According to a new market report on the Internet of Things (IoT) in logistics market published by Transparency Market Research, the global Internet of Things (IoT) in logistics market is projected to reach US$ 63,728.6 Mn by 2026 driven by exponential rise in IoT applications in logistics. The market is projected to expand at a CAGR of 12.4% during the forecast period from 2018 to 2026.
Growth of the market is attributed to rise in demand for IoT in logistics and increase in adoption of cloud-based deployment models to offer quality service to customers. North America is anticipated to lead the global Internet of Things (IoT) in logistics market, followed by Asia Pacific, Europe, Middle East & Africa, and South America, during the forecast period. The IoT in logistics market is in a nascent stage and is anticipated to expand rapidly in the next few years.
The global Internet of Things (IoT) in logistics market is anticipated to be driven by increase in cost pressure and rise in demand for automation of processes. The logistics industry has adopted IoT solutions at a slow pace than other industries. Hence, automation of business processes drives the Internet of Things (IoT) in logistics market.
Furthermore, automation is happening in all industries, and the benefits are groundbreaking for enterprises, with higher productivity, better consumer awareness, and innovative business models. However, customers have to make substantial investments and experience high maintenance costs which are restraints of the market. The global IoT in logistics market is anticipated to reach US$ 63,728.6 Mn by 2026 at a CAGR of 12.4% during the forecast period.
Logistics companies invest in automation to increase efficiency, speed, and optimization & timing of the services, thus increasing revenue and customer satisfaction. From a range of rapid high-tech evolutions and in a progressively digital environment where automationis affecting the entire industry, most of the board members of transport & logistics companies appreciate IoT solutions (tooptimize production,engage with customers, and operations) as key areas ofinvestment.
The global Internet of Things (IoT) in logistics market has been segmented on the basis of software, hardware, organization size, application, and region. In terms of software, the market has been classified into traffic and fleet management, resource and energy monitoring, safety and security, and others. The hardware segment has been categorized into RFID tags, beacon, screen/display, and others.
Organization size segment has been divided into small-mid-sized organizations and large sized organizations. Application segment has been classified into fleet, warehouse, freight, and yard/ dock. Regional segmentation comprises North America, Europe, Asia Pacific, Middle East & Africa, and South America.
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In terms of region, North America is projected to lead the global Internet of Things (IoT) in logistics market during the forecast period. Internet of Things requires active and flexible IT support, which is available in majority of companies of this region.
North America dominates the global IoT in logistics market primarily due to increase in adoption of logistics solutions. The Asia Pacific IoT in logistics market is anticipated to grow at a rapid pace due to rising use of internet and increasing digitization. Furthermore, the market in Europe, Middle East & Africa, and South America is expected to witness strong growth during the forecast period.