According to new market research report "Connected Logistics Market by Internet of Things (IoT) Technologies in Fleet Management, Warehouse and Inventory Management, by Connectivity Technologies (Zigbee, Wi-Fi, Satellite), by Devices, Transportation Mode, Services - Global Forecast to 2020", The connected logistics market is expected to grow from USD 5.05 Billion in 2015 to USD 20.46 Billion by 2020, at a Compound Annual Growth Rate (CAGR) of 32.3%.
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The connected logistics solutions has helped logistics companies to monitor inventory, track theft and loss, and manage warehouses and assets effectively. The demand for this market is being driven by internet ubiquity across the world and the declining costs of Internet of Things (IoT) components such as sensors and RFID. Big data and analytics platform is another factor which considered as an important driver of the IoT market. The connected logistics market is expected to flourish in the coming years owing to the increasing usage of mobile applications along with rapid proliferation of embedded sensor technology, wearables and applications. Niche players such as ThingWorx and SecureRF are developing software platforms for efficient logistics processes. Apart from these, many others have emerged and are expected to evolve in the coming time.
The connected logistics solutions have had a substantial impact on the logistics operations. The overall adoption of IoT is increasing but some companies are reluctant in adopting IoT in logistics because of security issues and lack of awareness and ICT infrastructure. The market conditions for adopting IoT in logistics are perfectly conducive because of the rise in mobile computing, affordable sensor technology, 4G/5G networks, and advanced big data analytics. These factors are enabling the adoption of IoT at an accelerated rate. There is also a pull from technologically advanced clients to provide IoT-based solutions for their logistics operations. One major example of connected logistics is using pallet or item-level tagging using low-cost, miniature devices such as RFID in inventory management systems in huge warehouses.
The global connected logistics market report has been segmented on the basis of systems and solutions, networking technologies, services, devices, transportation modes, and regions. The connected logistics market has been segemented by system and solution such as logistics management system, warehouse management system, and security and monitoring systems and by hardware into gateways, RFID, and sensor nodes. The market has been segmented into services such as system integration, professional services, and third-party logistics.
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In addition, the report classifies the networking technologies as ZigBee, Bluetooth, Wi-Fi, Cellular, NFC, and Satellite. On the basis of devices, the market has been segmented into sensor nodes, RFID tags and gateways. The transportation modes covered in the report are roadways, railways, airways, and seaways. The regions covered in the report are North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
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