IoT in Logistics Market Definition

Internet of Things (IoT) has the potential to connect anything to the internet, which has a very positive effect on logistics. The use of IoT can accelerate data-driven logistics and thus actively participate in self-steering, event-driven logistics processes. IoT in logistics, provides fleet management services, along with storage of goods and management of stock levels.

Global IoT Market Scope Report

Global IoT in Logistics Market Size, Forecast, and Trend Highlights Over 2023 - 2033

The global IoT in the logistics market is estimated to garner a revenue of USD 118 Billion by the end of 2033 by growing at a CAGR of ~13% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 40 Billion in the year 2022. The primary growth factor of the IoT in the logistics market is its ability to streamline and automate processes. Improvements in technology have made it possible for operators to track items throughout their supply chains more efficiently, which has led to increased efficiency and decreased costs. Additionally, this technology can also help improve customer experience by delivering faster delivery times and improved product quality. As per recent data, approximately 50% of industrial manufacturers evaluated in 2019 acknowledged utilizing IoT for logistics.

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IoT involves attaching commonplace gadgets to the web. This makes it possible to gather a lot of data from many locations, increasing visibility across activities. Smartphones are a typical IoT application. Anyone can send and receive information while moving around according to them. It can also function as a sensor by gathering information about its surroundings and figuring out where it is right now. the monitoring and support of truck drivers through the use of mobile devices. Data on a driver's travels can be gathered using specially designed applications throughout the day. By keeping papers in digital form, the usage of paper can be significantly reduced as well. As per recent statistics, global usage of mobile technology has been escalating. Over 5 billion individuals are thought to own mobile devices today, with smartphones accounting for more than half of these connections.

Global IoT in Logistics Market: Growth Drivers and Challenges

Growth Drivers

• Rise of E-Commerce and Digital Transformation- E-commerce is the communication of business information without the use of paper, such as by e-mail or electronic data interchange. As per recent statistics, by 2018, there will likely be 3.33 billion installed linked goods in smart cities. By 2025, the total number of IoT-connected devices is expected to reach 75,44 billion.

• Improvements in Automation and Machine Learning – Statistical learning algorithms and neural network-based learning/deep learning algorithms are the two branches of machine learning algorithms that are used in real-time IoT systems. Applications that use machine learning are highly automated, self-modifying, and improve over time with little to no human intervention as they gather more data. A recent study found that 25% of employment worldwide rise predicted to be replaced by machine learning algorithms.

• Increasing Adoption of Artificial Intelligence (AI) Technologies – As per recent statistics, in 2030, there will be 21 billion AI instances, with 99% of those instances deployed on Internet of Things (IoT) devices, a nearly consistent percentage over the course of the estimate. The other device types, such as edge computing nodes, cloud, mobile devices, tablets, and PCs, will make up the remaining 99% of all AI deployments.

• Growing Use of Drones for Package Delivery – Use of Drone Technology for Medical Supply Delivery. As per NCBI statistics, every flight the drone completed successfully, returning to the starting location. If there was a primitive road, resupply by foot would take 5.1 hours at an average pace of 2.4 km/h and 61.35 minutes at an average speed of 12 km/h for a wheeled vehicle.

Challenges

• Lack of a Standardized Platform

• lack of Standardization Across Different IoTs Platforms

• Security Concerns Around Data Confidentiality and Integrity

The global IoT in the logistics market is segmented and analyzed for demand and supply by application into location management, inventory tracking & warehousing, fleet management, predictive analytics, blockchain for supply chain management, and self-driving vehicles. out of these, the location management segment is anticipated to hold the largest share over the forecast period involves locating goods on a physical or virtual warehouse floor. By using technology like RFID tags and sensors, warehouses can constantly track the whereabouts of all their inventory. This information can then be used to make better decisions regarding where products should be stored and how they should be transported. As per recent statistics, for RFID systems, several protocols have been proposed, including the query tree protocol, the binary tree protocol, and the frame-slotted aloha protocol. However, none of these protocols achieve the required efficiency because their identification efficiencies are less than 50%, which is unacceptable for commercial use.

Global IoT in Logistics Market Regional Synopsis

Regionally, the global IoT in the logistics market is studied in five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Amongst these markets, the market in the North America region is projected to hold the largest market share by the end of 2033, due to rising adoption rates among major enterprises. The adoption rate of IoT solutions in the logistics industry is also rising, with hundreds of startups entering the region's IoT scene as a result of the expanding internet penetration, including the 5G network, and expanding e-commerce opportunities. According to recent data, predictably for a technology superpower, the United States leads in the implementation of 5G, with up to 270 million Americans having access to these services.

Market Segmentation

Our in-depth analysis of the global IoT in the logistics market includes the following segments:

Key Companies Dominating the Global IoT in Logistics Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global IoT in the logistics market that is included in our report are IBM Corporation, Microsoft Corporation, Intel, SAP, FedEx Corporation, XPO Logistics, Cisco Systems, NC., Honeywell International Inc., AT & T Inc., Robert Bosch GmbH, and others.

Global IoT in Logistics Market: Latest Developments

• 15th March 2022: Microsoft Corp, - announced the general release of Azure Health Data Services and improvements to Microsoft Cloud for Healthcare as advancements in cloud technology for healthcare and life sciences.

• 21st June 2022: FedEx Corporation, - The last-mile delivery company from General Motors (GM), BrightDrop, has received its first 150 electric delivery vehicles, according to a statement from FedEx Corp.

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• The report covers a detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis, and challenges that impact market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessments for overall growth.

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Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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