Connected Logistics Market to Register Double-digit CAGR through 2029, Supported by Growing Adoption in MaaS for Fleet Management

Mobility-as-a-Service (MaaS) utilizes numerous
modes of transport, from public transit and cycling to planes and automobiles.
Vehicle management responsibilities to incorporate different modes of transport
could be enhanced with MaaS. MaaS allows the tracking and coordination of huge
amounts of data, incorporating trips, transactions, schedules, and employee
mobility budgets.

To avoid traffic jams and save time, companies
that are part of the MaaS movement present incentives every month for riding a
bike to work rather than driving a vehicle. Instead of letting vehicles sit
inactive in a parking lot, companies locate them to employ in car-sharing
programs or ride-sharing for other employees which help in increasing their
mobility.

The global connected logistics market is anticipated to reflect a strong CAGR of 11% during the forecast period (2019-2029).

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Key
Takeaways of Connected Logistics Market Study

  • Adoption by the retail & consumer
    goods industry is estimated to account for relatively high market share than
    other industry verticals, owing of the ease of approach offered by e-Commerce
    platforms to customers for ordering products online.
  • Connected logistics devices continue
    to witness higher than software components and services, as the adoption of
    vehicle telematics and RFID is on significant rise.
  • South Asia & Pacific’s market is
    projected to grow at a highly significant CAGR through 2029, as logistic
    organizations in developing nations such as India are implementing novel
    technologies to offer better solutions that help organizations reduce costs and
    save time.

“Key
participants in the connected logistics market could gain remarkable profits by
offering connected logistics with blockchain technology, since security and
transparency achieved by blockchain aid in tracking information concerning
receipts, orders, payments, invoices, and digital assets such as barcodes,
certifications, and copyrights,”
says the FMI analyst.

Substantial
Need for Data-driven Logistics to Boost Market Growth

Rising usage of predictive analytics is assisting
logistic operators which are utilizing historical data and real-time patterns
to draw predictions to increase reliability, enhance customer satisfaction, and
decrease costs. Predictive analytics utilizes algorithms to track historical
data to expect need, adjust schedules, and avoid risks to facilitate logistic
managers generate proactive solutions.

Logistic firms are utilizing the predictive analysis to comprehend the probability of shipment statuses by utilizing simulation models. The need for data-driven logistics is rising, as logistic companies could gain competitive advantage and achieve efficiency by utilizing predictive tools to avoid losses related to mismanagement of schedule and deliveries and inaccurate stocking. The logistics sector creates enormous amounts of data, and companies store and gather this data for analysis intends.

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To study this accumulated data, big data analytics is employed, which consecutively, utilizes advanced analytic proficiencies to draw out valuable information from enormous amounts of data, and additionally helps data-driven decision-making. By employing big data analytics, logistic firms could transparently track equipment performance, employee, and production that would lead to increased customer satisfaction via streamlining shipping, packing, and picking, in addition to providing real-time visibility and access to order statuses.

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