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Connected Logistics Market - The Rising Prominence of Internet of Things In The Logistics Industry
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According to TMR, the global connected logistics market will expand at a 17.8% CAGR from 2017 to 2025, and reach US$55.17 bn by 2025. By service, the asset management service segment is predicted to lead thanks to advancement in the infrastructure of transportation and logistics. The asset management service segment is also benefitting from globalization. On the basis of geography, the global connected logistics market is led by North America as business dealing with delicate products require and are demanding integrity control. Europe is anticipated to trail North America in terms of leading regional contributor. Asia Pacific on the other hand will reflect the fastest growth and expand at a 18.1% CAGR from 2017 to 2025 on account of the flourishing e-commerce sector, which requires real-time tracking of products. Thus, there is a high need for connected logistics.
Need for Timely Delivery of Right Product at Right Place to Fuel Market’s Growth
As per the lead author of this report, “the growing need for transparency in terms of control and integrity is boosting the growth of the overall connected logistics market.” The driving need for timely product delivery, need for products to be in perfect condition upon delivery, and the necessity of the right product to be delivered at the right place are some of the factors boosting the growth of the connected logistics market. Connected logistics market also helped in the delivery of product at optimal cost and this will also feel the growth of this market.
Proliferation of Internet of Things Behind Increased Adoption
Connected logistics are highly in demand especially for the transportation of delicate and fragile goods which necessitate special monitoring when it is in transit. Today it has become extremely common for shipment details as well as features such as tracking a product in real time. All these features have become extremely important in the logistics and e-commerce sector which in turn is propelling the growth of the market for connected logistics. Another important factor helping the market to grow is the penetration of The Internet of Things.
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Globalization Behind Growing Need for Connected Logistics
Information regarding weather, shipping lane traffic, or road conditions are offered real time connected logistics as they are being connected two internal and external data feed. Manufacturers are able to not only monitor the shipments but also receive alerts regarding severe fluctuation of temperature or weather conditions if any and take necessary actions to save the product from being damaged. “Globalization is another factor that is behind the growth of this market. Globalization has resulted in the need for advanced transportation and Logistics infrastructure,” said a TMR analyst
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations
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