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Connected Logistics Market size was valued at USD 32.84 billion in 2023 and is projected to exceed USD 186.64 billion by the end of 2036, expanding at over 14.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of connected logistics is evaluated at USD 36.6 billion.
The growth of the market can primarily be attributed to the increasing adoption of internet of things (IoT) amongst the service providers in the transport and logistics industry. It is estimated that by the end of 2030, the total number of active IoT devices will cross 25 Billion, up from around 10 Billion devices in the year 2021. The transport and logistics industry are increasingly adopting advanced information technology, such as enterprise resource planning (ERP), warehouse management systems (WMS), transportation management systems (TMS), and intelligent transportation systems (ITS) among others. These advanced technologies help the business organizations for real-time tracking and object identification, controlling business process over the cloud, and for the digitization of data. All these advanced technologies which are interdependent set of communication devices, together help to form the concept of connected logistics.
The market growth can also be attributed to the surge in the adoption of sensor-based technologies, growing focus on improving the global supply chain connectivity, enhance process efficiency and for the need among businesses to provide superior customer experience. Besides this, the growing trends of logistics 4.0 in-tandem with industry 4.0 standards, which focuses on incorporating digital technologies to enhance existing process efficiency, is also expected to promote the market growth in the coming years.
Growth Drivers
Challenges
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
14.3% |
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Base Year Market Size (2023) |
USD 32.84 billion |
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Forecast Year Market Size (2036) |
USD 186.64 billion |
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Regional Scope |
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The global connected logistics market is segmented by component into software, hardware, and services. Out of these, the software segment is anticipated to garner the largest revenue of USD 41914.64 Million by the end of 2030, up from a revenue of USD 7956.08 Million in the year 2020. By technology, the market is segmented into Bluetooth, Wi-Fi, Zigbee, cellular, and others. Out of these, the cellular segment is projected to garner the largest revenue of USD 50770.23 Million by the end of 2030, up from a revenue of USD 9547.63 Million in the year 2020. By transportation mode, the market is segmented into roadways, railways, airways, and seaways. Out of these, the roadways segment is anticipated to garner the largest revenue of USD 80197.93 Million by the end of 2030, up from a revenue of USD 15645.89 Million in the year 2020. By verticals, the market is segmented into retail, manufacturing, oil, energy & gas, pharmaceuticals & healthcare, telecom & IT, automotive, aerospace & defense, food & beverages, and chemical. Out of these, the food & beverages segment is projected to display the largest revenue of USD 36829.10 Million by the end of 2030, up from a revenue of USD 7252.40 Million in the year 2020.
Our in-depth analysis of the global market includes the following segments:
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Component |
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Technology |
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Transportation Mode |
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Verticals |
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Regionally, the global connected logistics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific industry is likely to dominate 35% revenue share by 2036, attributed to growing e-commerce industry in the region, backed by the surge in e-commerce transactions. Besides this, presence of nations, such as China, which is known to have a strong base for semiconductor chips, along with the increasing adoption of the internet in the region, are also anticipated to drive the market growth in the coming years. According to the statistics by the International Telecommunication Union (ITU), the number of individuals who are covered by at least a 3G internet connectivity in the Asia Pacific grew from 79.6 per 100 inhabitants in the year 2015 to 97.6 per 100 inhabitants in the year 2021. The market in the region is further segmented by country into China, India, Japan, South Korea, Australia, Singapore, Thailand, Philippines, Malaysia, Indonesia, Vietnam, Myanmar, and others. The market in China is anticipated to garner the largest revenue of USD 14814.18 Million by the end of 2030, up from a revenue of USD 2365.31 Million in the year 2020.
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global connected logistics market that are included in our report are
September 29th, 2020: SAP SE announced that it has released the SAP Logistics Business Network, which is a cloud-based network platform to connect its customer’s back-end systems seamlessly to their freight collaboration, tracking, order fulfillment and material traceability networks.
Author Credits: Abhishek Verma
Copyright © 2024 Research Nester. All Rights Reserved
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