According to a new report by Allied Market Research, titled, Connected Logistics Market by Technology, and Devices: Global Opportunity Analysis and Industry Forecast, 2016-2023 the global Connected Logistics market was valued at $16,774 million (USD) in 2016, and is projected to reach at $ 27,722 million (USD) by 2023, growing at a CAGR of 7.60% from 2017 to 2023. Bluetooth and sensor nodes segments possess the maximum growth potential and are expected to create lucrative opportunities for industry players, “Logistics magazine” reports.
At present, Connected Logistics witness an increased adoption in the developed and the developing regions, owing to technological innovations in product offerings, increased adoption of Logistics 4.0, growth associated with Big Data and Analytics, cloud technologies, surge in demand for connected devices, and increase in application areas among end users. Furthermore, factors such as growth associated with IoT, increase in need for mobility, increased internet penetration, and proliferation of smart devices are expected to provide numerous growth opportunities. However, Connected Logistics implementation issue is expected to restrict the growth of the market during the forecast period.