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Software industry

Global Connected Logistics Market Expected to Reach $74 Billion by 2028

Strategic Insights

— 2 min read

The global connected logistics market has been gaining momentum in recent years, driven by the increasing adoption of cloud-based solutions and digitalization in businesses. As a result, the market size reached $30.1 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 16.17% from 2022 to 2028, reaching $74 billion by the end of the forecast period. Connected logistics enables organizations to plan orders and shipments in advance, providing real-time tracing and tracking, geofencing, route optimization, and fleet management, among other benefits.

Key Takeaways:

  • The global connected logistics market size reached $30.1 billion in 2022, driven by the increasing adoption of cloud-based solutions and digitalization in businesses.
  • The market is expected to reach $74.0 billion by 2028, exhibiting a CAGR of 16.17% during 2022-2028.
  • Connected logistics allows organizations to plan orders and shipments in advance, prevent delayed deliveries, and provide shipment monitoring with real-time tracing and tracking.
  • The market is influenced by the thriving information technology (IT) sector and conventional logistics cycles lacking transparency and clarity.
  • Companies such as AT&T Inc., Cisco Systems Inc., Eurotech S.p.A., HCL Technologies Limited, Honeywell International Inc., and Intel Corporation are key players in the global connected logistics market.
  • The market is segmented by component, software, technology, devices, transportation mode, and end-use industry, with hardware solutions, services, asset management, warehouse IoT security, and data management being major software categories.
  • The market is expected to experience significant growth in the automotive, manufacturing, oil and gas, IT and telecom, healthcare, retail, and food and beverage (F&B) industries.
  • Connected logistics provides various benefits, such as improved operational efficiency, enhanced productivity, and improved transparency and clarity, which are driving its adoption.

Statistics:

  • The global connected logistics market size reached $30.1 billion in 2022 (Source: ResearchAndMarkets.com).
  • The market is expected to grow at a CAGR of 16.17% from 2022 to 2028, reaching $74.0 billion by 2028 (Source: ResearchAndMarkets.com).
  • The IT sector is expected to play a significant role in driving the growth of the connected logistics market (Source: ResearchAndMarkets.com).
  • The lack of transparency and clarity in conventional logistics cycles is expected to be a major driver of the connected logistics market (Source: ResearchAndMarkets.com).
  • Companies such as AT&T Inc., Cisco Systems Inc., and Honeywell International Inc. are key players in the global connected logistics market (Source: ResearchAndMarkets.com).

Sources:

  • ResearchAndMarkets.com, "Connected Logistics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028"
  • M2 PressWIRE, "Global Connected Logistics Market Report 2023: Sector is Expected to Reach $74 Billion by 2028 at a CAGR of 16.17%"
  • ResearchAndMarkets.com, "Connected Logistics Market Report 2023"

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