Global Connected Logistics Market Size, Share, Growth Analysis, By Component(Hardware, Software), By Transport Mode(Roadways, Railways) - Industry Forecast 2024-2031

Global Connected Logistics Market size was valued at USD 30.32 billion in 2022 and is poised to grow from USD 34.97 billion in 2023 to USD 109.53 billion by 2031, growing at a CAGR of 15.34% during the forecast period (2024-2031).

It helps with risk resilience planning, fleet vehicle position tracking, and performance optimization. Non-PC devices accounted for almost 71% of all IP traffic globally, according to Cisco. Half of all linked devices and connections globally will be Machine-to-Machine (M2M) by 2023. Furthermore, there will be 14.7 billion M2M connections by 2023. The growing need for mobility, the desire to reduce the cost of administrative processes, the adoption of IoT & Logistics 4.0, and the growing market for connected devices all contribute to this market expansion. Connected logistics offers logistical organizations better access to essential information, real-time updates, and interoperability. It provides an interface for integrating many devices, enabling better decision-making. The growing need for intelligent transportation solutions is expected to propel the connected logistics market's growth.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Connected Logistics Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the Market size includes the following details: The key players in the Market were identified through secondary research, and their Market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top Market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Connected Logistics Market Segmental Analysis

Global Connected Logistics Market is segmented on the basis of component, transport mode, vertical outlook and region. By component, the market is segmented into hardware, software, services. By transport mode, market is segmented into roadways, railways, software, services. By vertical outlook, the market is segmented into retail & e-commerce, automotive, aerospace & defense, healthcare, energy, electronics & semiconductors, others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Connected Logistics Market

The market for linked logistics is being driven primarily by the increasing need for real-time supply chain visibility. Real-time tracking and monitoring of the movement of assets, vehicles, and cargo is made possible for businesses by connected logistics systems. This enhances supply chain visibility overall, decreases delays, optimizes routes, and improves operational efficiency. Advanced instruments and technologies are provided by connected logistics solutions to optimize and simplify supply chain processes. Businesses may manage inventories more effectively, save lead times, and limit disruptions with features like digital documentation, automation, and predictive analytics. One major factor propelling the use of connected logistics solutions is the requirement to improve the responsiveness and efficiency of the supply chain.

Restraints in the Global Connected Logistics Market

The market for linked logistics is made up of multiple platforms, technologies, and vendor-offered solutions. The absence of uniform protocols and compatibility among various systems may present difficulties for smooth data interchange and cooperative efforts throughout the supply chain. Particularly in multi-modal and multi-party logistics contexts, incompatibilities might limit the scalability and efficacy of linked logistics systems.

Market Trends of the Global Connected Logistics Market

Advanced analytics technologies are utilised by connected logistics solutions to handle and evaluate vast amounts of data produced across the supply chain. Algorithms for predictive analytics help businesses forecast demand trends, maximize stock levels, and spot possible interruptions. Proactive decision-making is made possible by the combination of real-time data and predictive insights, which also improve overall supply chain responsiveness.