Market Size of Connected Logistics Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 17.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Connected Logistics Market Analysis
The Global Connected Logistics Market is expected to register a CAGR of 17.5% during the forecast period (2021 - 2026). Connected Logistics help businesses become more customer-centric and efficient by increasing transparency in the business process.
- Increasing adoption of IoT and sensor-based technologies like RFID in various domains, including the Supply Chain Management (SCM) system, will drive the connected logistics market in the forecast period.
- Advancement in future technologies like Big Data and Advanced analytics will act as a catalyst for the adoption of Logistics 4.0. The data collected from smart and connected supply chains and logistics can be converted into actionable insights using AI systems, which will help businesses forecast demand accurately and thus improving capacity planning.
- Also, the growing demand for cloud-based solutions, RFID, and internet ubiquity across the globe are some more factors driving the market. The introduction of new applications and cloud-based solutions for the transportation and management of products, including tracking of goods and movement of planes, trucks, and ships which carry them. Further, the macroeconomic factors driving the market are the changing lifestyle of consumers, emerging economies, and the rapid rate of smart cities in developing countries such as China, Brazil, and India.
- In the United States, due to the COVID-19 outbreak, the government has shut down all the logistic operations in the country, which is heavily impacting the industry. The leaders of the Connected Logistics market have stated that, due to this outbreak, the American government has shown more flexibility towards telework and online assistance. These factors are expected to drive the market in the forecast period further.
