The Future Market Insights estimates that the IoT spend by logistics market size is estimated to be at US$ 50.26 million in 2024, and the IoT integration in logistics operations is anticipated to reach US$ 189.62 million by 2034. This projection highlights the rapid maturation of IoT in the logistics sector. The Internet of Things (IoT) in the logistics market is anticipated to register a CAGR of 14.2% from 2024 to 2034. Technical breakthroughs are enabling the logistics business to undergo rapid transformation and expansion, with the Internet of Things (IoT) at the forefront.
The advent of modern technologies has allowed digitalization to spread throughout the logistics and transportation industries. However, it is necessary to acknowledge the challenges that could impede the expansion of the global IoT in the logistics sector, such as stringent government rules and regulations, a shortage of skilled labor, and high expenditures.
Smart cities, eCommerce, and increasing sensor deployment across verticals are fuelling market development. Additionally, the industry is changing significantly because of digitization and evolving consumer expectations. Investment in IoT technology has surged owing to government restrictions in the period of global lockdowns due to the pandemic.
Over the decade that follows, the Internet of Things is projected to reinvent the logistics sector profoundly. Businesses are going to reap additional advantages from the IoT technology, which are going to reduce device prices, enhance wireless network performance, and increase data transfer capabilities.
As demand increases, supply chain transparency and efficiency are envisioned to become essential. Full visibility is foreseen to advance fleet efficiency and reduce operation costs, making cargo moving safer and more efficient. The recent slump in oil prices has improved profitability for logistics businesses.
“In the logistics sector, the term “Internet of Things” (IoT) designates a fully digital, flexible, and networked supply chain ideal for last-mile delivery, eCommerce, and impulsive purchases. Self-driving cars, drone deliveries, location management systems, inventory tracking and warehousing, predictive analysis, and blockchain for supply chain management are a few examples of IoT integration in logistics,” says an analyst of Future Market Insights.
Key Takeaways from the IoT Spend by Logistics Market Report
- The IoT spend by the logistics industry in Australia is projected to experience a CAGR of 7% through 2034.
- Germany’s IoT spend by the logistics market is estimated to demonstrate a CAGR of 7% by 2034.
- The IoT spend by the logistics industry in the United States is anticipated to see a CAGR of 3% from 2024 to 2034.
- China’s IoT spend by the logistics industry is projected to showcase a CAGR of 7% through 2034.
- The IoT spend by logistics market in Japan is anticipated to display a CAGR of 5% by 2034.
Competitive Analysis of the IoT Spend by Logistics Sector
The logistics sector is projected to boost its spending on IoT since regional and international transactions are predicted to grow over the ensuing decade. Businesses in the supply chain and logistics industries are coming up with a number of marketing techniques, including joint ventures, integrating cutting-edge IoT technology, mergers, and acquisitions.
Large players in supply chain and logistics are primarily working with up-and-coming digital firms to create innovative solutions that are anticipated to improve the supply chain and logistics environment.
The growth of IoT integration in the supply chain and logistics industries is also significantly influenced by the rise of the eCommerce industry. For new participants in the dynamic ecosystem, the industry is envisioned to offer profitable prospects.
Recent Developments in the IoT Spend by Logistics Industry
- According to HERE Technologies research published in May 2023, logistics management is still difficult for Indian logistics organizations, even in the face of the epidemic. The report emphasizes that, in spite of the incentives to increase consumer and financial advantages, real-time end-to-end supply chain visibility is necessary.
- With a Chair in Trusted Retail and Logistics Innovation, Cisco and the Queensland University of Technology joined together in March 2022 to create a research program in retail, supply chain, consumer behavior, data privacy, and cyber security.
Key Companies in the IoT Spend by Logistics Market
- Amazon Web Services
- BICS SA/NV
- Bosch Software Innovations GmbH
- Cisco Systems Inc.
- Honeywell International
- Intel Corporation
- IBM Corporation
- Kaa IoT Technologies, LLC.
- NEC Corporation
- Novire Technologies
- Octonion SA
- Oracle Corporation
- PTC Inc.
- Rockwell Automation, Inc.
- SAP SE
Key Segments
By Component:
The IoT integration in the logistics industry is bifurcated into IoT logistics spend software and IoT logistics spend hardware. Further, the software segment is branched into traffic and fleet management, resource and energy monitoring, safety and security, and other software such as operations management and data analysis.
Along with that, the hardware segment is cleft into RFID tags, beacons, screen or display, and other components such as camera and networking hardware.
By Organization Size:
The industry is dichotomized between IoT logistics spending for small and medium-sized organizations, as well as IoT Logistics spending for large-sized organizations.
By Region:
The industry is examined across key regions including North America, Latin America, Europe, East Asia, South Asia, Oceania, as well as Middle East and Africa.
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