The global Connected Logistics market generated revenue of nearly USD 22,357.0 million in 2020 and anticipated to grow at a CAGR of over 22.7% over the forecast period from 2021 to 2027 to reach around USD 85,000 million in 2027.
Global Connected Logistics Market, 2020 – 2027 (USD Million)
Connected Logistics Market
Connected Logistics is a set of communication devices that helps in real-time information for the goods which are shipped with the help of different transportation modes such as seaways, railways, airways, and roadways. Connected Logistics share relevant data and information with all the supply chain associates to smoothen the transportation process.
Key Trends in Global Connected Logistics Market
Emergence of IoT Connecting Devices
One of the major trends driving the rapid growth of the global Connected Logistics market is the emergence of IoT (Internet of Things) connecting devices around the world. The number of IoT connections is growing around the world, and supply chain companies are adopting IoT connections to provide better services to their customers while also smoothing the supply chain process. As per a recent report published in 2020 by Global System for Mobile Communications Association (GSMA), the number of IoT connections worldwide are anticipated to reach almost 25,000 million by 2025 from 12,000 million in 2019. Therefore, the rapid adoption of IoT connections is projected to enhance the global Connected Logistics market in the years to come.
Impact of COVID 19 on Global Connected Logistics Market
COVID 19 has a significant impact on the global Connected Logistics market’s revenue generation. Following COVID 19, inter-state and country borders were sealed, trade activities were prohibited, and the manufacturing and e-commerce industries were temporarily closed around the world, putting a strain on the global logistics and supply chain industry. Hence, the demand for Connected Logistics is affected to great extent in 2020. It is projected that the market capitalization of companies in the global logistics and supply chain industry will decrease by more than 14% in 2020.
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Global Connected Logistics Market by Component Insights
The global Connected Logistics market is segmented into three parts: hardware, solutions, and services. In 2020, the solutions segment accounted for a sizable portion of the global Connected Logistics market’s total revenue. Furthermore, in the global Connected Logistics market, the Services segment is expected to grow the fastest in the coming years.
Solutions Segment to Dominate the global Connected Logistics market
Global Connected Logistics Market by Transportation Mode Insights
Roadway, Railway, Airway, and Seaway are the four major transportation mode for the global Connected Logistics market. Roadways category accounted for the highest revenue share in the world Connected Logistics market in 2020. The roadways accounted for over 40% share in 2020.
Global Connected Logistics Market by End-user Insights
Global Connected Logistics market is bifurcated based on end-user industries such as Oil & Gas, Manufacturing, Healthcare and Pharmaceuticals, Automotive, Travel and Hospitality, Food and Beverages, Consumer Goods and Retail, and Others. Manufacturing dominated the global Connected Logistics market in 2020 with more than 25% share.
Global Connected Logistics Market by Regional Insights
North America had a major share in the global connected logistics market in 2020 and accounted for more than 35% of the revenue share in the same year. The wide adoption of connected logistics solutions such as IoT, machine learning, artificial intelligence (AI), big data, and others is one of the major factors for the dominance of the region in the global Connected Logistics market. Besides, Asia Pacific is anticipated to witness the fastest growth in the global Connected Logistics market throughout the forecast period.
Global Connected Logistics Market Competitive Landscape
Most prominent players in the global Connected Logistics market include AT&T Intellectual Property, Zebra Technologies Corporation, Robert Bosch GmbH, SIGFOX, Cisco Systems Inc., SAP SE, Freightgate Inc., ORBCOMM, HCL Technologies Limited, One Network Enterprise, Honeywell International Inc., NEC Corporation, IBM Corporation, Infosys Limited, Intel Corporation, and others. The report covers very detailed profiles of these key players.
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Global Connected Logistics Market by Component, 2015 – 2027
Global Connected Logistics Market by Transportation Mode, 2015 – 2027
Global Connected Logistics Market by End-user, 2015 – 2027
Global Connected Logistics Market by Region, 2015 – 2027
Global Connected Logistics Market: Key Players
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