A recent report published by Infinium Global Research on the internet of things (IoT) in logistics market provides an in-depth analysis of segments and sub-segments in the global as well as regional internet of things (IoT) in logistics market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional internet of things (IoT) in logistics market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of the global internet of things (IoT) in logistics market. According to the report, the global internet of things (IoT) in logistics market is projected to grow at a CAGR of 24% over the forecast period of 2021-2027.
The logistic industry has witnessed several changes over the past few years due to technological advancements. Developments in technologies such as robotics, AI, Big data, and the Internet of Things have transformed the global logistics industry. IoT is being used increasingly across the logistics industry, giving birth to a completely new market called IoT in logistics. By integrating IoT in logistics, various functions across the industry are becoming more efficient and streamlined. IoT offers logistics providers features such as remote tracking of deliveries and warehouses in real-time. Moreover, IoT in logistics has many benefits including improved operational efficiency, better productivity, and enhanced decision making. Key players in the IoT in the logistics market are focusing on developing innovative solutions to offer ease of access and a high level of interoperability.
The logistics sector across the world was seriously affected by the outbreak of the Covid-19 pandemic. Many manufacturing units were compelled to reduce or stop their production activities during the pandemic because of government restrictions, and concerns over contracting the infection. The lower production and higher losses experienced by the end-users led to lower demand for IoT in logistics during the pandemic. Other factors such as travel restrictions, an international ban on freight movement, the closing of state boundaries further hampered the market over the period of pandemics. On the other hand, the eCommerce industry registered exponential growth during this crisis, augmenting the demand for logistics. Several logistics providers adopted advanced technologies such as AI, and IoT to match the demand from the eCommerce industry. This, in turn, supported the growth of IoT in logistics during the pandemic. Furthermore, the logistics industry was restored to its pre-pandemic state as the pandemic situation got under control. The logistics service providers began to adopt modern technologies to prepare themselves for any future crisis, and improve their productivity and sales. This is expected to boost the market growth over the forecast period.
The flourishing e-commerce industry is majorly driving the growth of IoT in the logistics market. With the help of IoT technology, e-commerce platforms can improve their customer experience. The IoT technology helps e-commerce companies to streamline their operations and reduce their operational costs. Moreover, IoT in logistics enables real-time monitoring, error reduction, scalability, and speed. Such benefits of IoT in logistics are further contributing to market growth. Furthermore, rapid growth in the manufacturing industry across the developing regions is propelling the adoption of IoT in logistics. The IoT in logistics ensures the improved overall productivity of the manufacturer by keeping the costs to a minimum and delivering products quickly. However, the high cost of installation and maintenance hampers the adoption of IoT in logistics restraining the growth of the market. Advancements in modern technologies such as AI and 5G are expected to offer growth opportunities to the players in the IoT in the logistics market.
North America generated the highest revenue in the IoT in the logistics market, in terms of region. The large E-commerce industry in North America is majorly driving the dominance of the region in the global IoT in the logistics market. The presence of modern transportation and technological infrastructure with mature supply chains is augmenting the market growth. Moreover, Asia-Pacific is expected to grow at the fastest rate in the global IoT in the logistics market. Asia-Pacific region is considered the manufacturing hub of the world. Asian countries including Thailand, South Korea, Taiwan, China, and others have a large number of manufacturing facilities. Thus, the demand for IoT in logistics is high in this region, as the manufacturing sector is a major end-user of IoT in logistics.
The report on global internet of things (IoT) in logistics market covers segments such as software, hardware, organization size, and application. On the basis of software, the sub-markets include resource monitoring, safety and security, traffic and fleet management, and others. On the basis of hardware, the sub-markets include GPS tracking devices, RFID tags, sensor nodes, and others. On the basis of organization size, the sub-markets include large enterprises, and SMEs. On the basis of application, the sub-markets include warehouse, freight, yard/dock, fleet, and others.
The report provides profiles of the companies in the market such as IBM Corporation, Intel Corporation, AT&T Inc., PTC Inc., Hexagon AB, Eurotech S.p.A., Cisco System Inc., Veridify Security Inc., ORBCOMM Inc., and E2open, LLC.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of internet of things (IoT) in logistics market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.