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.
Obsolete systems and
labor-intensive processes create more challenges and complexities,
slowing the operations and hindering the ability of industries to
increase revenue. These manual tasks can result in significant
inefficiencies and productivity losses for businesses. The transport
management system which includes vehicle management, driver
management, and operations management is globally expected to rise at
a CAGR of 10.1% over the forecast period. This shows that the
logistics industry is trying to form a complete digital, flexible,
and connected supply chain optimized for e-commerce and last-mile,
last-minute delivery.
With the deployment of advanced
technology, digitalization has witnessed increased adoption across
the transportation and logistics industry. Germany-based logistics
company Kuehne + Nagel deployed a logistics control tower to make the
most of cost competences, while abiding to time constraints and
observing standards in security and documentation. The tower uses
transportation management software and order management software to
exchange data amongst carriers, service providers, and senders &
receivers of goods.
Global Internet of Things
(IoT) in Logistics Market: Scope of the Report
Based on solutions, the global IoT
in logistics market has been segmented in terms of software,
hardware, organization size, application, and region. The hardware
segment dominated the global market in 2017. Hardware enables users
to optimize their applications on branded, reliable, and customized
hardware. In terms of organization size, large sized organizations
held a prominent market share in 2017 and are expected to continue to
dominate the market during the forecast period.
North America led the global IoT
in logistics market, accounting for considerable share in 2017.The
U.S. is the major market for logistics solutions in the region. IoT
based logistics solutions are also becoming popular in Canada and
Rest of North America. The IoT in logistics market in Europe, Asia
Pacific, Middle East & Africa, and South America is expected to
expand at a rapid pace during the forecast period.
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