Bangalore, Jan. 22, 2019 (GLOBE NEWSWIRE) -- With its recently published study “Connected Logistics Market – Global Drivers, Restraints, Opportunities, Trends, and Forecast up to 2024”, Infoholic Research forecasts that the global market for Connected Logistics is expected to grow, owing to the increasing need to automate all the activities associated in warehouse and transportation of goods. Connected logistics helps customers to visualize progress of logistics and take actions accordingly.
Connected logistics finds significant interest from the organizations who deal heavily with logistics. The increased usage of sensors and automation by the customers is expected to steer the market growth, both in developed and developing countries. This trend is likely to continue during the forecast period 2018–2024, fueling the connected logistics market growth at a CAGR of 22.0% to reach revenue of $47,438.0 million by 2024.
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North America is dominant in the connected logistics market, followed by Europe and Asia Pacific. North America is the largest contributor owing to the relatively high spending by organizations there to improve cost efficiency and time reduction. Most of the organizations outsource logistics activities to third-party logistics and are dependent on them to carry out their end-to-end delivery. Asia Pacific is poised to grow at the highest CAGR as the region holds potential to improve logistics management and greater traceability to enhance the customer experience for growing customer base of organizations in the region.
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The roadways mode is majorly contributing toward the connected logistics market. The next two significant shares for the connected logistics market is attributed to railways and waterways mode of transportation that simplifies the trade management and faster delivery of goods. On the other hand, the airways mode has a relatively smaller market share; although its adoption is expected to increase over the years, consequently generating more revenue for the connected logistics market.
“Technologies like IoT and intelligent sensors are increasing the capability to track and manage in organization’s goods and materials logistics. The integration of data from sensors deriving insightful information can help organizations in better planning and executing logistics operations reducing costs and time to deliver goods.” said Swarup Bhowal, Research Analyst, Infoholic Research
Key insights of the report include:
- Mode:
- Roadways
- Railways
- Waterways
- Airways
- Industry:
- Manufacturing
- Automotive
- Food and Beverages
- Healthcare
- Consumer Goods and Retail
- Others
- Industry outlook: Market trends, drivers, restraints, and opportunities