IoT technology propelling the Growth of Connected Logistics Market
According to a new report published by Reports Monitor titled, “Connected Logistics Market By Software, Service, Platform, Transportation Modes & Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2017–2025,” the connected logistics market was valued at XX million in 2016, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025.
The significant factors driving the market for connected logistics include an increase in demand for connected logistics software, services, platforms, transportation mode, and industry verticals. On the other hand, increasing demand for enhanced technology and services in logistics, the emergence of IoT-embedded and connected devices, and the increasing government initiatives drive the market for connected logistics.
On the basis of software, the Asset monitoring software is likely to hold the largest share of the connected logistics market.
The need for advanced logistic infrastructure and transportation along with the increasing globalization is driving the need to develop advanced logistic frameworks. Asset monitoring software abets cargos and infrastructure supervisors to address issues, which includes improvement in service performance and availability and usage by means of a smartphone. Other software’s including logistic tracking system and advanced vehicle monitor system provide information with respect to the real-time position of a vehicle.
On the other hand, the market for security software responds to real-time false events and also provides tools for data analysis. Nevertheless, the demand for cloud-based administrations, analytics, and other advanced mobile technologies is increasing because of their productive IT management and dependable security environment.
North America to hold the largest share of the overall market On the basis of geographical analysis, North America holds the largest share of the market and is most probable to profit from the technological advancements occurring in the connected logistics market, which is ultimately helping in the adoption of IoT seamlessly. Countries in North America, such as the U.S., Canada, and Mexico exhibit significant growth opportunities in the long run. The robust economic scenario allows these countries to put resources in leading tools and technologies in the connected logistics market.
The major companies profiled in the report include: AT&T Inc., Eurotech S.P.A., IBM Corporation, Intel Corporation, SAP SE, Infosys Limited, Cisco Systems Inc., HCL Technologies Limited, Orbcomm Inc., Cloud Logistics, and Freightgate Inc. amongst others.
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