Meticulous Market Research released their report ‘Connected Logistics Market by Offering, Transportation Mode (Roadways, Railways), Application (Inventory Tracking, Real-Time Fleet Management, Others), End-use Industry (Automotive, Healthcare & Pharmaceuticals, Others), and Geography – Global Forecast to 2029.’ The report predicts growth at a CAGR of 11.5% by 2029, reaching $57.75 billion.
Connected logistics enables better control over inventory distribution, sorting, and cross-docking, among other processes, ensuring timely delivery, optimized distribution, increased labor productivity, and greater customer satisfaction, ultimately leading to higher profits.
The growth of this market is attributed to the rising need for efficient warehouse management and the increasing adoption of IoT, cloud, and other technologies across industries. In addition, the incorporation of blockchain technology in freight management and the growing scope of leveraging connected logistics in developing regions are expected to offer significant opportunities for the growth of this market. However, the lack of standardization can restrain the development of this market.
The need for better integration, improved process efficiency, real-time reporting, greater visibility, and improved communications drives the adoption of advanced technologies in the connected logistics market. Advances in IoT technology are also expected to support the growth of the connected logistics market. The Internet of Things allows linking individuals and devices across networks, helping improve route design, emergency preparedness, and security. For instance, in the U.S., more than 70% of all goods are transported by trucks. Thus, logistics companies need solutions to help them manage their truck operations.
Using these technologies, manufacturing, transportation, utilities, and other industries can eliminate delays and other barriers and mitigate risks, streamlining business processes and ensuring customer satisfaction. Thus, the rising need for greater visibility and better inventory management has boosted the adoption of innovative technologies, driving the growth of the global connected logistics market.
The report covers the connected logistics market by offering, market, transportation mode, application, and end-use industry.
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