The global Internet of Things (IoT) in logistics market is anticipated to be driven by increase in cost pressure and rise in demand for automation of processes. The logistics industry has adopted IoT solutions at a slow pace than other industries. Hence, automation of business processes drives the Internet of Things (IoT) in logistics market. Furthermore, automation is happening in all industries, and the benefits are groundbreaking for enterprises, with higher productivity, better consumer awareness, and innovative business models. However, customers have to make substantial investments and experience high maintenance costs which are restraints of the market. The global IoT in logistics market is anticipated to reach US$ 63,728.6 Mn by 2026 at a CAGR of 12.4% during the forecast period.
Logistics companies invest in automation to increase efficiency, speed, and optimization & timing of the services, thus increasing revenue and customer satisfaction. From a range of rapid high-tech evolutions and in a progressively digital environment where automationis affecting the entire industry, most of the board members of transport & logistics companies appreciate IoT solutions (tooptimize production,engage with customers, and operations) as key areas ofinvestment.
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IoT solutions are being implemented globally across all industries, and the benefits are huge for enterprises, for instance, greater consumer awareness, higher productivity, and innovative business models. In the current era of digital transformation, all industries are taking technological advantage by investing in IoT solutions for their input, processing, and output competences, throughout the business ecosystem.
Growth in e-commerce and quick delivery of goods to attain competitive advantage has led to high demand for IoT solutions in the logistics market. Additionally, increase in the number of internet users along with rising popularity of social media platforms has contributed to the rise in awareness of IoTsolutions.
The global Internet of Things (IoT) in logistics market has been segmented on the basis of software, hardware, organization size, application, and region. In terms of software, the market has been classified into traffic and fleet management, resource and energy monitoring, safety and security, and others. The hardware segment has been categorized into RFID tags, beacon, screen/display, and others. Organization size segment has been divided into small-mid-sized organizations and large sized organizations. Application segment has been classified into fleet, warehouse, freight, and yard/ dock. Regional segmentation comprises North America, Europe, Asia Pacific, Middle East & Africa, and South America.
In terms of region, North America is projected to lead the global Internet of Things (IoT) in logistics market during the forecast period. Internet of Things requires active and flexible IT support, which is available in majority of companies of this region. North America dominates the global IoT in logistics market primarily due to increase in adoption of logistics solutions. The Asia Pacific IoT in logistics market is anticipated to grow at a rapid pace due to rising use of internet and increasing digitization. Furthermore, the market in Europe, Middle East & Africa, and South America is expected to witness strong growth during the forecast period.
The global Internet of Things (IoT) in logistics market is largely driven by alliances between industry players. For instance, in October 2017, IBM acquired Vivant Digital, a Sydney-based, small boutique digital consultancy. The acquisition addressed growing need of customers looking for transformation though innovative business models and better customer experiences. Main players profiled in the report include Cisco Systems Inc., Octonion SA, Kaa IoT Technologies, LLC., NEC Corporation, Honeywell International, Novire Technologies, SAP SE, Intel Corporation, Oracle Corporation, Bosch Software Innovations GmbH, Rockwell Automation, Inc., BICS SA/NV, Amazon Web Services, International Business Machine (IBM) Corporation, and PTC Inc.
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The automation bug has stung various sectors across the globe and the logistics industry is not an exception. Thus, based on this factor, the global internet of things (IoT) in logistics market is expected to create ripples of growth across the forecast period of 2018-2026.
- The heightening investments of varied logistics companies in the latest technologies for increasing efficiency, optimizing the processes, and decreasing the timing of the services to multiply revenues may bring tremendous growth prospects for the internet of things (IoT) in logistics market. The rising awareness about the benefits of utilizing technology in logistics for improved productivity may invite immense growth opportunities for the internet of things (IoT) in logistics market.
- The utilization of the internet of things (IoT) in logistics market results in smooth logistical operations. These systems eliminate human errors, driver frauds, enhance vehicle reliability, and enables real-time fleet visibility. All these factors bring promising growth for the internet of things (IoT) in logistics market.
- These mechanisms also assure employee safety to a great extent, The IoT sensors detect equipment issues before human interaction with the concerned tool. In addition, it brings transparency in the entire logistical process. Hence, these factors bring burgeoning growth for the internet of things (IoT) in logistics market.
- The COVID-19 outbreak has made the players in the logistics industry more aware of the benefits of implementing automation. To avoid frequent human contact, key players in the logistics industry are installing such technologies. This factor will result in widespread prevention of COVID-19 transmission.
- However, the internet of things (IoT) in logistics market incurred a short-term growth loss due to the strict lockdown restrictions on the back of the rising transmission. The restrictions led to a large-scale disruption of the logistical processes, thus decreasing the growth rate of the internet of things (IoT) in logistics market for a brief time.
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