Connected Logistics Market to Reach $73,864.1 Mill
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NEW YORK, June 30, 2017 (GLOBE NEWSWIRE) -- According to a new market research report titled “ Global Connected Logistics Market Size, Share, Development, Growth and Demand Forecast to 2023 - Industry Insights by Software (Asset Management, Warehouse Internet of Things (IoT), Security, Data Management, Network Management, and Streaming Analytics), by Platform (Device Management, Application Management and Connectivity Management), by Service (Professional Service and Managed Service), by Transportation Mode (Roadways, Railways, Airways and Waterways), by Industry Vertical (Food and Beverage, Retail, Manufacturing, Oil and Gas, Healthcare and Pharmaceuticals, IT and Telecom, Automotive and Others) ” published by P&S Market Research, the global connected logistics market is projected to reach $73,864.1 million by 2023, growing at a CAGR of 33.0% during 2017 - 2023.
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The study reveals that the global connected logistics market is likely to reach $73,864.1 million by 2023. Due to significant growth in technologies such as IoT, advancement in big data analytics, and real time monitoring, the global connected logistics market is gaining traction.
As per the findings of the research, asset management has been the largest software market in the global connected logistics market. Among various platforms, application management witnessed the highest growth in demand from 2014 to 2016 and this segment is expected to continue leading the growth of the market during the forecast period. Retail industry has been the highest user of connected logistics market. However, the market is expected to witness fastest growth in demand from IT and telecom industry, during the forecast period.
Geographically, North America has been the largest market for connected logistics, whereas Asia-Pacific is expected to witness the fastest growth among all the regions, during the forecast period. The expected growth can be owed to factors such as growth of digitalization, advancement in new technologies, growth in retail industry, and increasing adoption of connected technologies by major logistics providers in the region. Further, due to rapid technological advancements in supply chain management and improvement in technology infrastructure, the region has high tendency to adopt connected logistics solution at a rapid scale in near future.
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Professional service has been the larger contributor to the global connected logistics market. Professional services are required during and after successful implementation of connected logistics system in every industry. The services are offered through specialists or professionals for supporting various critical business operations. Factors such as expert consulting, seamless system integration, on-time support and services, reduced resource loss, and overall effective logistics management have been driving the demand for professional services in the global connected logistics market.
The research states that the global connected logistics market is moderately competitive with players developing new connected logistics approach. Some of the key players in the connected logistics ecosystem are AT&T, Inc., IBM Corporation, Intel Corporation, SAP SE, Infosys Limited, Cisco Systems Inc., HCL Technologies Limited, and Cloud Logistics.
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