The Connected Logistics Market trends was USD 28.12 billion in 2022 and is projected to reach USD 41.51 billion by 2030, with a compound annual growth rate (CAGR) of 4.99% during the forecast period from 2023 to 2030.
Connected logistics refers to the integration of digital technologies and communication systems in the logistics industry, enabling real-time tracking, monitoring, and optimization of supply chain operations. This market has witnessed significant growth in recent years, driven by the increasing adoption of IoT (Internet of Things) devices, cloud computing, and advanced analytics in the logistics sector.
The rising demand for efficient and transparent supply chain management solutions has been a key factor contributing to the growth of the connected logistics market. With the help of connected logistics, companies can streamline their operations, reduce costs, and enhance customer satisfaction by providing accurate and timely information about the status and location of goods in transit.
Furthermore, the COVID-19 pandemic has further accelerated the adoption of connected logistics solutions. The disruptions caused by the pandemic highlighted the need for resilient and agile supply chains, prompting companies to invest in digital technologies that can provide real-time visibility and enable proactive decision-making.
North America dominated the connected logistics market in 2022, accounting for the largest market share. The region's advanced infrastructure, technological advancements, and presence of major logistics players have contributed to its leadership position. However, the Asia-Pacific region is expected to witness the highest growth rate during the forecast period, owing to the rapid industrialization, increasing e-commerce activities, and government initiatives to promote digitalization in the logistics sector.
Key players in the connected logistics market include IBM Corporation, Cisco Systems Inc., SAP SE, Oracle Corporation, and Intel Corporation, among others. These companies are focusing on strategic partnerships, acquisitions, and product innovations to strengthen their market position and cater to the evolving needs of the logistics industry.
In conclusion, the connected logistics market is poised for substantial growth in the coming years.
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KEY MARKET SEGMENTS
By Component
· Software
· Services
· Hardware
By Transportation Mode
· Roadways
· Railways
· Airways
· Waterways
By Vertical
· Automotive
· Healthcare
· Retail E-commerce
· Energy
· Aerospace Defense
· Others
Key Players
Some major key players in the Connected Logistics market are NEC Corporation, Cisco System Inc, Intel Corporation, Amazon Web Services, HCL Technology Limited, Infosys Limited, Honeywell International Inc, SAP SE, IBM Corporation, Siemens and other players.
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