the major propelling factors that will fuel up the growth of loT-connected devices. Thus, the companies prefer IoT, catering to the fact that they not only deploy sensors, and cloud technology but also use IoT to remotely manage and control the supply chain and logistics operations.
Restraint: Strict governance standards
One major factor that may hamper the growth of the Connected Logistics Market is the strict governance standards. Logistics standardization could pose various challenges due to varied differences across infrastructure, culture, and government policies. Further, to survive and grow in the competitive market. The players had to cut down their operational and logistics costs, in respect to its global norms (EU- European Union and ISO norms).
Opportunity: Increasing innovation in high-tech automobiles
rapidly growing technological innovations in the automobile industry have also paved the way for Connected Logistics Market. Rising oil prices, higher investment options and an aim to reduce the carbon foot-prints have propelled market players to look on to automatic automobiles. Further, improved efficiency, robustness, and durability of the battery life of automatic vehicles may also help the market grow shortly.
Challenge: Lack of awareness and safety issues
One major factor that may pose a greater challenge in the Connected Logistics Market is the lack of awareness related to Connected Logistics and the safety issues that arise from that. The increasing use of digital technologies and data exchange poses serious concerns owing to data breaches, data hacks, and cyberattacks among others. Further, heavily relying on interconnected technologies for supply makes the same prone to technical glitches, delays in shipments, and heavy downtime impacts. Which in turn may hamper the growth of the Connected Logistics Market in the overhauling period.
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Some of the major players operating in the Connected Logistics market are:
• Intel Corporation
• Infosys Limited
• Cisco System Inc.
• HCL Technology Limited
• IBM Corporation
• SAP SE
• ORBOCMM
• Freightgate Inc.,
• Honeywell International Inc.
• NEC Corporation
Key Segments cover in the market:
By Component:
• Hardware
• Software
• Services
By Transportation Mode:
• Roadways
• Railways
• Airways
• Waterways
By Vertical:
• Retail and E-commerce
• Automotive
• Aerospace and Defense
• Healthcare
• Energy
• Electronics & Semiconductors
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About the report:
The global Connected Logistics market is analysed based on value (USD trillion). All the segments have been analysed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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