The market for linked logistics is expected to grow from its current value of US$ 22.2 billion in 2022 to US$ 47.6 billion by the end of 2029. Over the projection period, demand for connected logistics is anticipated to grow at an excellent CAGR of 11.5%. (2022-2029).
Due to the rising demand for effective supply chain management, FID tags are being used more frequently. The connected logistics market is growing as a result. According to FMI, the market for linked logistics will be valued more than US$47.6 billion by the end of 2029.
“The logistics industry is embracing technology like artificial intelligence to manage inventory and reduce operating expenses. Important players also employ this technology to manage networks, estimate demand, and optimise supply routes. According to the FMI report, artificial intelligence has increased the effectiveness of the whole logistics sector.
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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.
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Competitive Landscape
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.
Key Segments of Connected Logistics Industry Survey
Connected Logistics Market by Component:
Connected Logistics Devices
Vehicle Telematics
Data Loggers
GPS Tracking Devices
RFID Tags
Connected Logistics Software
Fleet Management
Asset Tracking
Security Solutions
Connected Logistics Services
Consulting
Integration & Deployment
Support & Maintenance
Connected Logistics Market by Transportation:
Connected Logistics for Roadways
Connected Logistics for Railways
Connected Logistics for Airways
Connected Logistics for Seaways
Connected Logistics Market by Vertical:
Connected Logistics in Manufacturing
Connected Logistics in IT & Telecom
Connected Logistics in Automotive
Connected Logistics in Retail & Consumer Goods
Connected Logistics in Food & Beverages
Connected Logistics in Healthcare
Connected Logistics in Energy & Utilities
Others
Connected Logistics Market by Region:
North America Connected Logistics Market
Latin America Connected Logistics Market
Europe Connected Logistics Market
East Asia Connected Logistics Market
South Asia & Pacific Connected Logistics Market
Middle East & Africa (MEA) Connected Logistics Market
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
This release was published on openPR.
