Connected Logistics Market Is Projected to reach $73,864.1 Million by 2023, growing at a CAGR of 33.0% during 2017 - 2023

Global connected logistics market size is expected to reach $73.8 billion by 2023, growing at a CAGR of 33.0% between 2017-2023. The market is growing due to the significant growth in technologies such as IoT, advancement in big data analytics and real time monitoring. In addition, significant improvement in supply chain management is also driving the market growth. As per the findings of the research, asset management has been the largest software market in the global connected logistics market. Among various platforms, application management witnessed the highest growth in demand from 2014 to 2016 and this segment is expected to continue leading the growth of the market during the forecast period. Retail industry has been the highest user of connected logistics industry. However, the market is expected to witness fastest growth in demand from IT and telecom industry, during the forecast period.

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Geographically, Asia-Pacific is expected to witness the fastest growth among all the regions, during the forecast period. The expected growth in the Asia-Pacific connected logistics market can be owed to factors such as growth of digitalization, advancement in new technologies, growth in retail industry, and increasing adoption of connected technologies by major logistics providers in the region. Further, due to rapid technological advancements in supply chain management and improvement in technology infrastructure, the region has high tendency to adopt connected logistics solution at a rapid scale in near future.

With the implementation of technologies such as IoT, and adoption of data driven solutions, such as analytics, at a greater scale by logistics providers, the connected logistics market has huge growth potential. Through factors, such as real time tracking, advanced shipment methods, warehouse capacity optimization, predictive asset management and effective improvement in last mile delivery, the way logistics vendors operate in the global market is likely to enhance. Apart from this, funding and investments in the advancement of transportation and logistics technologies by public and private sector is further expected to boost the growth of the connected logistics industry.

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Professional service has been the larger contributor to the connected logistics market. Professional services are required during and after successful implementation of connected logistics system in every industry. The services are offered through specialists or professionals for supporting various critical business operations. Factors such as expert consulting, seamless system integration, on-time support and services, reduced resource loss, and overall effective logistics management have been driving the demand for professional services in the market for connected logistics.

Some of the key players in the connected logistics market are AT&T, Inc., IBM Corporation, Intel Corporation, SAP SE, Infosys Limited, Cisco Systems Inc., HCL Technologies Limited, and Cloud Logistics.

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