RFID tags are witnessing growing adoption on account of heightened demand for effective supply chain management. This in turn is bolstering the growth of connected logistics market. FMI projects the global connected logistics market will exceed approximately US$ 47 Bn by 2029 end.
“Logistics industry is incorporating technologies such as Artificial Intelligence to manage inventory and reduce operational costs. Moreover, key players utilize this technology to manage networks, optimize delivery routes and to predict demand. Artificial Intelligence has helped streamline the entire logistics ecosystem,” concludes the FMI report.ADVERTISEMENT
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Key Takeaways of Connected Logistics Market Study
- While software segment will be in high demand, devices continue to be preferred by consumers across the globe.
- Roadways will continue to be the preferred mode of transportation through 2029.
- Retail & consumers industry remains the key end-use area of connected logistics market.
- North America remains lucrative connected logistics market in view of ongoing digitization process.
Connected Logistics Market – Key Growth Factors
- Increasing adoption in manufacturing sector is supporting the growth of connected logistics market.
- Technological advancements in logistics industry such as blockchain technology and Internet of Things are bolstering the market growth.
- Preponderance of digital sales channels continues to shape the connected logistics market.
- Rapid tech penetration in Asia Pacific is boosting the regional connected logistics market.
- Need for real-time data and tracking precise location is pushing the growth of connected logistics market.
Connected Logistics Market – Key Restraints
- Dynamic competitive structure of connected logistics market presents critical challenges for market leaders.
- Data security issues associated with cloud-based technologies is limiting the growth of connected logistics market.
Global connected logistics market is fragmented in nature. Prominent stakeholders profiled in this FMI study include, but are not limited to, Cisco, Infosys Ltd., Intel Corporation, IBM Corporation, SAP SE, and Bosch. Off-highway Vehicle (OHV) and Radio-frequency Identification (RFID) continue to be prioritized by market players. Moreover, enhanced customer retention, personnel safety and better stock are key focus areas of industry leaders. Software component will offer lucrative growth opportunities for key players through the forecast period.
More about the Report
This Future Market Insights study of 388 pages provides all-inclusive insights on the global connected logistics market. The market analysis is based on component (devices, software, and services), transportation (roadways, railways, airways, and seaways), and vertical (manufacturing, IT & telecom, automotive, retail & consumer goods, food & beverages, healthcare, energy & utilities) across six regions (North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa).