Connected Logistics Market: Global Industry Analysis, Size, Share, Growth, Trends And Forecast 2023 to 2033

The connected logistics market size is projected to be valued at US$ 24.6 billion in 2023 and is expected to grow to US$ 73.4 billion by 2033. The sales of connected logistics are anticipated to record a significant CAGR of 11.5% during the forecast period.

The connected logistics market trend indicates a shift away from traditional transportation methods and toward IoT-enabled connected logistics solutions.

Rising fuel prices and related environmental issues such as carbon emissions and pollution are primarily driving the market trend.

Sensors, cloud computing, and automated processes are widely used to remotely monitor and manage supply chain processes. It also provides complete network issue visibility, allowing for quick and efficient decision-making.

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Improved supply chain visibility leads to long-term cost savings, necessitating the use of IoT-enabled solutions in a variety of industries, including manufacturing, transportation, and automotive.

It is expected that the target market will benefit from the increased adoption of Logistics 4.0 and ongoing work on improving autonomous logistics trucks.

One of the factors fueling market growth is the decreasing cost of loT sensors and connected logistics hardware. However, rising security and safety concerns in the logistics sector limit the market's growth to some extent.

Manufacturers Eying Opportunities through Aggressive Strategies:

The competitive landscape of this market is split moderately because of the presence of several developing and established companies in the industry. Moreover, it is forecasted that the technological developments in logistic sectors are anticipated to quicken product development as well as investment growth.

In the market, there are different competitors that aim at addressing the problems aggressively by framing plans that are going to leave an overall impact on the market development. The growth prospects of this market have a lot of room to flourish during the forecast period.

Recent Development:

A top cloud-based logistics execution platform, BluJay Solutions was acquired by E2open Parent Holdings, Inc. for almost US$ 1.7 billion in May 2020. It is a foremost network-based provider of mission-critical, 100% cloud-based and end-to-end supply chain management platforms.

Key Players:

AT&T Inc., IBM Corporation, Intel Corporation, SAP SE, Infosys Limited, Cisco Systems Inc., HCL Technologies Limited, Eurotech S.P.A., Microsoft, Oracle, Cloud Logistics, Zebra technologies, ORBCOMM, and GT Nexus.

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