Growing demand for real time monitoring of logistics and warehouse operations due to rapidly growing e-commerce industry which is coupled with technological advancements in terms of cloud computing are some of the major factors driving the global IoT in logistics market.
The global IoT in logistics market was estimated at USD 24.6 billion in 2018 and is projected to achieve USD 84.9 billion in 2026, growing at a CAGR of 16.4% during the forecast period.
The internet of things (IoT) denotes the networking of physical devices by using embedded sensors, actuators, and other electronic tools. These sensors are employed to collect and transmit information about the objects. The IoT in the logistics industry is in a nascent stage of development. The key industry players in IoT in logistics market are investing substantially in the adoption of IT solutions to improve operational transparency of the logistics processes, thus imparting optimization of overall business functions. Growing demand for automation in the logistics industry is further fuelling the demand for IoT solutions. Through IoT in logistics, various functions, such as automatic inventory update, demand analysis, and fleet management among others, can be efficiently monitored. The demand is primarily witnessed from developing economies such as India and China owing to the rising trend of e-commerce which has resulted in the fastest growth rate for Asia Pacific region.
The Major Companies Covered in IoT in logistics Market Report are:
- Cisco Systems Inc. (US)
- Kaa IoT Technologies
- Octonion SA LLC (US)
- NEC Corporation (US)
- Honeywell International (US)
- Novire Technologies (US)
- SAP SE (US)
- Intel Corporation (US)
- Oracle Corporation (US)
- Bosch Software Innovations GmbH (Germany)
- Rockwell Automation. (US)
- Amazon Web Services (US)
Application Analysis: Global IoT in logistics market also specifically underpins end-use application scope and their improvements based on technological developments and consumer preferences.
- Yard/ Dock
The fleet management segment came out as a leading sector for the global IoT in logistics market in 2018. Considering the trend, there is an increase in demand from developing economies such as India and China across the e-commerce sector which has resulted into a need for optimized fleet management, which further lead the demand for IoT devices.
Product Type Analysis: Global IoT in logistics market also specifically underpins type scope and their improvements based on technological developments and consumer preferences.
- By Offering (Hardware, Software, Service)
- By Organization Size (SME, Large Scale)
The small & medium sized organizations segment is expected to account for 64% market share in 2018. The rapid growth in adoption of IoT in small and mid-sized organizations as well as to the expansion of small and medium sized enterprises in the developing countries, which is coupled with availability of custom solutions to offer improved customer services are some of the major drivers for the industry globe.
Regional Analysis of IoT in logistics Market:
North America region is by far the largest contributor to the growth of global IoT in logistics market which contributed more than 34% market share globally in 2018 and further expected to enhance its market size during the forecast period. However, the Asia Pacific region is anticipated to showcase the highest growth rate during the forecast period owing to intensifying investments from global industry players.
Impact of COVID-19 on IoT in logistics Market:
The report also contains the effect of the ongoing worldwide pandemic, i.e., COVID-19, on the IoT in logistics Market and what the future holds for it. It offers an analysis of the impacts of the epidemic on the international market. The epidemic has immediately interrupted the requirement and supply series. The IoT in logistics Market report also assesses the economic effect on firms and monetary markets. Futuristic Reports has accumulated advice from several delegates of this business and has engaged from the secondary and primary research to extend the customers with strategies and data to combat industry struggles throughout and after the COVID-19 pandemic.
The Covid19 pandemic has transformed the market landscape. The market ecosystem has taken a directional shift in the way the supply-side of the market is accessed. The report covers the aftermath of the Covid19 catastrophe.
Find the full report here: https://www.alltheresearch.com/report/286/iot-in-logistics-market-market