The global Connected Logistics market generated revenue of nearly USD 22,357.0 million in 2020 and anticipated to grow at a CAGR of over 22.7% over the forecast period from 2021 to 2027 to reach around USD 85,000 million in 2027.
Connected Logistics is a set of communication devices that helps in real-time information for the goods which are shipped with the help of different transportation modes such as seaways, railways, airways, and roadways. Connected Logistics share relevant data and information with all the supply chain associates to smoothen the transportation process.
Key Trends in Global Connected Logistics Market
Emergence of IoT Connecting Devices
The emergence of IoT (Internet of Things) connecting devices worldwide is one of the major trends for the rapid growth of the global Connected Logistics market. The IoT connections across the globe are increasing and supply chain companies are adopting IoT connections to provide better services to their consumers as well as to smoothen the supply chain process. As per a recent report published in 2020 by Global System for Mobile Communications Association (GSMA), the number of IoT connections worldwide are anticipated to reach almost 25,000 million by 2025 from 12,000 million in 2019. Therefore, the rapid adoption of IoT connections is projected to enhance the global Connected Logistics market in the years to come.
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Impact of COVID 19 on Global Connected Logistics Market
COVID 19 has a significant impact on revenue generation of the global Connected Logistics market. In the wake of COVID 19 the inter-state borders along with country borders sealed, ban on trade activities and temporary closure of the manufacturing & e-commerce industry around the globe has rigorously hit the global logistics and supply chain industry. Hence, the demand for Connected Logistics is affected to great extent in 2020. It is projected that the market capitalization of companies in the global logistics and supply chain industry will decrease by more than 14% in 2020.
Global Connected Logistics Market by Component Insights
Based on component, the global Connected Logistics market is bifurcated into hardware, solutions, and services. The solutions segment had a major share of the total revenue in the global Connected Logistics market in 2020. Besides, the Services segment is anticipated to witness the fastest growth in the global Connected Logistics market in the years to come.
Global Connected Logistics Market by Transportation Mode Insights
Roadway, Railway, Airway, and Seaway are the four major transportation mode for the global Connected Logistics market. Roadways category accounted for the highest revenue share in the world Connected Logistics market in 2020. The roadways accounted for over 40% share in 2020.
Global Connected Logistics Market by End-user Insights
Global Connected Logistics market is bifurcated based on end-user industries such as Oil & Gas, Manufacturing, Healthcare and Pharmaceuticals, Automotive, Travel and Hospitality, Food and Beverages, Consumer Goods and Retail, and Others. Manufacturing dominated the global Connected Logistics market in 2020 with more than 25% share.
Global Connected Logistics Market by Regional Insights
North America had a major share in the global connected logistics market in 2020 and accounted for more than 35% of the revenue share in the same year. The wide adoption of connected logistics solutions such as IoT, machine learning, artificial intelligence (AI), big data, and others is one of the major factors for the dominance of the region in the global Connected Logistics market. Besides, Asia Pacific is anticipated to witness the fastest growth in the global Connected Logistics market throughout the forecast period.
Global Connected Logistics Market Competitive Landscape
Most prominent players in the global Connected Logistics market include AT&T Intellectual Property, Zebra Technologies Corporation, Robert Bosch GmbH, SIGFOX, Cisco Systems Inc., SAP SE, Freightgate Inc., ORBCOMM, HCL Technologies Limited, One Network Enterprise, Honeywell International Inc., NEC Corporation, IBM Corporation, Infosys Limited, Intel Corporation, and others. The report covers very detailed profiles of these key players.
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