A report by Transparency Market Research highlights International Business Machines Corporation, Google Inc., Amazon Web Services Inc., Infosys Limited, Microsoft Corporation, SAP SE, Dynatrace LLC, NETSUITE Inc., Oracle Corporation, and Freightgate Inc.as the key companies in the global connected logistics market.
“Key players in the global market for connected logistics are adopting numerous strategies to stay competitive. Product development and mergers and acquisitions are some of the key growth strategies adopted by key players to steal a march over their competitors,” explains the author of the study.
The report by Transparency Market Research estimates the global connected logistics market to expand at a robust CAGR of 17.8% between 2017 and 2025. Progressing at this pace, the market’s valuation will become US$55.17 bn by the end of 2025 from US$10.21 bn in 2016.
Asia Pacific to Exhibit Lucrative Opportunities over Forecast Period
The global market for connected logistics by service has been segmented into asset management, remote asset tracking, security, network management, and data management.
North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America are the key segments of the global connected logistics market based on geography. North America currently leads the global connected logistics market vis-à-vis revenue. However, the Asia Pacific market is expected to surpass other regions in terms of growth rate over the forecast period.
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Real-time Tracking of Sensitive Products Pushes Adoption
Amongst several growth drivers of the connected logistics market, breakthrough development in the transportation of sensitive products such as pharmaceutical items is a key one. For instance, in the event of severe temperature fluctuations at the time of transport, the manufacturer would receive alerts and would be in a position to take action before the products gets affected.
Connected logistics have added a new dimension to the management of logistics across all industry sectors. Connected logistics involves several sensors that provide real-time information related to road conditions, weather, and shipping lane traffic when connected to internal and external data feed.
The internet of things technology is increasingly becoming central to business processes across industry verticals. With the rising prominence of internet of things in the logistics industry and the multiple applications of connected logistics in e-commerce, the global connected logistics market is receiving a fillip.
Along with this, the growing need for integrity and transparency control, which includes place, right products, on time delivery, perfect condition of the product, and product delivery at optimal cost, along the supply chain is driving the need for connected logistics. This is mainly for the transportation of delicate goods that need special monitoring at the time of transportation. Further, in logistics and e-commerce, shipment details and real time product tracking have become a necessity, which are some other factors driving the market.
Another key factor stoking growth of the global connected logistics market is need for transparency in networks and assets from logistics companies. This is mainly for optimization of network utilization and to attain maximum efficiency in the process.