In a recent published report, Kenneth Research has updated the market report for Connected Logistics Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Connected Logistics Market products.
The growth of the market can be attributed to the growing accessibility to internet amongst the households globally and the need for advanced technologies that promote effective communication between two distant geographies. In the United States, internet access to households grew from around 73% of the households in 2015 to close to 80% of the households in 2019. In Korea, it was around 98% in 2014 which grew to nearly 100% in 2020. On the other hand, in the Netherlands, internet access to households touched nearly 98% in 2019. Countries in the Latin America, such as Brazil and Mexico grew at a significant pace by about 1.45x and 1.63x respectively within a span of 4 years between 2015 and 2019.
The Connected Logistics Market is expected to grow with a significant CAGR during the forecast period, i.e. 2021-2024, on the back of growing internet penetration around the world along with the rising adoption of smartphone. The statistics by the GSMA Intelligence stated that the total unique mobile subscribers as on May 2020 around the world was 5.24 billion.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
This market research report identifies many companies which includes SAP, Infosys, IBM, Cisco, HCL Technologies, etc. in the connected logistics market. Connected logistics market is dominated by top software and service companies. This report also provides a detailed market segmentation analysis by component (Software and Services), by mode (Roadway, Railway, Waterway, and Airway), by industry (Manufacturing, Automotive, Food and Beverages, Healthcare, Consumer Goods and Retail, and Others), and by region (North America, Europe, Asia Pacific, Middle East and Africa, and Latin America).
Overview of the Connected Logistics Market
Market research report predicts that the connected logistics market revenue is estimated to be 14,392.2 million in 2018 and is expected to reach 47,438.0 million by 2024, growing at a CAGR of 22.0% during the forecast period 2018–2024.
According to the connected logistics market analysis, North America accounted for the largest share of the connected logistics market in 2018 owing to strong economic conditions in the region and enhanced customer experience for the clients. The roadway logistics is of focus area for the logistics vendors followed by railways and waterways. The Asia Pacific region holds a good potential for the vendors and is expected to grow at the highest CAGR during the forecast period 2018–2024. The Asia Pacific region is expected to witness growth in the connected logistics market due to presence of few emerging countries and organizations in the region are experiencing increase in customers and focus on organized logistics to reduce cost and time.
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Competitive Analysis and Key Vendors
The connected logistics software vendors are extending its partner ecosystem with capabilities in integration, consulting, reseller, and geographical reach to enhance their software offerings. The connected logistics is expected to enhance the trade management of organizations and track each activity of the goods in transit.
The report contains an in-depth analysis of vendor profiles, which include overviews and offerings, and competitive landscape. The integration capability of the connected logistics software will leverage the capabilities in connecting freight, warehouse, quality, and compliance.
Some of the key vendors in the market are:
• HCL Technologies Ltd
Other companies covered in the report are Cloud Logistics, Freightgate, Orbcomm, Blu Jay Solutions, and Freightos.
Segmentation of component
In 2018, the software segment occupied the largest market share and is expected to have the highest share during the forecast period. The consulting segment in services is expected to have the largest market size during the forecast period to impart knowhow of the benefits and integration capability of the connected logistics to enterprises.
Segmentation of mode
In 2018, the roadways occupied the largest market share and is expected to grow at a high CAGR during the forecast period. Roadways are the most common mode of transportation as the delivery of products relies on roadways at some stage and vendors are improving the warehouse management and route optimization for smooth roadway connections.
Segmentation of industry
• Food and Beverages
• Consumer Goods and Retail
In 2018, the consumer goods and retail occupied the largest market share and is expected to continue the same trend during the forecast period and it is expected to grow at a high CAGR during the forecast period due to heavy use of transportation and logistics to replenish FMCG goods is of utmost importance for the industry.
The study offers a comprehensive analysis of the “Connected Logistics” market bringing out the complete key insights of the industry, the report also aims to provide an opportunity for companies to understand the latest trends, current market scenarios, government initiatives, and technologies related to the market. In addition, it helps the venture capitalists in understanding the companies better and take informed decisions.
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