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Connected Logistics Market to be Worth $83.15 Billion by 2030: Grand View Research, Inc.
To facilitate shipment, it communicates logistical and pertinent data such as tracking and traceability with every participant in the supply chain, such as manufacturers, suppliers, and customers, among others. By integrating several linked platforms, these solutions aid businesses in enhancing information flow during shipment and delivery using RFID chips. Connected logistics provides improved warehouse management using technologies such as the Internet of Things (IoT), blockchain, virtual reality, and big data, among others.
Connected logistics has enhanced the efficiency of last-mile delivery with the aid of communication devices and tracking devices. Connected logistics aid in the efficient management of supply chain security, freight traffic, and routing of the fleet by minimizing the cost of the transport. Additionally, technologies such as vibration monitoring and global positing system (GPS) aid in performance optimization and provide position tracking for each fleet vehicle. Connected logistics have significantly improved risk resilience planning.
Thus, increased demand for improved warehouse management and rising demand for efficient supply chain management among others are the factors fueling the growth of the target market. The demand for intelligent transportation solutions is anticipated to rise significantly overall, as well as in the logistics sector. It is expected that logistics 4.0 and ongoing work on autonomous logistics trucks will present lucrative opportunities for the target market's expansion.
Logistics 4.0 uses analytics, data, the internet of things, and automated decision-making solutions to improve operational efficiency and performance. For instance, in April 2022 , Daimler trucks, with its independent auxiliary Torc Robotics, started testing their autonomous trucks, which operate on four levels of autonomous driving in the U.S. Additionally, autonomous trucks are increasingly gaining traction across the logistics industry owing to rising shortage of drivers, increased safety and improved efficiency.
The increasing implementation of logistics 4.0 and ongoing efforts to develop autonomous logistics vehicles are predicted to give profitable opportunities for the target market's growth over the forecast period. Additionally, the necessity to reduce the cost of shipping and storage services is propelling the demand for connected logistics products and solutions. The need for intelligent transportation solutions is anticipated to rise significantly. The declining cost of loT sensors and connected logistics hardware is one of the driving factors of the target market growth.
The COVID-19 pandemic led to disruptions in the global supply chains. In addition, the state and federal governments announced the lockdowns and border closures, which halted the shipment of the goods. However, the pandemic accelerated the adoption of technologies such as the internet of things (IoT), automation, and robotics, among others, in the logistics sector.
For instance, according to a report by Inmarsat, a leader in mobile satellite communications, "Owing to the pandemic, 90% of the transportation and logistics firms have adopted or are planning to adopt the deployment of Internet of Things (IoT) projects. Additionally, there has been a shift from electronic data to app-based program interfaces with cloud integration, enabling logistics companies to connect with e-commerce platforms.
Grand View Research has segmented the global connected logistics market report based on component, transportation mode, vertical, and region
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco , the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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