The worldwide IoT supply chain market is anticipated to be worth $41.8 billion by 2033. It is expected to be valued at more than $12.4 billion by 2023. The worldwide market is estimated to increase at a 12.9% CAGR between 2023 and 2033.
Several factors contribute to the growing need for Internet of Things (IoT) in the supply chain business. IoT devices provide real-time tracking and monitoring of commodities across the supply chain. It is likely to be widely utilized for obtaining precise and timely information on their whereabouts, health, and status.
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IoT adoption is anticipated among supply chain managers who want to improve visibility and control over their operations. Additionally, it can aid in maximizing inventory control, lowering losses, and boosting productivity. Demand would be further boosted by IoT technology’s ability to provide predictive maintenance of important machinery and equipment in the supply chain.
Vehicles, storage spaces, and industrial plants are a few of these. Potential failures or performance issues can be discovered in advance, allowing for preventive maintenance and reducing downtime, by gathering and analyzing data from IoT sensors implanted in these assets. By 2033, it is expected to make IoT in supply chains more popular.
IoT-enabled supply chain solutions would make it easier for different process participants to communicate and integrate with one another. Suppliers, producers, distributors, and retailers are a few among them.
The connection can facilitate quicker decision-making, improve collaboration, and expedite procedures. Improved coordination and reactivity within the supply chain ecosystem are anticipated as a result of these qualities.
Key Takeaways from IoT in Supply Chain Market Study:
- The global IoT in supply chain industry showcased an astonishing CAGR of 5% from 2018 to 2022.
- The United States IoT in supply chain industry is expected to be worth US$ 8.4 billion by 2033.
- The United Kingdom IoT in supply chain industry is expected to surge at a CAGR of 5% from 2023 to 2033.
- China IoT in supply chain industry is expected to surpass a value of US$ 10.4 billion by 2033.
- The hardware segment by component is projected to surge at a CAGR of 7% from 2023 to 2033.
Competitive Landscape
Several well-known technology giants are active in the IoT market and provide complete IoT supply chain solutions. IoT platforms, cloud infrastructure, and analytics tools are all provided by organizations such as IBM, Microsoft, and Oracle. They are frequently positioned as leading players in the competitive environment thanks to their extensive network of market relationships and solid customer base.
On the market, there are specialized IoT solution providers who concentrate solely on the supply chain sector. For example, IoT-enabled tracking and monitoring systems designed for supply chain operations are offered by Savi Technology and Roambee.
They offer the hardware, connectivity, and software platforms needed for supply chain process improvement, real-time visibility, and predictive analytics. These individuals frequently have extensive domain knowledge and a thorough understanding of the unique requirements and problems of supply chain management.
Key Players
- Cisco Systems Inc.
- SAP SE
- Intel Corporation
- Huawei Technologies Co. Ltd
- Amazon Web services
For instance,
- Siemens and Amazon Web Services (AWS) announced a partnership to integrate Siemens’ MindSphere with AWS IoT services in November 2021. Through this agreement, industrial customers would be able to utilize IoT data from their supply chains. Additionally, they have the ability to use machine learning and advanced analytics.
Get More Valuable Insights into IoT in Supply Chain Market
Future Market Insights (FMI), in its new offering, presents an unbiased analysis of the IoT in supply chain market presenting historical data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study reveals segments in the IoT in supply chain industry. It is segmented into a component (hardware, software, and services), application (inventory & warehouse management, fleet & transportation management, demand & supply planning, cold chain management, track & trace, and predictive maintenance), end user (manufacturing, retail & e-commerce, healthcare & pharmaceuticals, automotive, aerospace & defense, and food & beverage), and region.
IoT in Supply Chain Market Outlook by Category
By Component:
- Hardware
- Software
- Services
By Application:
- Inventory and Warehouse Management
- Fleet and Transportation Management
- Demand and Supply Planning
- Cold Chain Management
- Track and Trace
- Predictive Maintenance
By End User:
- Manufacturing
- Retail and E-commerce
- Healthcare & Pharmaceuticals
- Automotive
- Aerospace & Defense
- Food & Beverage
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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