The global connected logistics market seems fragmented due to the presence of numerous small and large players operating in the market. Leading players in the market are focusing on implementing various business development strategies such as mergers and acquisitions, partnership, collaborations, and introduction of new products that will help the players to maintain a competitive edge in the market. Microsoft Corporation, International Business Machines Corporation, Google Inc., Oracle Corporation, NETSUITE Inc., Amazon Web Services Inc., Infosys Limited, and Dynatrace LLC are some of the key leading players operating the connected logistics market at the global level.
According to Transparency Market Research, the global connected logistics market is projected to expand at healthy 17.8% of CAGR during the forecast period between 2017 and 2025. Thus, rising at this growth rate, the valuation of the market is expected to reach US$55.17 bn by the end of 2025. In 2016, the valuation of the market was US$10.21.
Based on services, the asset management service segment is projected to dominate the market on the accounts growing development in the infrastructure of logistics and transportation. Rapid globalization has also augmented the demand for asset management services that are further likely to benefit the market’s growth. On regional front, North America holds a maximum number of share in the global market. Growing demand for integrity control and proper logistics for delicate products have led the dominance of this region. On the other hand, Asia Pacific is expected to rise at a significant growth rate due to flourishing e-commerce sector where real-time tracking devices play a crucial role.
Rising E-Commerce to Drive Connected Logistics Market
The world is now driven on the internet and other technologies that have grown the connectivity among the producers and customers at a massive rate. Nowadays, online purchases have grown largely as compared to retail store purchases. The growing e-commerce requires better and advanced logistics that can provide an effective and smooth supply of good, thus this has improved the demand in the global connected logistics market. Moreover, the demand for connected logistics has increased dramatically because some of the pharmaceuticals products are sensitive while transportation, however through connected logistics manufacturers are alerted to take effective steps before the product is damaged.
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Tampering Single Device in a Group of Connected Devices can Hamper Crucial Information
Despite the growing demand for connected logistics, few restraining factors might deter the market’s growth during the forecast period. One of the major factor is rising use of multiple devices across enterprise that has increased the threats and have increased the need for better safety and confidentiality of data. As large number of devices are connected, interfering with even a single device in the network can lead to potential threat for the company. Therefore, connected devices require focused security solution, which cannot be met by PC security solutions for IoT embedded devices.