Connected Logistics Market Size and Forecast to 2027

Market overview:

The Connected Logistics Market has been valued at $32.17 billion in the year 2021, and it is estimated to reach $82.14 billion by 2027, with a CAGR of 24.7% from 2022 to 2027.

Connected logistics is the integration of various technologies that have the potential to completely transform the world of global trade. The goal of integrating IoT and other related technologies into logistics is to maximize every cycle's time and information-related components. Businesses can schedule huge orders and shipments months in advance using connected logistics. Setbacks resulting from obsolete information are almost non-existent in connected logistics. Businesses and organizations can prevent delivery delays due to improved information generation and real-time updates. Additionally, due to the high level of technology participation, firms may be exposed to increased dangers to data security.

Additionally, with the help of connected logistics, factors like storage space, the proper location of stock, and the number of labourers needed may be foreseen. As a result, even though it may be costly to install, IoT in logistics may save businesses money over time. Countries and organizations must embrace the uniform application of connected logistics to sync with other industries adopting AI, IoT, and other breakthroughs in digital technology. This will alter international trade. At some point, connected logistics will become the norm rather than the exception. Connected logistics, if used properly, can support enterprises in overcoming challenges. The benefits considerably outweigh any potential disadvantages of its implementation over the long term.

Market Drivers and Restraints:

Market Trend for Connected Logistics indicates the shift from conventional transportation techniques to IoT-enabled connected logistics solutions. Rising fuel prices and related environmental challenges like carbon emissions and pollution mainly drive this trend. Sensors, cloud computing, and IoT connectivity are extensively used to remotely oversee and manage supply chain processes. It also offers complete network issue visibility to support prompt and efficient decision-making. Furthermore, improved supply chain visibility results in long-term cost reductions resulting in need for IoT-enabled solutions across various sectors, including manufacturing, transportation, and automotive.

Logistics standardization should present a variety of challenging conditions because there are significant differences between commercial enterprise norms, infrastructure, culture, and governmental rules. Additionally, to maintain a high level of global competitiveness, the countries need to lower their logistical costs by standardizing their practices following international standards like the European Union (EU) regulations and ISO requirements. These attempts include developing and deploying national and international standards for tools, packaging, storage, transportation, loading, and unloading, as well as for logistics equipment, tools, and packaging that are compatible with widely accepted international standards for logistics, such as ISO standards. The absence of standardization in logistics raises the expenses associated with the entire supply chain process and prevents the linked logistics market from expanding.

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The report is segmented as follows:

The Portable Generators Market is segmented based on

Component; the Market is segmented based on Transportation Mode; the Market is

segmented based on Vertical:

By Component (Hardware, Solution, Services)

By Transportation Mode (Roadway, Railway, Airway, Seaway)

By Vertical (Manufacturing, Food and Beverages, Automotive, Consumer Goods and Retail, Oil & Gas, Healthcare and Pharmaceuticals, Travel and Hospitality and Others)

Geographical Segmentation:

Throughout the forecast, North America's market is anticipated to grow substantially. It is because. Industries in the area are embracing connected logistics technologies to boost supply chain management and operational effectiveness. Due to the abundance of notable players in North America, the United States has the biggest market share.

The Asia Pacific Connected Logistics Market would grow by 8.5% CAGR during the forecasted period. The factors that propel market expansion in this region include rising demand for connected devices, administrative process cost reduction, IoT & Logistics 4.0 adoption, and rising demand for mobility.

The connected logistics market in Europe will expand due to an increasing reliance on digital technologies such as IoT, cloud, and analytics to reduce the cost of logistics operations and increase accountability & traceability of logistics operations during the forecast period.

Impact of COVID-19 on the Market

The COVID-19 epidemic had a direct impact on logistics companies which were involved in the flow, storage, and transfer of commodities. Logistics companies enable trade and commerce and assist companies in getting their products to clients as an essential component of value chains both domestically and beyond international borders. Therefore, supply chain interruptions brought on by the pandemic affected the sector's competitiveness, economic expansion, and job creation, making the sector realise the need to have cutting-edge technologies in place to reduce the effect of such uncertain problems. More and more companies are now moving towards adopting digital technologies to make processes more efficient. This will push the connected logistics market forward in the upcoming years.

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