Connected Logistics Market to Grow by USD 29.66 Billion During 2020-2024

Strategic Insights -

The connected logistics market is poised to grow by USD 29.66 billion during 2020-2024, with a compound annual growth rate (CAGR) of almost 22% during the forecast period. The report, issued by Technavio Research, provides an up-to-date analysis of the current market scenario, latest trends, and drivers, as well as an examination of the overall market environment. The report suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19.

Key Takeaways:

  • The connected logistics market size was at USD 17.57 billion in 2019 and is projected to reach USD 47.23 billion by 2024.
  • The market is expected to grow at a CAGR of almost 22% during the forecast period 2020-2024.
  • Increasing need to enhance connectivity is one of the key factors driving the market growth.
  • Accenture Plc, Amazon.com Inc., AT&T Inc., Cisco Systems Inc., International Business Machines Corp., Microsoft Corp., Oracle Corp., Samsung Electronics Co. Ltd., SAP SE, and Siemens AG are some of the major market participants.
  • The market is expected to hold the highest market share in North America.
  • The year-over-year growth rate for 2020 is estimated at 21.63%.
  • The market is fragmented, with the degree of fragmentation accelerating during the forecast period.
  • The effective management of temperature-sensitive products is one of the prime reasons driving the connected logistics market growth during the next few years.
  • The connected logistics market will experience a growth rate of 22% CAGR during the forecast period.
  • The market is expected to grow due to the increasing need to enhance connectivity and the effective management of temperature-sensitive products.
  • The key leading countries in the market by geography are the US, Canada, the UK, Germany, China, and Japan.
  • The connected logistics market will experience growth due to the adoption of digital technologies, the growth of e-commerce, and the need for real-time tracking and monitoring.
  • The market participants, including Accenture Plc, Amazon.com Inc., and AT&T Inc., are focusing on developing connected logistics solutions that integrate data analytics, Internet of Things (IoT) technologies, and artificial intelligence.

Statistics:

  • The connected logistics market is expected to grow by USD 29.66 billion during 2020-2024.
  • The market size in 2019 was USD 17.57 billion, and it is projected to reach USD 47.23 billion by 2024.
  • The CAGR of the market during the forecast period 2020-2024 is almost 22%.
  • The year-over-year growth rate for 2020 is estimated at 21.63%.
  • The market is expected to hold the highest market share in North America.
  • The key factors driving the market growth are the increasing need to enhance connectivity and the effective management of temperature-sensitive products.

Sources:

  • Technavio Research, "Connected Logistics Market 2020-2024"
  • https://www.technavio.com/talk-to-us?report=IRTNTR41049
  • https://www.technavio.com/talk-to-us?report=IRTNTR41049