Portland, OR — 05/18/2018 — Connected Logistics provides various benefits to logistics businesses offering services for varied industry verticals by providing real-time access, improved operational efficiency, and enhanced productivity through integration of multiple connected platforms.The global Connected Logistics market was valued at $16,774 million in 2016, and is projected to reach at $27,722 million by 2023, growing at a CAGR of 7.60% from 2017 to 2023.
Top Impacting Factors
The global Connected Logistics market is influenced by several factors that include increased penetration of IoT & logistics 4.0, increased application areas, increased market for cloud solutions and proliferation of connected devices, growth associated with end-use industries, demand from developing economies, and others. All these factors collectively provide opportunities for Connected Logistics market growth.
Proliferation of Smart Phones and Connected Devices
The growth in sales of mobile phones has increased the adoption of Connected Logistics among end users. According to “Ericsson Mobility Report” published in 2015, the number of smartphone users is expected to reach 6.1 billion by 2020. Further, Cisco IBSG have predicted that the number of connected devices is expected to reach 50 billion by 2020. In addition, introduction of Bluetooth 5, Bluetooth beacons, growing internet penetration, and expected rise in trade volumes during forecast period are some of the factors that are expected to fuel the Connected Logistics market demand. Further, enterprise from all industry verticals is expected to drive the demand for Connected another analysis from Cisco states that India is expected to have around 650 million smartphones by 2019.
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Technological Advancements in Logistics Industry
Rise in adoption of cloud-based technology along with usage of logistics 4.0, Bluetooth 5, and IoT drives the growth of the Connected Logistics market. At present, cloud technology is adopted widely amongst all the businesses, which provide logistical businesses affordable solutions., the implementation of cloud enables organizations to combine supplementary Cloud computing allows the model to function from anywhere and anytime. Hence, the rise in the adoption of the cloud-based solutions drives the growth of the Connected Logistics market.
Impact of Developing Economies
Increase in demand for advanced solutions and technological advancements in logistics industry, presence of untapped demands, and surge in need for better infrastructure in the countries such as China, Japan, and Australia provide enormous opportunities for the market growth.
At present, Connected Logistics witness an increased adoption in the developed and the developing regions, owing to technological innovations in product offerings, increased adoption of Logistics 4.0, growth associated with Big Data and Analytics, cloud technologies, surge in demand for connected devices, and increase in application areas among end users. Furthermore, factors such as growth associated with IoT, increase in need for mobility, increased internet penetration, and proliferation of smart devices are expected to provide numerous growth opportunities. However, Connected Logistics implementation issue is expected to restrict the growth of the market during the forecast period.
The Bluetooth segment dominated the Connected Logistics market in 2016, with around 20% revenue share and NFC segment is anticipated to exhibit fastest growth rate. This is attributed to the improved IT infrastructure and increased connectivity-related expenditures.
The sensor nodes segment dominated the global Connected Logistics market, with around 49% share in 2016, followed by RFID tags segment. Furthermore, RFID tags segment is estimated to grow at the highest CAGR of 9.00%, owing to widespread adoption of advanced solutions and increased IoT spending.
North America was the highest revenue contributor in 2016, accounting for around 42% share. Asia-Pacific is projected to grow at the highest CAGR of 11.0% during the forecast period.
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The report features the competitive scenario of the Connected Logistics market and provides comprehensive analysis of the significant growth strategies adopted by major players. The key players operating in the market include SAP, ThingWorx, SecureRF, Oracle, Zebra, Technologies, GT Nexus, IBM, Cisco System, Inc., Eurotech S.P.A., and others.
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