Connected Logistics Market Size

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.