Global Connected Logistics Market: Snapshot
Key players in the global connected logistics market are adopting numerous growth strategies to steal a march over their competitors. Besides product development, key players in the global connected logistics market are resorting to mergers and acquisitions to gain competitive advantage.
Majorly fuelling growth in the global connected logistics market is the breakthrough development in the transportation of sensitive products such as pharmaceuticals. For example, severe temperature fluctuations at the time of transport of pharmaceuticals sends alert to the manufacturer to take action before the products get damaged.
The rising prominence of internet of things in the logistics industry, along with multiple applications of connected logistics in e-commerce, the global connected logistics market is receiving a boost.
A report by Transparency Market Research predicts the global connected logistics market to rise at a robust 17.8% CAGR over the forecast period between 2017 and 2025. At this pace, the market will become worth US$55.17 bn by the end of 2025 from US$10.21 bn in 2016.
Asset Management to hold Dominant Market Share
The global connected logistics market by service has been segmented into asset management, remote asset tracking, security, network management, and data management. Amongst all, asset management is likely to account for the leading share in the connected logistics market. At present, globalization and the need for advanced transportation and logistics infrastructure is fuelling the demand for automated logistic systems. This is where the virtues of asset management software come into play in terms of assisting freight and infrastructure managers to address a number of service and performance issues.
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Asia Pacific to Clock Robust Growth in Near Future
The global connected logistics market, by geography has been segmented into North America, Asia Pacific, Latin America, the Middle East and Africa, and Europe. North America presently holds supremacy in the global connected logistics market vis-à-vis revenue. This is mainly due to the demand for integrity control from businesses that deal in delicate products.
Europe is positioned second in terms of revenue share in the global connected logistics market. The growth of this market is mainly driven by the rising adoption of connected logistics in the healthcare sector. In general, the healthcare and pharmaceuticals industry face a number of challenges in the supply chain.
The transportation of several pharmaceutical products need to meet temperature and pressure specifications from preventing damage to these commodities. The damage to any particular unit could result in huge loss for the product manufacturer. In healthcare and pharmaceuticals, distribution of perishable products, which could be of high value, from one facility to another also needs reliable facility to prevent damage.
Some of the leading players operating in the global connected logistics market include International Business Machines Corporation, Google Inc., Amazon Web Services Inc., SAP SE, Infosys Limited, Microsoft Corporation, Dynatrace LLC, NETSUITE Inc., Feightgat Inc., and Oracle Corporation.