Smart Logistics Market Outlook
The market value of smart logistics income is currently $30.6 billion, and by the end of 2032, it is expected to soar to US$201 billion. This is because it is predicted that over the next 10 years, the global market for smart logistics will grow at a rate of 20.7% CAGR.
The emergence of smart technology and quick innovation have caused significant changes in many sectors of the global economy, and logistics is one of the key sectors that is anticipated to undergo significant change in the coming years. From 2017 to 2021, demand for smart logistics increased quickly at a CAGR of 19.1%, leading to a market capitalization of US$ 25.5 Bn in 2021.
Technologies like IoT, smart solutions, and big data analytics have been introduced as a result of growing technical breakthroughs and demand for sophisticated services and systems. The effective integration of these technologies has improved the final results of numerous procedures. Smart or connected logistics is the result of one such integration of modern technologies with logistics, with the aim of improving the overall efficiency associated with the logistic processes.
Due to the rising demand for automated logistic systems around the world, the smart logistics market has experienced substantial growth since its introduction and is predicted to expand by double digits over the next few years.
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Smart Logistics Market: Dynamics
The increasing adoption of smart devices, Big Data analytics, cloud computing and IoT has enabled a connected environment, which as a result has enhanced the tracking and management processes. These factors are, thus, expected to be the key drivers for the growth of the global smart logistics market. Besides, the increasing demand and adoption of RFID technology for enhancing the tracking processes is also expected to be a factor impelling the growth of the smart logistics market, in terms of value.
Advantages associated with smart logistics such as enhanced supply chain management, elimination of complexities associated with processes such as communication, freight management, cost-effectiveness, warehousing and distribution,., are also expected to drive the demand for smart logistics globally. Additionally, the initiatives taken by the government for enabling a connected environment is also expected to drive the adoption of smart logistics.
However, lack of infrastructure and slow technological development in some of the underdeveloped countries for enabling a connected environment, challenges the implementation of smart logistics, and thus, acts as a restrain for the growth of the global smart logistics market.
Competitive Landscape
Prime smart logistics providers are focusing on expanding their business scope through collaborations, partnerships, and mergers.
- In November 2022, Hyundai Glovis, a logistics company based in South Korea signed an MoU (Memorandum of Understanding) with Lion Group, Malaysia’s retail-to-steel company to provide smart logistics solutions for Lion’s business units in the Southeast Asian regional market.
Leading smart logistics companies are also focusing on launching new innovative services and platforms that simplify the implementation and deployment of a smart supply chain solution platform.
- In October 2022, Shipsy, a leading smart logistics technology company, announced the launch of a no-setup, ready-to-access international logistics solution for businesses in India. This new solution will enable SMEs to manage their cross-border business with little to no hassle and provide impetus to the growing e-commerce and shipping industry in India.
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Key Players
- Honeywell International Inc.
- Robert Bosch GmbH
- GAO Group
- HID Global
- RMS Omega
- Onset Computer Corporation
Key Segments of Smart Logistics Industry Research
By Component:
- Software
- Hardware
- Services
- Professional Services
- Managed Services
By Industry:
- Infrastructure
- Telecommunication
- Energy & Utilities
- Building & Construction
- Services
- IT/Professional Services
- Consumer & Personal Services
- Media, Entertainment & Publishing
- Travel & Hospitality
- Legal Services
- Distribution Services
- Retail
- Wholesales
- Transportation/Logistics Services
- Warehousing & Storage
- Shipping
- Public Sector
- Government (State/Central)
- Education
- Healthcare
- Aerospace & Defense
- Non-profit
- Finance
- Banking
- Insurance
- Investment/Securities
- Manufacturing and Resources
- Discrete Manufacturing
- Process Manufacturing
- Resource Industries
- Agriculture
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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About the Electronics, Semiconductors, and ICT Division at Persistence Market Research
Expert analysis, actionable insights, and strategic recommendations – the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.
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