Increasing Adoption of Smart Devices Leading to Growth of Connected Logistics Market
The connected logistics market is projected to reach $73,846.1 million by 2023 at a 33.0% CAGR during the forecast period (2017–2023). The market is growing due to the increasing adoption of smart devices and demand for temperature-sensitive products’ management and a significant decline in the cost of sensors. In order to make the traditional logistical processes more customer-centric, connected logistics uses a set of advanced network connections, communication devices, and internet of things (IoT). This is achieved by sharing logistical information, historical facts, and relevant data with the supply chain partners. In terms of software, the connected logistics market is divided into security, data management, warehouse IoT, asset management, streaming analytics, and network management. Asset management contributed the highest revenue to the market in 2016. However, the security division is expected to grow at the highest CAGR during the forecast period as it offers tran...