Market Trends of Connected Logistics Industry
This section covers the major market trends shaping the Connected Logistics Market according to our research experts:
Increasing use of IoT and future technologies in different industries will drive the adoption of Connected Logistics
- According to CISCO, global internet traffic from non-PC devices was approximately 71% of total IP traffic in 2020. Also, Machine-To-Machine (M2M) connections will be half of the total connected devices and connections in the world by 2023. Moreover, there will be 14.7 billion M2M connections by 2023.
- Verizon recently conducted a survey concluding that more than one-third of fleet managers who do not use fleet tracking solutions (fleet tracking solutions are mobile asset tracking solutions primarily fitted to trucks and other vehicles) say they would expect an increase in productivity if they implemented the technology.
- The survey also indicates that over 53% of companies that use asset tracking solutions reported actual productivity increases – with most of the respondents reported positive growth in productivity (53% respondents) and compliance (52% respondents).
- Companies such as Walmart are using IoT, machine learning, and Big Data to transform their retail operations and improve their customer experience in more than one way. The company was one of the early adopters of RFID tags to track their inventories.
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Asia Pacific Region to Exhibit Maximum Growth
- The Asia Pacific region is expected to show robust growth in terms of revenue in the forecast period, significantly in developing economies like India and China. Improvements in technology, increasing sensors, and automation are certain factors expected to steer the market growth.
- For instance, China is the world’s largest E-Commerce market, with over 50% of global E-Commerce transactions coming from China. According to Dezan Shira & Associates, the number of digital buyers in China surpassed 634 million in 2020. Further, China’s E-Commerce market is predicted to be larger than those of the U.S., U.K., Japan, Germany, and France combined. The growth of the E-commerce industry in recent years in China is attributed to the developments in the internet infrastructure and the establishment of global logistics networks.
- Singapore began transforming logistics to reinforce its place in APAC’s logistics industry by integrating the technologies with the existing processes. The Singapore government has already started transforming logistics as part of its USD 4.5 billion Industry Transformation Programme. The primary objective of the program is to drive excellence in logistics operations and to be leaders in innovation while also building a strong core of local logistics talent and making Singapore attractive to inward investment. This scheme is named the Logistics Industry Transformation Map (ITM) and follows similar plans for Singapore’s food and beverage and precision engineering sectors.
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