Connected logistics market set for 500% increase
New research forecasts that the global connected logistics market value will grow from US$10.21bn to US$55.17bn, over the next eight years.
The monitoring needed to transport sensitive products, like pharmaceuticals, is a key driver for this industry's growth. Temperature alerts and real time data are used by many pharma manufacturers to prevent the occurrence of excursions in transit.
Transparency Market Research mentions: “Connected logistics have added a new dimension to the management of logistics across all industry sectors. Connected logistics involves several sensors that provide real-time information related to road conditions, weather, and shipping lane traffic when connected to internal and external data feed.”
Internet of Things devices are becoming more instrumental to corporate strategies in a variety of industry verticals. Transparency and security of the supply chain is another key driver for this market paired with the need to streamline and pick-up process efficiencies.
The study splits the international market for connected logistics into a range of categories including the likes of asset management, remote asset tracking, security, network management and data management. These global statistics comprise a range of sectors including: healthcare, freight management, Food and Beverage, retail and warehouse management.
North America is regarded as the leading region, however Asia Pacific is due to exceed other regions in terms of expansion rate.