According to a new report, published by KBV research, The Global Connected Logistics Market size is expected to reach $91 billion by 2031, rising at a market growth of 14.0% CAGR during the forecast period.
The Hardware segment is generating the highest revenue in the Global Connected Logistics Market by Component in 2023; thereby, achieving a market value of $37.3 billion by 2031. The adoption of hardware devices in connected logistics has significantly improved the visibility and traceability of shipments. By leveraging sensors and trackers, companies can monitor the location, condition, and status of goods throughout the entire logistics journey. This level of visibility enables companies to identify potential bottlenecks, anticipate delays, and proactively address issues, leading to more efficient and reliable logistics operations.
The Railways segment is experiencing a CAGR of 14.8% during (2024 - 2031). Railways have undergone a digital transformation, adopting IoT sensors, GPS tracking, and telematics systems to monitor and manage trains, tracks, and infrastructure in real time. These digital technologies enable railways to collect vast data on train movements, cargo status, and track conditions, providing valuable insights for optimizing operations and improving efficiency. Hence, these factors will help in the growth of the segment.
The Wi-Fi segment is leading the Global Connected Logistics Market by Technology in 2023; thereby, achieving a market value of $29.3 billion by 2031. Wi-Fi connectivity enables seamless communication between warehouse management systems, transportation management systems, and other logistics software platforms, facilitating real-time data exchange and insights. This demand for real-time connectivity and data analytics capabilities has fueled the adoption of Wi-Fi solutions in the connected logistics market. Therefore, these factors will assist in the expansion of the segment.
The Automotive segment is registering a CAGR of 13.7% during (2024 - 2031). The automotive industry has increasingly integrated IoT (Internet of Things) technologies into vehicles and logistics operations. IoT sensors installed in vehicles enable real-time vehicle performance monitoring, location tracking, and predictive maintenance. This connectivity allows logistics companies to optimize fleet management, improve route planning, and enhance operational efficiency. Thus, these factors will drive the expansion of the segment.
Full Report: https://www.kbvresearch.com/connected-logistics-market/
The North America region dominated the Global Connected Logistics Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $33.4 billion by 2031. The Europe region is anticipating a CAGR of 13.6% during (2024 - 2031). Additionally, The Asia Pacific region would exhibit a CAGR of 14.9% during (2024 - 2031).
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