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Connected Logistics Market Trends

Report ID: GMI10101
Published Date: Jul 2024
Report Format: PDF

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Connected Logistics Market Trends

The use of AI and ML to improve decision-making and automation skills is a growing trend in the connected logistics business. AI-powered algorithms analyze large amounts of real-time data to forecast demand, optimize routes, and automate routine logistics operations. This breakthrough not only improves operating efficiency but also allows for proactive management of supply chain disturbances, resulting in increased overall agility. The increasing focus on sustainability and environmentally friendly practices is compelling the logistics providers to implement IoT-based solutions for monitoring carbon footprints, reducing energy use, and minimizing environmental effects throughout their supply chains.

For instance, in April 2024, Nokia announced the introduction of its 5G private wireless connectivity technology aimed at transforming logistics operations. By integrating this technology, Nokia aims to revolutionize warehouse and fulfillment center management with enhanced automation capabilities. This initiative promises to significantly improve operational efficiency, reduce energy consumption, and optimize asset tracking across the supply chain, marking a pivotal advancement in logistics technology.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of connected logistics reached USD 33.7 billion in 2023 and is set to witness over 10% CAGR from 2024 to 2032, owing to the increasing use of Internet of Things (IoT) technology worldwide.

Connected logistics industry from the hardware segment is expected to reach USD 45 billion by 2032, due to increasing adoption of IoT device s and sensors in logistics and supply chain operations.

North America market held over 35% share in 2023, attributed to a strong presence of industries such as e-commerce, automotive, healthcare, and retail in the region.

IBM Corporation, Cisco System Inc., Honeywell In ternational Inc., Intel Corporation, Infosys Limited, ORBOCMM, and Freightgate Inc., are some of the major connected logistics companies worldwide.