The connected logistics market solutions and services offer a pro-active and real-time monitoring of supply chain activities specifically logistics and warehouse related activities, providing comprehensive control over various tasks in the supply chain ecosystem. The security solution is growing rapidly owing to the increasing adoption of IoT logistics solutions and growing security concerns.
The connected logistics market is broadly classified into software, platform, service, transportation mode, verticals, and regions. The software segment is further divided into asset management solutions, warehouse IoT solutions, security solution, data management, and network management and streaming analytics. Compared to solutions, the services segment is expected to grow at a higher CAGR during the forecast period. The services in the market are aimed at enabling smart and coordinated decision-making processes and mitigating the risks and vulnerabilities of Internet of Things (IoT) in logistics using efficient tools and techniques. Moreover, these services enhance data management techniques and help to meet the end-to-end needs of all the verticals.
The security solution is expected to grow at the highest CAGR during the forecast period, as it is specifically focused on data security, which is the prime need of logistics companies. As IoT solutions offer an extremely connected system, data security solutions make sure all the data is secure. Rising incidents of data theft and data tampering have urged companies to purchase security solutions thereby causing them to grow at a high rate as compared to other solutions.
With the increasing usage of numerous devices across enterprises, various advanced threats have also evolved and the need to maintain the safety and confidentiality of data has become crucial. Due to the large number of devices connected in a connected system, tampering with even a single device in the network can turn out to be a potential threat for the company. connected logistics market devices need a dedicated security solution as this need cannot be met by PC security solutions for IoT embedded devices.
Asset management solution is safe, reliable, substantial, and an efficient approach to manage the entire logistics facility. It includes route plans for resources, timescales, route asset strategies, & a detailed plan to optimize the delivery of renewals, maintenance, and enhancement. Asset management solution assists freight and infrastructure managers to address issues, such as improvement in service availability performance & utilization for mobile, fixed, reducing service failures & delay minutes, and minimized asset costs. Asset management includes all the systems, procedures, methods, and tools to optimize performance, costs, & risks for the entire infrastructure lifecycle. The system helps reduce the operational cost of infrastructure assets and ensures top-notch performance, which elevates the reliability upon the service.
The increasing integration of ICT and IoT has provided transportation and logistics industry, a new opportunity to automate equipment & infrastructure for improving the operational efficiency. The influence of IoT has changed the trend of the logistic industry by impacting warehousing operations, freight transportation, and timely-delivery. The prime shift has taken place in the transportation and logistics operation transparency. Today, logistics system has become transparent and hence customers have a complete visibility to track shipment details in real-time, forcing logistics companies maintain high quality of goods and shipping condition throughout the supply chain.
Data management solution is a vital part of the logistics industry. It is essential for running supply chain, production facility, and transportation services & delivery. With the increasing number of connected devices, the amount of data is also increasing across various industry verticals. In the IoT segment, data management solution helps IoT devices to collect enormous amounts of data and draw insights out of raw data which could help improve the industry’s efficiency. Hence, to extract insights from a bulk data, organizations require data management solutions to manage structured and unstructured data. Data management performs operation in six steps, such as data identification, gathering, authentication, storage, analysis, and generating information for making decisions
Network management solution manages the entire network of an organization and ensures 24/7 IT services for users. These IT solutions manage, optimize, & analyze logistics networks, including production house, warehouses, and goods distribution centers for retailer & transport. For connected logistics, IoT solutions comprise portable devices that support different wireless technologies and communication protocols. These devices cover large area and functions, even in harsh environments. Hence, these devices need continuous monitoring and controlling to ensure smooth business operations, product security, and employee safety. The network management solution also assists in data analysis, while transferring over a network and automatically routes them to avoid congestion, which could cause network crashing. With the help of a network administrator, the solution can easily detect network failures and resolve issues in real-time or by informing the support personnel. In transportation & logistics applications, a fast and seamless data transfer is required. Therefore, the network management solution offers many benefits, such as better network connectivity, reducing rates & transportation costs, saves time & improves transportation service to boost customer satisfaction, and safety & security.
Lack of uniform governance standards is a major restraining factor for the growth of the connected logistics market. However, the recent developments such as new service launches and acquisitions undertaken by the major market players are expected to boost the market growth.
The connected logistics market is growing rapidly and is being widely accepted across the regions. The solutions and services that connected logistics offers are proving to be very efficient for getting optimum production with minimal utilization of the resources. There are several established players in this market such as AT&T, Inc., (Texas, U.S.), Eurotech S.P.A (Italy, Europe), IBM Corporation (New York, U.S.), Intel Corporation (California, U.S.), SAP SE (Walldorf, Germany), Infosys Ltd., (Bengaluru, India), Cisco Systems, Inc., (California, U.S.), HCL Technologies Ltd. (Noida, India), Orbcom Inc. (New Jersey, U.S.), Cloud Logistics (Florida U.S.) and Freightgate Inc. (California, U.S.).
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