On the surging market of connected logistics market

The report published by The Brainy Insights shows that the global Connected Logistics market is expected to grow from USD 27.4 Billion in 2023 to USD 97 Billion by 2033, at a CAGR of 13.4% during the forecast period 2024-2033. North America emerged as the largest market for the global Connected Logistics Market, accounting for 36% of the total market. The presence of well-structured infrastructure in terms of rail and road connectivity happens to fuel the growth of the region. Whereas, Asia-Pacific is expected to grow at the fastest CAGR over the forecast period in the market, owing to rapid economic growth than other regions. Further, it is expected to be the hub for major logistical solutions. China and India are the major markets in the region.

Major market players include:

???????????? Intel Corporation

???????????? Infosys Limited

???????????? Cisco System Inc.

???????????? HCL Technology Limited

???????????? IBM Corporation

???????????? SAP SE

???????????? ORBOCMM

???????????? Freightgate Inc.,

???????????? Honeywell International Inc.

???????????? NEC Corporation

Product launches, innovations, and partnership agreements between the companies have helped the companies enhance their market presence in the period forecasted. In February 2022, C.H. Robinson entered into a partnership agreement with Waymo. With this partnership, the companies launched autonomous driving trucks. Which in turn will enhance, the overall connected logistics solutions. In May 2020, E2open Parent Holdings, Inc acquired BluJay Solutions (a cloud-based logistics execution platform). The acquisition was made for about USD 1.7 billion. The main objective behind this acquisition was to provide the end-users with seamless interconnectivity and enhance its end-to-end supply chain management platform. In January 2020- Trimble acquired Kuebix (a transportation management systems (TMS) provider). The main objective behind this acquisition was to interconnect its private fleet and commercial carriers network to customers. This gaining possession will expand the former's extensive portfolio of transportation technology.

Across the segment analysis, the hardware segment dominated the market. Thereby acquiring a major share of 46% of the total market. Owing to its increasing use in hardware components across industry verticals. Whereas, the software segment is anticipated to have a considerable CAGR during the forecast period. Owing to the rising, Data management and analytics solutions the rising need to analyze and measure logistics performance.

The roadways segment has dominated the Connected Logistics Market and happens to be the fastest-growing segment within the market. It acquired 43.23% of the market share in 2023. Owing to logistics use in loading and carrying large capacities. Which in turn is the mode of preference for various medium and large enterprises.

The Retail and e-commerce segment has dominated the Connected Logistics Market, thereby acquiring 54.1% market share in 2023. It is also expected to be the fastest-growing segment across the globe. Owing to the rapidly growing e-commerce and retail industry, and the introduction of a quick order placement mechanism