Fortune Business Insights recently published an in-depth market research report on the “Connected Logistics Market Report 2024,” offering key insights and a competitive edge for clients. This comprehensive report provides a detailed analysis of market segmentation, key components, and the driving factors shaping the industry.
Report Overview
The global connected logistics market size was valued at USD 14.49 billion in 2018 and is projected to grow worth USD 423.64 billion by 2032, growing at a CAGR of 23.7% during the forecast period. North America dominated the connected logistics market with a market share of 32.50% in 2018.
“Connected Logistics Market Size, Share & Industry Analysis, By Component (Hardware, Solutions, Services), By Transportation Mode (Roadway, Railway, Airway, Seaway), By Vertical (Manufacturing, Automotive, Food and Beverages, Consumer Goods and Retail, Oil & Gas, Travel and Hospitality, Healthcare and Pharmaceuticals, and Others) and Regional Forecast, 2019-2032.”
Key Market Stats:
- Global Market Size (2018):Â USD 14.49 billion
- Projected Market Size (2032):Â USD 423.64 billion
- CAGR (2019-2032):Â 23.7%
- Leading Region (2018):Â North America, with a 32.5% market share.
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The report highlights the competitive landscape, analyzing top industry players, production capacity, pricing strategies, and global revenue generation. Key players include AT&T, Robert Bosch GmbH, Cisco Systems, Freightgate Inc., HCL Technologies, Honeywell International, IBM, Infosys, Intel Corporation, NEC Corporation, SAP SE, and more.
Market Drivers:
- Technological Advancements:Â IoT, AI, and big data analytics drive enhanced connectivity and operational efficiency.
- Rising Demand for Real-Time Tracking:Â Real-time shipment visibility is critical for modern logistics operations.
- Supply Chain Optimization:Â Companies are increasingly investing in connected logistics to improve efficiency, reduce costs, and streamline operations.
- E-Commerce Growth:Â The expansion of e-commerce necessitates advanced logistics solutions to manage high order volumes and meet delivery expectations.
- Regulatory Compliance:Â Logistics companies are focusing on regulatory requirements to ensure transparency and improve reporting capabilities.
Market Restraints:
- High Implementation Costs:Â Initial investments in sensors and software can be substantial.
- Data Security Concerns:Â Enhanced connectivity heightens the need for robust data protection.
- Integration Challenges:Â Merging new systems with existing infrastructure can be technically complex.
- Technology Dependence:Â Overreliance on technology introduces risks of disruptions due to technical failures.
- Compliance Issues:Â Varying regional regulations complicate global implementation strategies.
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Regional Insights:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Netherlands, Rest of Europe)
- Asia-Pacific (China, Japan, India, Southeast Asia, Rest of APAC)
- Middle East & Africa (GCC, South Africa, Rest of MEA)
- Latin America (Mexico, Brazil, Rest of Latin America)
Key Industry Developments:
- Trimble Acquisition of Kuebix:Â Expanding its transportation management solutions portfolio.
- Intel’s Connected Logistics Platform: A cost-effective IoT solution to monitor assets across supply chains.
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Fortune Business Insights delivers a comprehensive mix of qualitative and quantitative market research reports, helping businesses worldwide navigate the future with reliable insights and forecasts.
Key Questions Answered in the Report:
- What is the projected market size of the connected logistics industry in 2024?
The connected logistics market was valued at USD 14.49 billion in 2018. By 2032, it is projected to grow significantly, reaching USD 423.64 billion. While the article doesn’t specify the exact 2024 figure, the industry is on track for substantial growth, supported by a compound annual growth rate (CAGR) of 23.7% during the forecast period. - Who are the key players dominating the connected logistics market?
The key players in the connected logistics market include major companies such as AT&T Intellectual Property, Robert Bosch GmbH, Cisco Systems, Inc., Freightgate Inc., HCL Technologies Limited, Honeywell International Inc., IBM Corporation, Infosys Limited, Intel Corporation, NEC Corporation, One Network Enterprises, ORBCOMM, SAP SE, SIGFOX, and Zebra Technologies Corp. - What are the main drivers and opportunities in this industry?
The main drivers of the connected logistics market include technological advancements like IoT, AI, and big data analytics, which improve connectivity and operational efficiency. The rising demand for real-time shipment tracking, supply chain optimization efforts, and the growth of e-commerce are key opportunities. Additionally, companies are focusing on regulatory compliance and adopting advanced logistics solutions to manage high order volumes and reduce costs. - How is the connected logistics market expected to evolve by 2032?
By 2032, the connected logistics market is expected to grow exponentially, reaching USD 423.64 billion. This growth will be driven by ongoing technological innovations, increased adoption of real-time tracking, and the rise of e-commerce. As companies prioritize supply chain efficiency and compliance with regulations, the market will continue to see robust expansion at a CAGR of 23.7%.
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