The global connected logistics market is moderately fragmented with leading players merging and acquiring other companies as part of their growth strategy, states Transparency Market Research (TMR) in its latest report on connected logistics. Some of the leading players within the market are International Business Machines Corporation, Infosys Limited, Google Inc., Oracle Corporation, Amazon Web Services Inc., Microsoft Corporation, Dynatrace LLC, SAP SE, NETSUITE Inc., and Freightgate Inc.
According to TMR, the global connected logistics market will rise to US$55.17 bn by 2025, expanding at a 17.8% CAGR from 2017 to 2025. On the basis of service, it is expected that the connected logistics market will be led by the asset management service segment on account of advanced transportation and logistics infrastructure needed and also due to globalization.
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Most Lucrative Regional Market to be Asia Pacific for Connected Logistics
In terms of geography, North America is leading in the market at present as businesses dealing with delicate products are increasingly in need for integrity control. Europe is expected to be the second largest contributor to the revenue of the connected logistics market. The healthcare sector in Europe is extensively making use of connected logistics and this will drive the growth of the market in Europe.
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However Asia Pacific will steal the show by expanding at the fastest pace between 2017 and 2025 exhibiting an impressive CAGR of 18.1%. The e-commerce sector is flourishing in Asia Pacific and is a sector which requires real-time tracking of products, thereby making use of connected logistics extensively.
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Increasing Demand for Transparency Control to Drive Demand for Connected Logistics
According to the report, the rising need for transparency control and integrity will be an important factor behind the growth of the connected logistics market. Connected logistics is driven by the need for product delivery at optimal cost, timely delivery, perfect condition of the product, and the need for delivering right product to the right place.
Connected logistics is especially required for the transportation of goods which are delicate and would require special monitoring during transit. Today, shipment details as well as the facility of tracking a product in real time has become essential in logistics and ecommerce. This in turn, will fuel the growth of the market for connected logistics.
Proliferation of Internet of Things to benefit Connected Logistics Market
The proliferation of Internet of Things has also helped this market to grow. Connected Logistics can help provide real-time information regarding the weather, the shipping lane traffic, and road conditions on being connected to internal or external data feed. By receiving alerts on severe fluctuation of the temperature or weather, manufacturers are able to take appropriate actions before their products are damaged.
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