IOT IN LOGISTICS Market Scope
The logistics industry is trying to form a completely digital, flexible, and connected supply chain which is optimized for e-commerce applications. With the deployment of advanced technology, digitalization has witnessed rising adoption across the transportation and logistics industryInternet of things (IOT) in logistics is integrated hardware that connects all smart devices such as sensors, vehicles, and equipment. It provides operational efficiency, fleet management, automated warehouse operations. IOT saves all the data which is generated by operations and logistic Industry. This data is later analyzed to improve safety, security, and productivity. IOT in logistics is a multibillion-dollar market. Further, the increase in cost pressure and the rise in demand for automation of processes is driving the Global IOT in LOGISTICS market.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Largest Market | North America |
Unit | Value (USD Million) |
Key Companies Profiled | Cisco Sys Inc. (United States), KaaloT Tech LLC (United States), Honeywell International Inc. (United States), Novire Tech (India), Intel Corp (United States), Microsoft Corp (United States), SAP SE (Germany), International Business Machine (IBM) Corp. (United States), Google Inc. (United States), Amazon web services Inc. (United States) and PTC Inc. (United States) |
CAGR | 20.3% |
The market is segmented with numerous players with competitive benchmarking of leading vendors with respect to their financials, venture funding, and strategic alliances. Companies are investing in the route optimization solutions which helps in optimizing the business processes. Research Analyst at AMA estimates that United States Manufacturers will contribute to the maximum growth of Global IOT IN LOGISTICS market throughout the predicted period.
Cisco Sys Inc. (United States), KaaloT Tech LLC (United States), Honeywell International Inc. (United States), Novire Tech (India), Intel Corp (United States), Microsoft Corp (United States), SAP SE (Germany), International Business Machine (IBM) Corp. (United States), Google Inc. (United States), Amazon web services Inc. (United States) and PTC Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are Hewlett Packard Enterprise (United States), Bosch Software Innovation GmbH (Germany), Octonion SA (Europe) and Novire Tech (India).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global IOT IN LOGISTICS market by Type , by Application (Fleet, Warehouse, Freight and Yard/ Dock) and Region with country level break-up.
On the basis of geography, the market of IOT IN LOGISTICS has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Asia Pacific on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Leaders and their expansionary development strategies
In October 2017, IBM acquired Vivant Digital, a Sydney-based, small boutique digital consultancy. and The acquisition addressed the growing need of customers looking for transformation through innovative business models and better customer experiences.
In February 2023, KORE, a global leader in Internet of Things Solutions and worldwide IoT Connectivity-as-a-Service will launch and demonstrate its new technology software MODGo, which provides a unified, digital approach to IoT asset management, at Mobile World Congress Barcelona. This cutting-edge solution provides a streamlined approach to managed services, designed to help organizations overcome the challenges of IoT implementation and management.
Influencing Trend:
Increase in Number of Internet Users Along With Rapid Popularity of Social Media, Rapid Digitization and Increase in the Adoption of Cloud-Based Deployment Models to Offer Quality Service to Customers
Market Growth Drivers:
Increase in Demand for Smart Chain Operations, Innovative Business Models and Better Consumer Awareness, The Rise in the Number of Internet Users Along With the Rapid Popularity of Social Media and Economic Growth in Emerging Market
Challenges:
Obsolete Systems and Labor-Intensive Processes and Time and Attendance Ffraud by Contractors
Restraints:
High Initial Cost Required for Setting up Operations, Substantial Investment from Consumers and Low Skilled Workforce
Opportunities:
Increase in Production Efficiency and Reduction in Cost, Growth in E-commerce Industry and Role of IOT in Logistics by Tracking and Tracing the Products
Key Target Audience
IOT Security Provider, Software Developers, Industry Associations and Experts, Private Research Organizations and Consulting Companies, Industry Associations, Government Market Research and Consulting Firm, Stakeholders and IT manufacturers