The Internet of Things (IoT) refers to a network of connected devices, objects, and sensors, that collect and communicate information. In addition, IoT in logistics market is growing rapidly because of the increasing requirement for digital fleet management which is cost-effective logistics and supply chain solutions across various industry verticals. Moreover, the increasing customer expectation, along with the measures to control the logistics cost, plays a vital role in shaping the future of the IoT in logistics market. In conclusion, the demand for IoT in logistics is growing due to the rapid expansion of the global e-commerce industry and the increasing need for enhancing efficiency in logistics companies.
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According to UnivDatos Market Insights (UMI)’ research report “Global IoT in Logistics Market”, the market is expected to witness robust growth during the forecast period (2022-2028) owing to the increasing integration of ICT and IoT has provided the transportation and logistics industry, a new opportunity to automate equipment & infrastructure for improving the operational efficiency. For instance, according to the White House Presidential Innovation Fellow project, local governments in the United States will invest approximately USD 41 trillion over the next 20 years to upgrade their infrastructure and take advantage of the IoT.
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Based on application, the market is categorized into fleet management, inventory tracking & warehousing, blockchain for supply chain management, location management, and others. Among these, fleet management to hold a significant share in the market in 2020. This is mainly due to the fleet management improves driver safety, prevents driver fraud, extends vehicle lifespan, and enables logistics organizations to manage fuel and maintenance costs more effectively.
Based on the organization type, the market is categorized into small and medium enterprise (SME), and large enterprise. The large enterprises held a significant share of the global IoT middleware market in 2020 mainly owing to the increasing uses of IoT among large enterprises. Furthermore, IoT helps enterprises in many ways such as inventory management, asset tracking, creating new product lines, cost cutting, real-time insights on the move, and others.
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APAC to witness extensive growth
For a better understanding of the market adoption of the IoT in logistics industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the technological advancement in the digital market and rising cloud adoption is expected to fuel the demand for IoT in logistics market. Thus, such factors are causing technological advancements in the regional logistics sector, including the introduction of a wide range of cutting-edge technologies like artificial intelligence (AI), radio protocols, low-energy Bluetooth, low-energy wireless, and Wi-Fi-direct, as well as RFID, NFC, robotics, and Wi-Fi-direct.
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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the IoT in logistics market are Amazon.com Inc., IBM Corporation, Intel Corporation, AT&T Inc., PTC Inc., Hexagon A, Eurotech S.p.A., Cisco System Inc., SAP SE, and Honeywell International Inc.
“Global IoT in Logistics Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.
Market Segmentation:
1. By Type (Hardware, Software, Services)
2. By Application (Fleet Management, Inventory Tracking & Warehousing, Blockchain for Supply Chain Management, Location Management, Others)
3. By Verticals (Aerospace & Defense, Retail, Food & Beverages, Automotive, Healthcare, Others)
4. By Organization Type (Small and Medium Enterprise (SME), Large Enterprise)
5. By Region (North America, Europe, Asia-Pacific, Rest of the World)
6. By Company (Amazon.com Inc., IBM Corporation, Intel Corporation, AT&T Inc., PTC Inc., Hexagon A, Eurotech S.p.A., Cisco System Inc., SAP SE, and Honeywell International Inc.)
Key questions answered in the study:
1. What are the current and future trends of the global IoT in logistics industry?
2. How the industry has been evolving in terms of type, drive type, and application?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the global IoT in logistics industry?
5. What is the customer orientation, purchase behavior, and expectations from the global IoT in logistics suppliers across various region and countries?
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