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Connected Logistics Market Experiences Robust Growth, Projected to Surge with a 14.48% CAGR by 2028

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Global Connected Logistics Market

Global Connected Logistics Market
Global Connected Logistics Market

Dublin, March 11, 2024 (GLOBE NEWSWIRE) -- The "Connected Logistics Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028" report has been added to ResearchAndMarkets.com's offering.

Global Connected Logistics Market has valued at USD 16.28 Billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 14.48% through 2028. A third-party logistics company (3PL) is a service provider that either arranges or handles a variety of supply chain functions for a business. These functions can include brokering, shipping, storing, or packing a company's freight, as well as supply chain strategy and access to technology. A 3PL (third-party logistics) provider manages all aspects of fulfillment, from warehousing to shipping. A 4PL (fourth-party logistics) provider manages a 3PL on behalf of the customer and other aspects of the supply chain. 3PLs perform the functions of warehousing, distribution, transportation, returns management and consolidation with expertise. Excellent 3PL partners have the potential to propel your company to incredible heights in the long run.



Key Market Drivers

Adoption Of Third-Party Logistics (3PL)

Connected Logistics is a partner or service that assists manufacturers, especially ecommerce merchants, to outsource activities related to logistics and distribution. A third-party logistics company provides specialized services such as inventory management, cross-docking, door-to-door delivery, and packaging of products. This, in turn, aids enterprises in providing a better customer experience, ensuring scalability, mitigating the risks of product damage, promoting business growth and market expansion, and enabling the completion of core business operations. Furthermore, the third-party logistics model delivers greater asset utilization and asset sharing alliances, which increases its demand, and contributes toward the growth of the 3PL market. At present, third-party logistics is commercially available in varying transportation modes and service types, including dedicated contract carriage (DCC), domestic and international transportation management.

Companies that provide international deliveries typically work with two or three dozen delivery partners specializing in different geographic areas. Large e-commerce companies, such as Amazon, have huge in-house teams that act as their third-party logistics. They spend a lot of money and effort managing, controlling, and improving their logistics. Moreover, Kestraa, a Brazilian logistics startup, raised USD 2.7 million funding from Canary Ventures and various angel investors for logistics software. Kestraa is a cloud-based B2B solution for freight-management, connecting ship-owners, cargo agents, freight forwarders, government systems, and more. The software allows stakeholders to manage their shipments, anticipate delays, and optimize on delivery time. Customers are also able to monitor the delivery process of their goods.

In addition, growth in automotive industry, technological advancement, surge in last-mile connectivity, and rise in cross-border trade activities also boost the growth of the 3PL market. For instance, the Indian government launched Multi-Modal Logistics Parks Policy (MMLPs) to improve the logistics sector of the country. Meanwhile, the Union Minister of Commerce and Vertical announced a plan to invest $500 billion in the logistics sector by 2025. The government also launched a National Logistics Portal to serve as a transactional e-marketplace by connecting buyers, logistics service providers, and relevant government agencies.

Report Scope:

In this report, the Global Connected Logistics Market has been segmented into the following categories, in addition to the Vertical trends which have also been detailed below:

Global Connected Logistics Market, By Component:

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  • Hardware

  • Software

  • Services

Global Connected Logistics Market, By Transportation:

  • Roadways

  • Railways

  • Airways

  • Waterways

Global Connected Logistics Market, By Vertical

  • Manufacturing

  • Automotive

  • Food and Beverages

  • Consumer Goods and Retail

  • Oil & Gas

  • Travel and Hospitality

  • Healthcare & Pharmaceuticals

  • Others

A selection of companies mentioned in this report includes

  • Geodis

  • DHL International GmbH

  • db Schenker

  • a.p. moller - maersk, Kuehne+Nagel Inc.

  • XPO Logistics Inc.

  • C.H. Robinson Worldwide, Inc.

  • FedEx Corporation

  • United Parcel Service of America, Inc.

  • DSV

For more information about this report visit https://www.researchandmarkets.com/r/k7ey40

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