Global Physical Internet (PI) Market Prognosticated To Accrue With A Whooping CAGR by 2032; Asserts MRFR :

Market Research Future (MRFR) announces the publication of its half-cooked research report—Global Physical Internet (PI) Market, 2021-2032.

According to Market Research Future, the global physical internet (PI) market has been segmented based on type, component, organization size, vertical, and region/country.

The Physical Internet paradigm introduces a new approach of describing and designing logistics organizations, with several administrative, engineering, and economic consequences for supply chain performance, including sustainability and resilience. As the name implies, the Physical Internet is based on a metaphor from the network of computer networks: the Digital Internet. Its primary idea is the global integration of logistical services and networks. This is the fascinating concept of the Physical Internet, which comprises the physical application of digital internet technology and processes. While the lines between the real and digital worlds have been increasingly blurred in recent years, some barriers, such as logistics, persist. For example, consumers can pick, purchase, and pay in minutes, but it still takes some time to acquire the goods. The logistics and supply chain sector intends to reduce latency using the Physical Internet, a logistics system built on worldwide physical, digital, and operational interconnectedness. The physical Internet has the potential to be the next evolutionary step in the logistics and supply chain business. Experts predict that the Physical Internet will become commonplace by 2050.

The rising support for zero-emission logistics, the prospect of a globally networked logistics system, and the exponential development seen in the e-commerce business are some of the drivers fueling great interest in the Physical Internet (PI) market. Whereas the necessity for a conceptual shift toward the physical internet is impeding industry expansion. Furthermore, the rising requirement for education and skill development connected to the physical internet, as well as the increased need for trust among partners and users of shared networks, platforms, collaborative, and autonomous systems, create market issues. However, the industry is being aided by the growing benefits of physical internet, such as efficient and smooth freight transit, cheaper costs, and improved quality of life for truck drivers, among others.

Based on type, the physical internet (PI) market has been segmented into logistic nodes and logistic networks. Logistics Nodes are physical places such as depots, warehouses, distribution centers, ports, airports, inland hubs, terminals, and even cities where commodities are consumed, stored, converted, handled, or transshipped from one mode of transportation to another. These have many features and settings that govern the operations and services offered (e.g., execute customs, sanitary, or other procedures, co-packing, etc.). The Physical Internet envisions the transformation of Logistics Nodes into Physical Internet nodes with uniform service definition and operations. Services at PI nodes are visible and digitally available to businesses, and they cover planning, booking/transactions, execution, and information exchange.

Based on component, the market has been segmented into solution and services. The services segment is further bifurcated into planning and consulting, integration and deployment, support and maintenance. The solutions segment is further bifurcated into asset management, warehouse management, transportation management, workforce management, cold chain management, data management and analytics, network management and security and others. Data management solutions enable IoT devices to collect massive volumes of data and extract insights from raw data, thereby improving industry efficiency. As a result, vendors provide data management solutions to manage structured and unstructured data in order to extract insights from large amounts of data. Data management operates in six steps: data identification, data collecting, authentication, storage, analysis, and information generation for decision making. With the aid of sophisticated IT solutions, this data might be converted into critical information and insights, resulting in increased efficiency, production, and profitability for enterprises. A real-time IoT analytics solution impacts remote administration and monitoring while also gaining insights from faraway devices. It also detects irregularities in data and generates error alarms.

Based on organization size, the market is segmented into small and medium enterprises (SMEs) and large enterprises. Though largest logistics businesses have been collaborating with national postal corporations and small local players for some time, success in the Physical Internet era would need considerably more widespread collaboration. This would imply the elimination of autonomous distribution hubs, as well as their own fleet and resources. Everything must be shared and operated cooperatively – and in a uniform fashion. When it comes to competing at scale, for example, an established network may become an impediment rather than an advantage, although a greater presence locally may translate into superior market domination.

Based on vertical, the market has been segmented into retail and e-commerce, transportation and logistics, pharmaceuticals and healthcare, manufacturing, FMCG, automotive, aerospace and defense, and others. Transporting goods from one location to another is currently inefficient. Vehicles are rarely filled to their maximum capacity – on average, they are less than half full – and trucks may return empty after completing a delivery. With the physical internet, transportation and logistics businesses would be able to access a network of routes connected by hubs and involving various means of transportation, allowing them to simplify how items are moved from one location to another.

The global Physical Internet (PI) market has been analyzed for five regions—North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

Regional Analysis

By region, the global Physical Internet (PI) market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

Europe is expected to contribute the largest market share across the globe. Since 2010, Europe has been conscious and active in the development of the physical internet (PI). The European Union-supported Alliance for Logistics Innovation Through Collaboration (ALICE) included the Physical Internet into its freight systems. On a European level, the target for a Physical Internet that would replace present logistical methods is established for 2030. It is expected to be completely operational ten years later, by 2040. Its operations will be similar to those of the Internet, with data-transfer techniques being applied in real-world transportation procedures. The region is also making good progress and have the world's most advanced PI implementation roadmap, as well as strong momentum with initiatives in Austria, France, Germany, and the Netherlands.

Asia-Pacific is anticipated to be the fastest-growing market in the global Physical Internet (PI) market during the forecast period mainly due to the rapid digital transformation, increasing internet penetration, rising adoption of 5G & 4G LTE services, and others. Additionally, Asia has enormous potential for development and innovation for the physical internet (PI) market.

Key Players

The key players in the global Physical Internet (PI) market are Amazon.com Inc. (US), UPS (US), AmeriCold Logistics LLC (US), Mercedes-Benz Group AG (Germany), SF Express Co. Ltd. (China), Yamato Logistics Ltd. (Hong Kong), DHL (Germany), FedEx Corporation (US), Velove Bikes AB (Sweden), MIXMOVE (Norway), among others.