New York, Dec. 08, 2022 (GLOBE NEWSWIRE) -- As of 2022, the smart logistics market enjoys a valuation of US$ 30.6 Bn and is projected to rise at an astronomical CAGR of 20.7% over the next ten years, according to a new study by Persistence Market Research.
Growing sales via e-Commerce have largely shaped the modern shipping industry and this trend is expected to be rife over the coming years as well. Increasing Internet penetration, growing demand for digitization, rapid adoption of automated solutions, and rising technological advancements in logistics solutions are some of the prime factors that could shape the demand for smart logistics over the next ten years.
“Rise of Industry 4.0 is expected to provide new opportunities for smart logistics providers over the next ten years,” says a Persistence Market Research analyst.
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Key Takeaways from Market Study
- Currently, the smart logistics market accounts for a valuation of US$ 30.6 Bn.
- Demand for smart logistics is anticipated to progress at an impressive CAGR of 20.7% from 2022 to 2032.
- By the end of 2032, the market is estimated to reach US$ 201.2 Bn.
- In 2021, the market for smart logistics in North America held a dominant share of around 33%.
- Flourishing e-Commerce sector, increasing demand for automation, rising adoption of Industry 4.0 trends, and advancements in logistics technology are expected to primarily propel market development over the coming years.
- Lack of standardization in the logistics industry is expected to have a hindering effect on overall market growth through 2032.
- The manufacturing and resources industry accounted for 28.3% of the global market share in 2021.
Key smart logistics solution providers are focusing on expanding their business scope by launching new projects across the world that are also expected to boost their revenue generation capacity in the future.
- In November 2022, Schneider Electric, a French multinational organization specializing in automation announced the launch of its new smart logistics distribution centre near the Tuas Megaport. The project is valued at US$ 110 Mn and is carbon-neutral to achieve the company’s sustainability goals.
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Competitive Landscape
The market for smart logistics is expected to witness collaborations and the deployment of new smart logistics projects to drive revenue generation potential.
Some of the key market players included in the report 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., Orbcomm Inc., and others.
The above are key market players profiled in this research analysis by Persistence Market Research.
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