Market Overview
The Global Connected Logistics Market is anticipated to account for approximately 22% of CAGR during the review period of 2017 to 2023. In 2016, the global market was generated 10.04 million of market value. However, the global market is projected to expand at 41.30 million of market value during the forecast period of 2021.
Usually, connected logistics methods are widely used to manage logistics operations and to access real-time data. The growing demand for operational efficiency and quality, growing innovation in the mobile sector, the introduction of IoT connecting devices, rise in the number of high technology vehicles, and the declination of the sensors cost are the major factors that are driving the global market growth in the assessment period.
However, the lack of balanced standards in connected logistics might hinder the growth of the global Connected Logistics Market Growth during the forecast period.
Market Segmentation
The current Connected Logistics Market has been segmented based on software, platform, mode of transportation, and industry vertical.
The current market has been classified into security, data management, network management, asset management, warehouse management system, and streaming analytics based on the software segment. On the basis of platform segment, the Connected Logistics Market has been segmented into application management, connectivity management, and device management.
In terms of modes of transportation, the global market has been divided into roadways, waterways, railways, and airways. Depending on the vertical industry segment, the present market has been segmented into retail, manufacturing, food and beverage, oil and gas, IT & Telecom, healthcare, automotive, and others.
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Regional Analysis
Geographically, the Connected Logistics Market has been spread across many parts of the world, which includes North America, Asia Pacific, Europe, and the rest of the world.
The North American region is predicted to hold the largest market share and is estimated to dominate the market size in the forecast period. The increasing advanced innovations in logistics are fueling the growth of the North American regional market. Apart from this region, the Asia Pacific region is projected to expand at the fastest pace during the analysis period. The connected logistics industry market share is higher in this region because of the presence of countries like India and China, which are bringing more opportunities to the regional market. In addition, this region is expanding because of the rising number of manufacturers in the countries and the rise in the population. Moreover, this region is taking the help of advanced tools to enhance the logistics works, which is bringing lucrative opportunities for the market and creating significant growth in the forecast period.
Furthermore, the European regional market is estimated to witness considerable growth in the global market because of the region's considerable growth in technological advancements. Also, the rest of the world is expected to witness a slower pace of change in the forecast timeframe as compared to all these regions.
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Connected Logistics Market Research Report: Information by Technology (Hall Effect, Magneto Resistive, Variable Reluctance), By Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2030
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