IoT in Logistics Market: Current Analysis and Forecast (2022-2028)

Global IoT in logistics Market is expected to grow at a significant rate of around 13% during the forecast period. An IoT in logistics is growing rapidly due to the proliferation of wireless technologies, expanding e-commerce industry around the world coupled with the increase in the demand for more-efficient logistics operations. Moreover, the emergence of advanced technology solutions such as drones, robots, and self-driving cars has increased the demand for advanced wireless communication solutions. Furthermore, IoT hardware such as RFID chips, sensors and chipsets are becoming more affordable and delivery efficient results, thus, driving the market growth. For instance, In May 2021, Amazon expanded its logistics integration, intending to reshape the future of the industry. According to the company, it plans to invest an additional 80% of its capital in logistics-related operations, including investments for its fleets of vans, pilots, and trucks, as well as for its warehouses, with the aim of becoming its own end-to-end logistics operator, which could turn out to be an enormous coup for both private courier companies and national mail services across a number of countries.

Amazon.com Inc., IBM Corporation, Intel Corporation, AT&T Inc., PTC Inc., Hexagon A, Eurotech S.p.A., Cisco System Inc., SAP SE, Honeywell International Inc. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report:

"Amongst type, services category to witness significant CAGR during the forecast period"

Based on type, the market is segmented into hardware, software, and services. Services category to witness significant CAGR during the forecast period. Marketplace services are aimed at enabling intelligent and coordinated decision-making processes and using efficient tools and techniques to mitigate the risks and vulnerabilities of the Internet of Things (IoT) in logistics. Additionally, these services enhance data management techniques and help meet the end-to-end needs of any industry.

"Amongst application, the fleet management to hold a significant share in the market in 2020"

On the basis of application, the market is categorized into fleet management, inventory tracking & warehousing, blockchain for supply chain management, location management, and others. Among these, fleet management to hold a significant share in the market in 2020. This is mainly due to it provides real-time fleet visibility. In addition, Fleet management improves driver safety, prevents driver fraud, extends vehicle lifespan, and enables logistics organizations to manage fuel and maintenance costs more effectively.

"Amongst verticals, the retail to hold a significant share in the market in 2020"

Based on verticals, the market is segmented into aerospace & defense, retail, food & beverages, automotive, healthcare, and others. The retail category to witness significant CAGR during the forecast period. With the use of IoT as a component of both retail management and warehouse technology, shrinkage, and inventory tracking will be reduced, and warehouse automation will provide multiple benefits. For instance, in September 2022, Honeywell and Internet of Things Technologies Company (IoT-squared), signed a Memorandum of Understanding (MoU) that aims to advance the fields of sustainable cities, logistics platforms and technologies that drive digitalization in Saudi Arabia

"APAC to hold a significant share in the market"

In 2020, APAC held a significant share of the global ATV market. This is mainly due to the swift urbanization and changing consumer behavior, majorly in India and China are driving the growth of the market. Moreover, IoT devices are also getting smaller, more affordable, and more potent, which makes them more customer-engaging and, consequently, more in demand in the area. The APAC region is expected to see an increase in the deployment of IoT solutions in the logistics industry as a result of these technical breakthroughs and expanding logistics activity. For instance, in September 2021, the Indian government approved a PLI scheme worth USD 3.5 billion for the auto industry and drone industry to boost India's manufacturing capabilities. Moreover, proliferation of retail and logistics companies in many developing nations, along with the advancement of technology, has created a demand for IoT in logistics industry.  

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Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.

The study comprehensively covers the market across different segments.

Deep dive regional level analysis of the industry.

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