According to Technavio, the connected logistics market size would increase by USD62.98 billion between 2022 and 2027 at a CAGR of 23.32%.
During the forecasted time, the growth momentum will continue to increase. In 2022, North America held the highest share of the global market, and 36% additional increase is predicted for the region’s market. By 2027, North America is predicted to provide 36% of the growth. This trend is being driven by the widespread use of technology in supply chain and distribution management.
Strong information and communication technology infrastructure and robust global connectivity support the region’s large market share. Leading logistics organizations like DHL, GENCO, and Lineage Services are also giving businesses in the field opportunities for expansion. Therefore, during the time of the forecast, these factors are anticipated to fuel market expansion in the area.
During the projection period, a significant portion of the market’s growth will be attributed to the highways sector. By enabling smarter routing, efficient asset use, and improved customer service, connected logistics greatly enhance transportation operations. Among the advantages that support the expansion of linked logistics in the road sector are accurate fuel cost estimate and route selection. Cold storage is essential for the global supply chain, and connected logistics makes real-time temperature monitoring possible, assisting transport managers and regulators in preventing issues like product damage.
The handling of temperature-sensitive items effectively is a major factor in the market’s expansion. Significant product losses are largely caused by inadequate supply chain systems, particularly in developing nations. The deterioration of temperature-sensitive objects is primarily explained by poor temperature control and a failure to follow storage requirements. Businesses are implementing technology like analytics, cloud services, and IoT-enabled smart refrigerators to address these issues. Additionally, customized logistics systems expertly manage temperature-sensitive commodities in various climes.
Find out more at: https://www.technavio.com