The size of the Connected Logistics Market was USD 28.12 billion in 2022 and is projected to reach USD 41.51 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.99% during the forecast period from 2023 to 2030.
In recent years, the Connected Logistics Market has witnessed substantial growth, and this trend is expected to continue in the coming years. The market's impressive expansion can be attributed to the increasing adoption of advanced technologies and the growing need for efficient supply chain management.
With the advent of digitalization and the Internet of Things (IoT), logistics operations have undergone a significant transformation. Connected logistics solutions leverage these technological advancements to enhance visibility, optimize operations, and improve overall efficiency in the supply chain.
The rising demand for real-time tracking, monitoring, and management of goods during transportation has been a key driver for the growth of the Connected Logistics Market. By integrating various technologies such as GPS, RFID, and sensors, logistics companies can now track shipments, monitor temperature and humidity conditions, and ensure timely delivery.
Furthermore, the implementation of connected logistics solutions enables seamless communication and collaboration among different stakeholders in the supply chain. This enhanced connectivity facilitates better coordination, reduces delays, and minimizes errors, ultimately leading to improved customer satisfaction.
The market's growth potential is further fueled by the increasing focus on sustainability and environmental responsibility. Connected logistics solutions enable companies to optimize routes, reduce fuel consumption, and minimize carbon emissions, aligning with the global push for greener practices.
In conclusion, the Connected Logistics Market is poised for substantial growth in the coming years. The integration of advanced technologies, the need for efficient supply chain management, and the emphasis on sustainability are driving factors behind this expansion. As businesses recognize the benefits of connected logistics solutions, the market is expected to witness a steady rise, reaching a value of USD 41.51 billion by 2030.
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KEY MARKET SEGMENTS
By Component
· Software
· Services
· Hardware
By Transportation Mode
· Roadways
· Railways
· Airways
· Waterways
By Vertical
· Automotive
· Healthcare
· Retail E-commerce
· Energy
· Aerospace Defense
· Others
Key Players
Some major key players in the Connected Logistics market are NEC Corporation, Cisco System Inc, Intel Corporation, Amazon Web Services, HCL Technology Limited, Infosys Limited, Honeywell International Inc, SAP SE, IBM Corporation, Siemens and other players.
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