The travel restrictions that were put in place to minimize the spread of the virus, which hindered the capability of companies to transport goods.
From maritime transportation to airlines, all modes of transportation felt the negative impact of the pandemic. The effects of COVID-19 are being felt across the transportation sector. The pandemic impacted many businesses, including connected logistics. Most industries came to a standstill due to raw material & workforce shortages, supply chain disruptions, and restrictions on international trade. The lockdown restrictions impacted manufacturing operations, with production facilities either completely shutting down or running at reduced capacities to ensure social distancing and employee safety. Governments worldwide imposed countrywide lockdowns to control the spread of the infection. By March 2020, the virus had spread to most countries, with the WHO declaring COVID-19 a global pandemic. The COVID-19 pandemic emerged in Wuhan, China, in December 2019.
Impact of COVID-19 on the Connected Logistics Market However, the lack of standardization can restrain market growth. In addition, the incorporation of blockchain technology in freight management and the growing scope of leveraging connected logistics in developing regions are expected to offer significant opportunities for the growth of this market. The growth of this market is mainly driven by the rising need for efficient warehouse management and the increasing adoption of IoT, cloud, and other technologies across industries. Additionally, it includes other associated logistics operations, such as financial transactions, dispatching, order processing, and shipping. Its technologies include efficiency in fleet management and monitoring & tracking in warehouse management & asset management. 04, 2022 (GLOBE NEWSWIRE) - According to a new market research report titled, ‘ Connected Logistics Market by Offering, Transportation Mode (Roadways, Railways), Application (Inventory Tracking, Real-Time Fleet Management, Others), End User (Automotive, Healthcare & Pharmaceuticals, Others ) and Geography - Global Forecast to 2029,’’ the connected logistics market is expected to reach $57.75 billion by 2029, at a CAGR of 11.5% from 2022 to 2029.Ĭonnected Logistics technology is a system of interconnected devices rendered by IoT solution providers to enhance the operating efficiency in the logistics industry.
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