Persistence Market Research
Increasing technological advancements and demand for advanced services and systems have resulted into the introduction of technologies such as IoT, smart solutions, Big Data analytics, etc. Integration of these technologies have assisted in enhancing the overall output of various processes. One such integration of these technologies with logistics, with an intention of enhancing the overall efficiency associated with the logistic processes has resulted into smart or connected logistics.
The smart logistics market has witnessed significant traction since its inception and, is furthermore, expected to witness a double digit growth during the forecast period, owing to the increasing demand for automated logistic systems globally.
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, etc., 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.
Smart Logistics Market: Segmentation
The global smart logistics market can be segmented on the basis of components, industry vertical, and regions.
Segmentation of the Smart Logistics Market by Services:
Hardware Software Services Professional Services Managed Services
Segmentation of the Smart Logistics Market by Industry Verticals:
Oil and Gas Power and Energy Aviation and Marine Military and Defense Manufacturing Retail Automotive Chemicals
Smart Logistics Market: Key Players
Examples of some of the key players operating in the smart logistics market are AT&T Intellectual Property, IBM Corporation, Intel Corporation, SAP SE, Cisco Systems, Oracle Corporation, Freightgate Inc., Arkessa, Bosch Connected Devices and Solutions GmbH, Honeywell International Inc., and Orbcomm Inc., among others.
Many players (manufacturers and vendors offering Smart Logistics solutions) are focusing on expanding their presence in the market by collaborating with various tier-1 companies. For instance, in May 2018, AT&T partnered with Honeywell International Inc., for delivering Internet of Things (IoT) technology to aircraft and freight solutions in countries across the globe, especially in the U.S., Latin America, Canada, Asia Pacific and Europe.
Smart Logistics Market: Regional Overview
By geography, the smart logistics market can be segmented across North America, Latin America, Western Europe, Eastern Europe, China, Japan, SEA and others in Asia Pacific, and Middle East & Africa. Among these regions, North America is expected to dominate the global smart logistics market during the forecast period, owing to maximum adoption of advanced technologies such as IoT, Big Data etc., required for enabling a connected environment and smart logistics, in the region. Asia Pacific (including Japan and China) and Europe are expected to follow North America in the global smart logistics market. China is, however, expected to exhibit high growth rate during the forecast period owing to increasing economic growth, internet penetration, and demand for advanced smart and connected devices. Besides, Latin America and MEA are also expected to witness a considerable growth in the global smart logistics market during the forecast period.
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