Connected Logistics Market Dynamics Trends, Segmentation, Key Players, Application And Forecast

The connected logistics market is projected to reach $73,846.1 million by 2023 at a 33.0% CAGR during the forecast period (2017–2023). The market is growing due to the increasing adoption of smart devices and demand for temperature-sensitive products’ management and a significant decline in the cost of sensors. In order to make the traditional logistical processes more customer-centric, connected logistics uses a set of advanced network connections, communication devices, and internet of things (IoT). 

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This is achieved by sharing logistical information, historical facts, and relevant data with the supply chain partners. On the basis of platform, the connected logistics market is categorized into connectivity, device, and application management. Out of these, device management occupied the largest share of the market during the historical period (2014–2016) and is expected to dominate the market during the forecast period as well. 

This is due to its assistance in managing, tracking, and securing the smart devices used in the connected logistics ecosystem. Application management, however, is predicted to witness the highest CAGR during the forecast period. In terms of software, the connected logistics market is divided into security, data management, warehouse IoT, asset management, streaming analytics, and network management. Asset management contributed the highest revenue to the market in 2016. 

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However, the security division is expected to grow at the highest CAGR during the forecast period as it offers transportation and logistics providers with protection of logistical operations and critical information during the entire supply chain process. It also monitors the information moving among various computing systems in a connected environment.

The emergence of cloud-based logistics solutions is one of the major trends in the connected logistics market. These solutions enable logistics providers with real-time inventory management and pricing, recognition of equipment and utilization patterns to escalate optimization and eliminate wasteful excess, and office resource flexibility such as universal access to information in real time regardless of time and location. Cloud-based services also have low costs, due to which more logistics operators are becoming inclined to adopt them. This is further leading to the penetration of these solutions in the supply chain management industry.