The global connected logistics market size is projected to reach USD 82.14 Billion by 2026. Technological advancements have played a key role towards the advancements in connected logistics systems. According to a report published by Fortune Business Insights, titled “Connected Logistics Market Size, Share & Industry Analysis, By Component (Hardware, Solutions, Services), By Transportation Mode (Roadway, Railway, Airway, Seaway), By Vertical (Manufacturing, Automotive, Food and Beverages, Consumer Goods and Retail, Oil & Gas, Travel and Hospitality, Healthcare and Pharmaceuticals, and Others) and Regional Forecast, 2019-2026,” the market was worth USD 14.49 billion in 2018 and will exhibit a CAGR of 24.7% during the forecast period, 2019-2026.
Connected logistics is an interconnected system that delivers real-time data about the goods and products that are carried during the transportation. Use of real-time concepts such as IoT and AI have allowed improved efficacies. Recent advancements in products have led to a wider product adoption across the world. The increasing investment in the development of advanced connected logistics will emerge in favor of the growth of the market. The high demand for these products is consequential to the increasing trading activities in several countries across the world. Moreover, the decreasing costs of IoT-integrated systems, accounting to the availability of open source systems, will influence the growth of the market in the coming years.
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A few of the leading companies that are operating in the global connected logistics market are:
- AT&T Intellectual Property
- Robert Bosch GmbH
- Cisco Systems, Inc.
- Freightgate Inc.
- HCL Technologies Limited
- Honeywell International Inc.
- IBM Corporation
- Infosys Limited
- Intel Corporation
- NEC Corporation
- One Network Enterprises
- SAP SE
- Zebra Technologies Corp
Increasing Number of Company Mergers Will Aid Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of company mergers and acquisitions have made the highest impact on the growth of the market. In January 2020, Trimble announced that it has completed the acquisition of Kuebix. Through this acquisition, the company plans to enhance its transportation technology portfolio. Trimble will gain access to Kuebix’s private fleet and commercial carrier. Trimble’s acquisition will not only help the company generate substantial market revenue, but will have a positive impact on the growth of the market in the coming years.
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December 2018 – Intel Corporation announced the launch of ‘Intel Connected Logistics Platform.’ The product is aa cost-effective IoT solution that will help users monitor and track the location of the assets during the transportation process.
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