Internet of Things (IoT) in Logistics Market to Reach US$ 63,728.6 Mn by 2026:

Internet of Things (IoT) in Logistics Market

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.

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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.

IoT solutions are being implemented globally across all industries, and the benefits are huge for enterprises, for instance, greater consumer awareness, higher productivity, and innovative business models. In the current era of digital transformation, all industries are taking technological advantage by investing in IoT solutions for their input, processing, and output competences, throughout the business ecosystem.

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Growth in e-commerce and quick delivery of goods to attain competitive advantage has led to high demand for IoT solutions in the logistics market. Additionally, increase in the number of internet users along with rising popularity of social media platforms has contributed to the rise in awareness of IoTsolutions.

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.

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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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