Meticulous Research® Forecasts Connected Logistics Market to Reach $57.75 Billion by 2029 with a CAGR of 11.5%
Meticulous Research®, a globally recognized leader in market
intelligence, has recently published an in-depth report titled, "Connected
Logistics Market by Offering, Transportation Mode (Roadways, Railways, Airways,
Maritime), Application (Inventory Tracking, Real-Time Fleet Management,
Optimized Warehousing, and others), End-Use Industry (Automotive, Healthcare
& Pharmaceuticals, IT & Telecommunications, and others) and
Geography—Global Forecast to 2029." The report forecasts robust growth
for the connected logistics market, projecting a compound annual growth rate
(CAGR) of 11.5% from 2022 to 2029, reaching an estimated $57.75 billion by
2029.
Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5363?utm_source=article&utm_medium=social&utm_campaign=product&utm_content=23-09-2024
This substantial market growth is attributed to several key
factors, including the increasing need for efficient warehouse management,
advancements in Internet of Things (IoT) technologies, and the growing adoption
of cloud-based logistics solutions. Additionally, the rising focus on
autonomous vehicles in logistics is identified as a significant industry trend.
Market Dynamics: Drivers, Challenges, and Opportunities
Key Market Drivers:
- Rising
Demand for Efficient Warehouse Management: Organizations are
increasingly recognizing the need to optimize their logistics operations,
particularly in warehouse management, to reduce costs and improve
productivity.
- Technological
Advancements: The rapid adoption of IoT, cloud platforms, and other
technologies across industries is transforming the logistics sector,
enabling real-time tracking and better operational control.
Challenges Restraining Market Growth:
- Lack
of Standardization: Despite the positive market outlook, the absence
of uniform standards across logistics operations continues to be a
significant restraint, limiting the seamless integration of connected
logistics technologies.
- Data
Security Concerns: With the rise in connectivity and data sharing,
security issues related to data management remain a pressing challenge for
industry players.
Emerging Opportunities:
- Blockchain
Technology: The incorporation of blockchain in freight management
presents a notable opportunity, particularly in ensuring transparency and
security across the supply chain.
- Expansion
in Developing Regions: Growing logistics needs in emerging economies,
coupled with the rise in e-commerce, offer substantial market growth
potential.
Market Segmentation Overview
The connected logistics market is segmented into Offering,
Transportation Mode, Application, and End-Use Industries, providing
a detailed analysis of the competitive landscape and growth prospects across
each category.
Offering Segment: Solutions Lead, Services Expected to
Grow at Highest CAGR
In terms of offering, the market is bifurcated into
solutions and services.
- Solutions
Segment: In 2022, this segment dominated the global market, driven by
the increasing need for real-time monitoring and tracking of inventory and
goods. Government initiatives supporting logistics efficiency and the
adoption of eco-friendly automotive technologies also contributed to this
growth.
- Services
Segment: Expected to exhibit the highest CAGR during the forecast
period, the services segment is fueled by the rising demand for diagnostic
solutions and real-time operational insights, which enhance business
decision-making and customer satisfaction.
Transportation Mode: Roadways Maintain Dominance
The transportation mode segment includes roadways,
railways, airways, and maritime.
- Roadways
Segment: In 2022, roadways accounted for the largest market share due
to the increasing focus on road safety, reducing traffic congestion, and
improving sustainable infrastructure. The segment is also poised to grow
at the fastest rate during the forecast period, spurred by government
investments in roadway infrastructure and smart traffic management
systems.
Applications: Inventory Tracking Leads, End-to-End
Delivery Tracking to See Fastest Growth
In terms of applications, the market is segmented
into inventory tracking, real-time fleet management, optimized warehousing,
predictive maintenance, cargo integrity monitoring, end-to-end delivery
tracking, and others.
- Inventory
Tracking: This segment commanded the largest market share in 2022,
driven by the advantages of IoT-enabled solutions, which offer real-time
visibility, increased accuracy, and the automation of manual processes.
- End-to-End
Delivery Tracking: Expected to grow at the highest CAGR, this segment
benefits from the development of integrated, user-friendly web dashboards
that consolidate supply chain stages into a single platform.
End-Use Industries: Retail & E-Commerce Lead,
Automotive to Experience Fastest Growth
The market is segmented into Automotive, Healthcare &
Pharmaceuticals, Oil & Gas, Food & Beverage, Aerospace & Defense,
Manufacturing, IT & Telecommunications, Retail & E-Commerce, and
other industries.
- Retail
& E-Commerce: In 2022, this segment captured the largest share of
the connected logistics market, primarily due to infrastructure
improvements, rising awareness of tech-enabled logistics, and an increase
in online shoppers.
- Automotive
Sector: Forecasted to grow at the fastest rate, the automotive
industry is increasingly adopting connected logistics solutions to enhance
visibility, manage risk, and ensure timely delivery of parts and
components.
Geographical Insights: North America Leads, Asia-Pacific
to Witness Rapid Growth
Geographically, the market is segmented into North
America, Europe, Asia-Pacific, Latin America, and the Middle East &
Africa.
- North
America: Holding the largest market share in 2022, the region's
dominance is attributed to the increasing focus on public safety,
government initiatives to manage traffic congestion, and the adoption of
smart city projects.
- Asia-Pacific:
Expected to experience the fastest growth during the forecast period, this
region's expansion is driven by significant investments in megacity
projects, continuous modernization of transportation infrastructure, and
rising trade volumes.
Key Players in the Connected Logistics Market
Leading players in the connected logistics market include
industry giants such as IBM Corporation (U.S.), SAP SE (Germany), Intel
Corporation (U.S.), Cisco Systems, Inc. (U.S.), ORBCOMM (U.S.), AT&T
(U.S.), Honeywell International Inc. (U.S.), Bosch Service Solutions GmbH
(Germany), HCL Technologies (India), Infosys Limited (India), and many
others. These companies are at the forefront of driving innovation in connected
logistics through advanced technology offerings and strategic partnerships.
Conclusion
The connected logistics market is set to undergo significant
transformation in the coming years, driven by technological advancements and
the increasing need for more efficient, transparent, and secure supply chain
solutions. Meticulous Research®’s latest report provides detailed insights and
forecasts that will enable businesses and investors to capitalize on these
emerging opportunities.
About
Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as
Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under
the Companies Act, 1956. Since its incorporation, the company has become the
leading provider of premium market intelligence in North America, Europe,
Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and
values. Since the inception, we have only thrived to research, analyze, and
present the critical market data with great attention to details. With the
meticulous primary and secondary research techniques, we have built strong
capabilities in data collection, interpretation, and analysis of data including
qualitative and quantitative research with the finest team of analysts. We
design our meticulously analyzed intelligent and value-driven syndicate market
research reports, custom studies, quick turnaround research, and consulting
solutions to address business challenges of sustainable growth.
Contact
Us:
Meticulous Research®
Email- sales@meticulousresearch.com
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
Comments
Post a Comment