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IoT in Logistics Market to Generate Revenue Worth $100,984.5 Million by 2030

IoT in Logistics Market to Generate Revenue Worth $100,984.5 Million by 2030

Published: June 2020

The rising demand for increasing the logistics efficiency across the world, coupled with the growth in the e-commerce industry, is the key factor resulting in the growth of the global IoT in logistics market. The market is projected to generate $100,984.5 million revenue by 2030, witnessing a CAGR of 13.2% during the forecast period (2020–2030).

However, the ongoing COVID-19 pandemic around the world is projected to have a strong impact on diverse spectrums of the society, the logistics sector being no exception. All COVID-19-affected countries around the world took the measure to lock down their industrial operations around March 2019, in order to implement social distancing, to curb the transmission of the pathogen. This has led to a disruption in the supply chain, labor shortage, as well as inconsistency in different logistics activities. Thus, the hindrance in the logistics industry across the world is, in turn, expected to adversely impact the growth of the IoT in logistics market, temporarily.

Blockchain for Supply Chain Management To Observe Fastest Growth in Market during Forecast Period

Based on application, the IoT in logistics market is classified into location management, inventory tracking and warehousing, fleet management, predictive analytics, blockchain for supply chain management, self-driving vehicles, and others. Among them, the blockchain for supply chain management category is expected to advance with the highest growth rate during the forecast period. This is because the blockchain, when used for supply chain management, has the potential to replace traditional processes using distributed ledger technology, which would make logistics operations ethical and sustainable.

On the basis of vertical, the IoT in logistics market is categorized into automotive, retail, food & beverage, real estate, healthcare, oil & gas, aerospace & defense, and others. Out of these, retail was the largest category in the market during the historical period (2014–2019). This is attributed to the massive need for technological advancements in logistics services among e-commerce companies, in order to keep up with the increasing demand for such services.

Geographically, North America was the leading IoT in logistics market throughout the historical period. This is because the region is home to some of the biggest retail companies, such as Walmart Inc. and Amazon.com Inc., which are in a persistent need for efficient logistics services, thus creating a great demand for IoT solutions, for enhancing their operational efficiency. Asia-Pacific (APAC) is projected to be the fastest-growing region in the market during the forecast period. This can be attributed to the fact that the region is home to some of the most populous countries in the world, such as China and India, which constitute a massive consumer base for the logistics market. Moreover, most of the countries in the region are developing nations, which results in an increasing disposable income. All these factors make the region a lustrous market for IoT solutions designed for the logistics industry.

Partnership Is Strongest Measure Taken by Market Players

Players in the global IoT in logistics market are engaging in partnerships with each other, to improve their market presence. For instance, in November 2019, AT&T Inc. entered into a partnership with Nokia Corp. to develop a new innovation studio in Munich, Germany, in order to support the growing adoption of current and next-generation IoT solutions.

Browse report overview with detailed TOC on "IoT in Logistics Market Research Report: By Application (Location Management, Inventory Tracking and Warehousing, Fleet Management, Predictive Analytics, Blockchain for Supply Chain Management, Self-Driving Vehicles) Mode of Transport (Roadway, Railway, Airway, Waterway), Technology (Cellular network , LAN, LPWAN), Organization Type (SME, Large Enterprise), Vertical (Automotive, Retail, Food &Beverage, Real Estate, Healthcare, Oil &Gas, Aerospace &Defense) - Global Industry Analysis and Growth Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/iot-in-logistic-industry

Similarly, in April 2019, Adesto Technologies Corp., IBM Corp., and NXP Semiconductors NV entered into a partnership to develop a powerful solution that would provide better security for smart building and logistics IoT deployments. Under the partnership, IBM Corp.’s IoT platform was used, along with Adesto Technologies Corp.’s IoT edge server and NXP Semiconductors NV’s ready-to-use A71CH secure element for IoT devices.

Some of the major players operating in the IoT in logistics market are Cisco Systems Inc., Robert Bosch GmbH, IBM Corp., Honeywell International Inc., AT&T Inc., Qualcomm Inc., Intel Corp., Microsoft Corp., SAP SE, and Oracle Corp.