Smart Logistics Market to Reach a Revenue of Around US$ 201.2 Bn by the End of 2032 at an impressive CAGR of 20.7% | PMR
Market Study on Smart Logistics: Nearly 7X Market Growth Predicted for 10-year Period
Market Study on Smart Logistics: Nearly 7X Market Growth Predicted for 10-year Period
NEW YORK, NEW YORK, UNITED STATES, February 3, 2023 /EINPresswire.com/ -- Smart Logistics Market
Worldwide revenue from smart logistics accounts for US$ 30.6 Bn value in 2022. By 2032, the market for smart logistics solutions is slated to reach US$ 201.2 Bn. Smart logistics demand is predicted to surge at an impressive 20.7% CAGR over the next ten years.
In 2021, North America accounted for the highest share of 32.9% in the global marketplace. The market for smart logistics in China is projected to exhibit expansion at a stellar CAGR of 21.3% through 2032.
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The Smart Logistics Market has been growing rapidly in recent years, as businesses and consumer preferences shift towards the adoption of technology-based solutions. Smart logistics is a system that leverages advanced technologies, such as artificial intelligence (AI), the Internet of Things (IoT), and robotics, to optimize supply chain operations. Smart logistics systems are seen as an effective means to improve efficiency, reduce costs, and enhance customer satisfaction.
The growing e-commerce industry, increased adoption of internet of things (IoT) technology, and the need for real-time tracking and monitoring are among the key factors driving the growth of the market.
Factors driving this market include increasing automation across emerging sectors such as retail and manufacturing; deployment of IoT technologies; and demand for improved visibility in end-to-end supply chain processes. In addition, the growing demand for predictive maintenance services and rising investments in smart warehousing are also aiding market growth.
Key Companies-
• Honeywell International Inc.
• Robert Bosch GmbH
• GAO Group
• HID Global
• RMS Omega
• Onset Computer Corporation
• Testo SE & Co. KGaA
• MOKOSmart
• ORBCOMM
• Software AG
• Cisco Systems, Inc.
• SAP
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Smart Logistics Market Segmentation:
The smart logistics market can be segmented based on component, solution, application, and geography.
• By component, the market can be divided into hardware, software, and services. The hardware segment includes RFID, GPS, sensors, and others. The software segment includes transportation management systems, warehouse management systems, and others. The services segment includes consulting, implementation, and maintenance services.
• By solution, the market can be segmented into transportation management, warehouse management, and others. The transportation management segment is expected to hold the largest market share due to the increasing demand for real-time tracking and monitoring.
• By application, the market can be segmented into retail, healthcare, manufacturing, and others. The retail segment is expected to hold the largest market share due to the growing e-commerce industry.
• Geographical analysis: Geographically, the market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is expected to hold the largest market share due to the early adoption of technology and the presence of a large number of players in the region. Asia Pacific is expected to grow at the highest CAGR due to the increasing adoption of technology and the growing e-commerce industry in the region.
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Conclusion:
The smart logistics market is expected to grow significantly in the coming years due to the increasing demand for efficient and cost-effective logistics solutions. The growing e-commerce industry, increased adoption of IoT technology, and the need for real-time tracking and monitoring are among the key factors driving the growth of the market. The key players in the market are focusing on partnerships and collaborations to expand their presence in the market.
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