(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Jan. 23, 2023 (GLOBE NEWSWIRE) -- The 'connected logistics market by offering, transportation mode, application, end-use industry, and geography - global forecast to 2029' report has been added to ResearchAndMarkets.com's offering.
The global connected logistics market is expected to reach $57.75 billion by 2029, growing at a CAGR of 11.5% during the forecast period of 2022-2029.
The growth of this market is attributed to the factors such as the rising need for efficient warehouse management and the increasing adoption of IoT, cloud, and other technologies across industries.
In addition, the incorporation of blockchain technology in freight management and the growing scope of leveraging connected logistics in developing regions are expected to offer significant opportunities for the growth of this market. However, the lack of standardization can restrain the market growth of this market.
Based on offering, the connected logistics market is segmented into solutions and services. In 2022, the solutions segment is expected to account for the largest share of the global connected logistics market. The large share of this segment is mainly attributed to the factors such as the rising need to remotely track & monitor inventories and the movement of goods in real-time, favorable government initiatives for improving the efficiency & efficacy of logistics, and the increasing adoption of eco-friendly automobile technologies.
However, the services segment is expected to grow at the highest CAGR during the forecasted period. The rise in demand for organizations' growing need for real-time visibility into operations for diagnosing and troubleshooting problems before they impact the business or customer experience is driving the adoption of connected logistics services.
Based on transportation mode, the connected logistics market is broadly segmented into roadways, railways, airways, and maritime. In 2022, the roadways segment is expected to account for the largest share of the global connected logistics market.
The growth of this segment is mainly attributed to the rising need for road safety, reduced traffic congestion, better & sustainable roadways, and increasing government initiatives and investments in infrastructure development. Also, the roadways segment is expected to grow at the highest CAGR during the forecast period.
Based on application, the connected logistics market is segmented into inventory tracking, optimized warehousing, real-time fleet management, predictive maintenance, cargo integrity monitoring, end-to-end delivery tracking, and other applications. In 2022, the inventory tracking segment is expected to account for the largest share of the global connected logistics market.
Factors such as the benefits of IoT-powered, connected inventory tracking solutions, such as complete visibility into inventory movement, improved accuracy, and reduced error-prone manual operations via automated scanning of inbound and outbound items, are expected to drive segment growth.
However, the end-to-end delivery tracking segment is expected to grow at the highest CAGR during the forecast period owing to the ability to create user-friendly web dashboards that integrate separate stages of supply chain management into a single app.
Based on end-use industry, the connected logistics market is broadly segmented into automotive, healthcare & pharmaceuticals, oil & gas, food & beverage, aerospace & defense, manufacturing, IT & telecommunications, retail & e-commerce and other end-use industries.
In 2022, the retail & e-commerce segment is expected to account for the largest share of the global connected logistics market. The growth of the segment is attributed to the factors such as rise in infrastructure improvements, increasing awareness of tech-enabled logistics platforms, and increase in the number of online shoppers.
However, the automotive segment is expected to grow at the highest CAGR during the forecast period. Factors such as the rising need to optimize visibility and introduce effective risk management solutions for potential issues in the logistics of automotive parts are expected to drive the segment growth.
In 2022, the North American region is expected to account for the largest share of the connected logistics market. The growth in this region is mainly driven by the factors such as increasing initiatives toward public safety, growing traffic congestion problems, favorable government initiatives for effective traffic management, increasing adoption of eco-friendly automobile technologies, and the development of smart cities.
However, the Asia-Pacific region is expected to witness rapid growth during the forecast period owing to heavy investments in megacity projects and the perpetual ongoing process of modernizing local transportation networks to facilitate trade exchanges.
Key questions answered in the report:
Which are the high-growth market segments in terms of offering, transportation mode, application, end-use industries, and countries? What is the historical market for connected logistics across the globe? What are the market forecasts and estimates from 2022-2029? What are the major drivers, restraints, and opportunities in the global connected logistics market? Who are the major players in the global connected logistics market, and what shares of the market do they hold? Who are the major players in various countries, and what shares of the market do they hold? How is the competitive landscape? What are the recent developments in the global connected logistics market? What are the different strategies adopted by the major players in the global connected logistics market? What are the geographical trends and high-growth countries? Who are the local emerging players in the global connected logistics market and how do they compete with the other players?
Market Dynamics
Market Drivers
Rising Need for Efficient Warehouse Management Increasing Adoption of IoT, Cloud, And Other Technologies Across Industries
Market Restraints
Market Opportunities
Incorporation of Blockchain Technology in Freight Management Growing Scope of Leveraging Connected Logistics in Developing Regions
Market Challenges
Security Issues in Data Management Global Connected Logistics Market Trends Increased Focus on Autonomous Vehicles in the Logistics Sector
Case Studies
Oil & Gas Healthcare & Pharmaceuticals Food & Beverage Aerospace & Defense Automotive Manufacturing
Company Profiles (Business Overview, Product Portfolio, and Strategic Developments)
International Business Machines Corporation (U.S.) SAP (Germany) Intel Corporation (U.S.) Cisco Systems Inc. (U.S.) Freightgate Inc. (U.S.) ORBCOMM (U.S.) AT&T Intellectual Property (U.S.) Honeywell International Inc. (U.S.) Bosch Service Solutions GmbH (Germany) HCL Technologies Limited (Noida) Infosys Limited (Bengaluru) Eurotech S.p.A. (Italy) Microsoft (U.S.) Siemens (Germany) Oracle (U.S.) Zebra Technologies Corp. (U.S.) Cloud Logistics (U.S.) NEC Corporation (Japan) Accenture (Ireland) Sigfox (France).
Scope of the report:
Connected Logistics Market, by Offering
Solutions Contract Rate Management Visibility and Control Solutions Network Management Asset Management Warehouse Management Transportation Management Other Solutions Services
Connected Logistics Market, by Transportation Mode
Roadways Railways Airways Maritime
Connected Logistics Market, by Application
Inventory Tracking Optimized warehousing Real-time Fleet Management Predictive Maintenance Cargo Integrity Monitoring End-to-end Delivery Tracking Other Applications
Connected Logistics Market, by End-use Industry
Automotive Healthcare & Pharmaceuticals Oil & Gas Food & Beverage Aerospace and Defense Manufacturing IT & Telecommunication Retail & E-commerce Others End-Use Industries
Connected Logistics Market, by Geography
North America U.S. Canada Europe Germany U.K. France Italy Spain Sweden Denmark Rest of Europe Asia-Pacific Japan China India Singapore Malaysia Indonesia Rest of Asia-Pacific Latin America Brazil Mexico Rest of Latin America Middle East & Africa UAE Israel Rest of the Middle East & Africa
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Tags connected logistics freight freight management logistics logistics solution transportation management warehouse warehousing