Connected Logistics Market size to increase by USD 62.29 billion during 2023-2027, Effective management of temperature-sensitive products to drive the growth - Technavio

NEW YORK , Jan. 8, 2024 /PRNewswire/ -- The connected logistics market size is expected to grow by USD 62.29 billion between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 23.32% during the forecast period. The market is segmented by Mode of Transportation (Roadways, Railways, Airways, and Waterways), Type (Software services, IT services, and Hardware services), and Geography (North America, Europe, APAC, South America, and Middle East and Africa).

Effective management of temperature-sensitive products is a key factor driving market growth. Inefficient supply chain structures, especially in developing countries, play a central role in significant product losses. Poor temperature management and failure to comply with storage regulations largely explain the deterioration of temperature-sensitive items. To solve these problems, companies are adopting technologies such as IoT-enabled smart refrigerators, analytics, and cloud solutions. In addition, Custom-connected logistics systems skillfully handle temperature-sensitive items in different climates. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View a Free PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the connected logistics market: Accenture Plc, Amazon.com Inc., AT and T Inc., Cisco Systems Inc., HCL Technologies Ltd., Huawei Technologies Co. Ltd., Infosys Ltd., Intel Corp., International Business Machines Corp., Microsoft Corp., Nokia Corp., Oracle Corp., ORBCOMM Inc., PTC Inc., Qualcomm Inc., Samsung Electronics Co. Ltd., SAP SE, Siemens AG, Tata Consultancy Services Ltd., and Thales Group
• Connected Logistics Market is fragmented in nature.
• Market to observe 22.51% YOY growth in 2023.

Market Dynamics:

Driver - The growth of the Connected Logistics Market is driven by diverse factors including Effective management of temperature-sensitive products. Leveraging the Internet of Things (IoT), RFID (Radio-Frequency Identification), G Connectivity, and Cloud Computing ensures seamless data transmission, boosting precise monitoring. Autonomous Vehicles streamline transportation, while Blockchain technology fortifies secure transactions. Smart Sensors, Edge Computing, and Machine Learning optimize operations. Cybersecurity safeguards against threats, ensuring reliability. E-Commerce Platforms and Warehouse Automation further revolutionize logistical efficiency in this dynamic landscape.

Trend - The emerging trend in the Connected Logistics Market is the escalating integration of IoT within SCM systems. This rise boosts swift advancements. Embracing Drone Delivery and Artificial Intelligence (AI) optimizes logistics, while Logistics-as-a-Service (Laas) empowers flexible solutions. Supply Chain Visibility and Predictive Analytics refine decision-making. Digital Twin Technology and Collaborative Robots (Cobots) amplify operational efficiency. Customer Experience Management enhances satisfaction, and API Integration ensures seamless connectivity, propelling the market toward innovation and enhanced performance.

Challenge - The realm of Connected Logistics encounters hurdles stemming from technical glitches impeding market growth. Challenges persist within Telematics and Mobile Connectivity, hindering seamless operations. Cross-border commerce faces complexities, while Environmental Monitoring demands enhanced precision. Global Positioning System (GPS) reliability and Sustainable Logistics pose hurdles. Fleet Management, Big Data Analytics, and Real-Time Tracking encounter technical snags impacting efficient Supply Chain Management. Addressing these issues remains imperative for fostering sustained growth in the Connected Logistics Market.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Keg Segments:

The roadways segment will account for a major share of the market's growth during the forecast period. Connected logistics significantly improve transportation operations by facilitating better routing, optimal asset utilization, and better customer service. Accurate fuel cost estimation and route selection are among the benefits that contribute to the growth of connected logistics in the road sector. For the global supply chain, cold storage is critical, and connected logistics facilitate real-time temperature monitoring, helping transport managers and regulators prevent problems, such as product damage. Hence, these factors are expected to drive segment growth during the forecast period. Get a glance at the market contribution of the segments, Request a Sample Report

The cold chain logistics market size in the UK is expected to increase by USD 9.17 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 11.22%.

The Timber Logistics Market size is estimated to grow at a CAGR of 6.61% between 2022 and 2027 and the size of the market is forecast to increase by USD 17,228.49 million.

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Mode of Transport

Market Segmentation by Type

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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SOURCE Technavio