According to a new market research report “Connected Logistics Market by Software (Asset Management, Warehouse IoT, Security, Network Management, Data Management, and Streaming Analytics), Platform, Service, Transportation Mode, Vertical, and Region – Global Forecast to 2021”, published by MarketsandMarkets, the market size is pected to grow from US$10.04 billion in 2016 to US$41.30 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 32.7 percent.
The major drivers include an upsurge in demand for connected logistics software, platforms, transportation mode, verticals, and services which include an increasing demand for improved technology and services in logistics, an emerging trend of connected devices, increasing government initiatives, and the emergence of IoT.
Asset management software is likely to hold the largest market share in the Connected Logistics Market
Increasing globalization and the need for advanced transportation and logistics infrastructure is driving the need to develop automated logistic systems. Asset management software assists freight and infrastructure managers to address issues such as improvement in service availability & performance and utilization through mobile device. Software such as advanced vehicle control system and logistic tracking system provide information regarding the real-time position of a vehicle. Accurate information serves as the input data for refined production schedules and improved logistics.
Security software is expected to grow at the highest CAGR during the forecast period
The market for security software provides tools for data analysis and responds to false events in real-time. The software monitors entry point to detect the unauthorized objects possessed by individuals in the transport vehicles. In addition to that, the demand for cloud-based services, analytics, and mobile internet technologies is increasing due to their efficient IT management and reliable security environment.
North America is expected to hold the largest market share in the Connected Logistics Market
As per the geographic analysis, North America is the largest consumer market and is likely to benefit from its technological advancements further helping in the seamless IoT adoption. Countries such as the U.S., Canada, and Mexico are the major growth drivers of the region. The strong financial position allows these countries to invest heavily in leading tools and technologies in the logistics market.
