The connected logistics market is projected to reach $73,846.1 million by 2023 at a 33.0% CAGR during the forecast period (2017–2023). The market is growing due to the increasing adoption of smart devices and demand for temperature-sensitive products’ management and a significant decline in the cost of sensors. In order to make the traditional logistical processes more customer-centric, connected logistics uses a set of advanced network connections, communication devices, and internet of things (IoT). This is achieved by sharing logistical information, historical facts, and relevant data with the supply chain partners.

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In terms of software, the connected logistics market is divided into security, data management, warehouse IoT, asset management, streaming analytics, and network management. Asset management contributed the highest revenue to the market in 2016. However, the security division is expected to grow at the highest CAGR during the forecast period as it offers transportation and logistics providers with protection of logistical operations and critical information during the entire supply chain process. It also monitors the information moving among various computing systems in a connected environment.

The emergence of cloud-based logistics solutions is one of the major trends in the connected logistics market. These solutions enable logistics providers with real-time inventory management and pricing, recognition of equipment and utilization patterns to escalate optimization and eliminate wasteful excess, and office resource flexibility such as universal access to information in real time regardless of time and location. Cloud-based services also have low costs, due to which more logistics operators are becoming inclined to adopt them. This is further leading to the penetration of these solutions in the supply chain management industry.

The increasing demand for temperature-sensitive products’ management is one of the key factors driving the growth of the connected logistics market. With the increasing demand for perishable products, such as protein-based products, vegetables, fruits, and drugs, the need for temperature-controlled chain’s effective and efficient management is also expanding. Connected logistics help perishable product and service providers correctly maintain the temperature, thereby ensuring that the quality and safety is preserved. Furthermore, connected technology helps reduce foodborne illness by maintaining the temperature throughout the food distribution process.

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Another major factor driving the growth of the connected logistics market is the significant decline in the cost of sensors and connected equipment. Sensors help in enhancing the operational efficiency of a logistics system by making the data communication between several connected devices effective. Due to rapid technological advancements in the field of electronics and semiconductors, the devices have become cost-effective and smarter, and have better connectivity. As these devices provide ease of connectivity, they are being deployed across various industries, including logistics and transportation.

Hence, the technological advancements in the field leading to improved sensors, increasing demand for temperature-sensitive products’ management, and the emergence of cloud-based logistics solutions are driving the growth of the market.