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?
Rising Need for Efficient Warehouse Management
Increasing Adoption of IoT, Cloud, And Other Technologies Across Industries
Lack of Standardization
Incorporation of Blockchain Technology in Freight Management
Growing Scope of Leveraging Connected Logistics in Developing Regions
Security Issues in Data Management
Global Connected Logistics Market Trends
Increased Focus on Autonomous Vehicles in the Logistics Sector
Oil & Gas
Healthcare & Pharmaceuticals
Food & Beverage
Aerospace & Defense
Company Profiles (Business Overview, Product Portfolio, and Strategic Developments)
International Business Machines Corporation (U.S.)
Intel Corporation (U.S.)
Cisco Systems Inc. (U.S.)
Freightgate Inc. (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)
Zebra Technologies Corp. (U.S.)
Cloud Logistics (U.S.)
NEC Corporation (Japan)
Scope of the report:
Connected Logistics Market, by Offering
Contract Rate Management
Visibility and Control Solutions
Connected Logistics Market, by Transportation Mode
Connected Logistics Market, by Application
Real-time Fleet Management
Cargo Integrity Monitoring
End-to-end Delivery Tracking
Connected Logistics Market, by End-use Industry
Healthcare & Pharmaceuticals
Oil & Gas
Food & Beverage
Aerospace and Defense
IT & Telecommunication
Retail & E-commerce
Others End-Use Industries
Connected Logistics Market, by Geography
Rest of Europe
Rest of Asia-Pacific
Rest of Latin America
Middle East & Africa
Rest of the Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/9hyx2q
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood,Senior Press Manager firstname.lastname@example.org For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900