PUBLISHER: The Business Research Company | PRODUCT CODE: 1484754
PUBLISHER: The Business Research Company | PRODUCT CODE: 1484754
Connected logistics involves the seamless integration of IoT sensors, data analytics, and cloud computing technologies to enhance the efficiency and effectiveness of transportation, storage, and distribution processes within the supply chain. By leveraging real-time tracking, predictive maintenance, and resource optimization, connected logistics enables organizations to achieve greater visibility, control, and responsiveness across their supply chain network.
The primary components of connected logistics encompass hardware, solutions, and services. Hardware in connected logistics refers to the integration of physical devices such as sensors and trackers within supply chain operations. These devices facilitate enhanced efficiency, visibility, and control over the movement of goods across various transportation modes, including roadways, railways, airways, and maritime. They support a wide range of applications such as inventory tracking, optimized warehousing, real-time fleet management, predictive maintenance, cargo integrity monitoring, and end-to-end delivery tracking. Connected logistics solutions and services cater to industries spanning automotive, healthcare, pharmaceuticals, oil and gas, food and beverage, aerospace and defense, manufacturing, information technology (IT), telecommunications, retail, e-commerce, and more.
The connected logistics research report is one of a series of new reports from The Business Research Company that provides connected logistics market statistics, including the connected logistics industry's global market size, regional shares, competitors with a connected logistics market share, detailed connected logistics market segments, market trends and opportunities, and any further data you may need to thrive in the connected logistics industry. This connected logistics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The connected logistics market size has grown rapidly in recent years. It will grow from $24.84 billion in 2023 to $28.33 billion in 2024 at a compound annual growth rate (CAGR) of 14%. During the historical period, the expansion of globalization, coupled with the emergence of Internet of Things (IoT) technologies, drove growth in connected logistics. Businesses increasingly sought real-time visibility into their supply chain operations, facilitated by advancements in cloud computing and the integration of big data analytics.
The connected logistics market size is expected to see rapid growth in the next few years. It will grow to $48.31 billion in 2028 at a compound annual growth rate (CAGR) of 14.2%. In the upcoming forecast period, the growth of connected logistics is expected to be driven by several factors. These include the adoption of blockchain technology, which enhances transparency and security in supply chain processes.
The expanding prevalence of IoT-connected devices is anticipated to propel the connected logistics market's growth trajectory. IoT, denoting the interconnection of devices capable of exchanging data via the Internet, responds to escalating demands for connectivity, efficiency, and automation across sectors. In the logistics realm, IoT-connected devices enable real-time tracking of shipments, optimize route planning, monitor vehicle conditions, refine inventory management, and streamline supply chain operations. This efficiency boost translates to cost reductions and heightened customer satisfaction. An Ericsson report from November 2022 projected global IoT connections to reach 15.7 billion by 2023, with estimates climbing to nearly 38.9 billion by 2029, marking a 16% growth rate. Consequently, the burgeoning presence of IoT-connected devices drives the expansion of the connected logistics market.
Leading players in the connected logistics arena concentrate on innovating advanced solutions, notably cloud-based services, to elevate global supply chain efficiency. Cloud services play a pivotal role by furnishing scalable, accessible, and centralized platforms for data storage, processing, and analysis, thereby facilitating real-time decision-making and collaboration across supply chains. Fujitsu Limited exemplifies this trend, having introduced a cloud-based logistics data standardization and visualization service in December 2023. This service caters to shippers, logistics firms, and supply chain vendors, offering automated data conversion to adhere to logistics information standard guidelines, alongside functions for data connection, transformation, and storage. Equipped with visualization and analysis tools utilizing logistics KPIs, the service promotes inter-company collaboration, supply chain optimization, and addresses challenges such as driver shortages and energy consumption reduction through shared vehicle usage.
In January 2023, A.P. Moller-Maersk (Maersk) made an undisclosed acquisition of Martin Bencher Group, reinforcing its position as a global leader in integrated container logistics. This strategic move bolsters Maersk's ability to deliver project logistics services worldwide, aligns with its integrator strategy, and expands its service portfolio across diverse industries. By harnessing the combined expertise of both entities, Maersk aims to facilitate seamless transitions and enhance its logistical capabilities. Martin Bencher Group, based in Denmark, specializes in connected logistics services, particularly in designing end-to-end project logistics solutions.
Major companies operating in the connected logistics market are Microsoft Corporation, AT&T Inc, DHL International GmbH, Robert Bosch GmbH, FedEx Corporation, Huawei Technologies, Amazon Web Services, Siemens, Intel Corporation, Accenture, International Business Machines Corporation, Cisco System Inc., Oracle Corporation, Honeywell International Inc., SAP SE, TATA Consulting Services Ltd, NEC Corporation, Nippon Express Co. Ltd., Infosys Limited, HCL Technology Limited, Xpo Logistics Inc., Hexagon AB, Senko Group Holdings Co., Ltd, Yusen Logistics Co. Ltd., Trimble, Orbcomm, Eurotech Group, Freightgate Inc.
North America was the largest region in the connected logistics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the connected logistics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the connected logistics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The connected logistics market consists of revenues earned by entities by providing services such as warehouse management, fleet management, freight transportation management, and asset tracking and management. The market value includes the value of related goods sold by the service provider or included within the service offering. The connected logistics market also includes sales of vehicle telematics, data loggers, GPS tracking devices, and radio frequency identification (RFID) tags. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Connected Logistics Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on connected logistics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for connected logistics ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The connected logistics market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.