IoT in Logistics Market Research Report: By Application (Location Management, Inventory Tracking and Warehousing, Fleet Management, Predictive Analytics, Blockchain for Supply Chain Management, Self-Driving Vehicles), Mode of Transport (Roadway, Railway, Airway, Waterway), Technology (Cellular network , LAN, LPWAN), Organization Type (SME, Large Enterprise), Vertical (Automotive, Retail, Food & Beverage, Real Estate, Healthcare, Oil & Gas, Aerospace & Defense) - Global Industry Analysis and Growth Forecast to 2030
New York, Nov. 05, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "IoT in Logistics Market Research Report: By Application, Mode of Transport, Technology, Organization Type, Vertical - Global Industry Analysis and Growth Forecast to 2030" - https://www.reportlinker.com/p05982416/?utm_source=GNW
As per a report , the global internet of things (IoT) in logistics market is projected to advance robustly at a 13.2% CAGR during the forecast period (2020–2030). The market attained a value of $34,504.8 million in 2019, which is predicted to rise to $100,984.5 million by 2030. The growth of the domain is dependent upon the expansion of the e-commerce industry across the globe and rising demand for increased efficiency in logistics operations. Considering mode of transport, the market is categorized into waterway, roadway, airway, and railway.
Out of these, the roadway category held the largest share of the IoT in logistics market in the past, and the category is also predicted to dominate the market during the forecast period. This is owing to the fact that about 80% of the total logistics activities in the U.S., which is a major revenue generator for the industry, are carried out through roadways. In addition to this, 88% of the total logistics activities in the European region are also carried out through roadways, thereby leading to the growth of the category.
In terms of application, the IoT in logistics market is divided into self-driving vehicles, location management, blockchain for supply chain management, location management, predictive analysis, inventory tracking and warehousing, and fleet management. Out of all these, the fleet management division contributed the largest revenue to the market during the historical period (2014–2019), owing to the fact that this application allows logistics enterprises to manage maintenance and fuel costs in a more efficient manner, improves driver safety, enables real-time visibility of the fleet, increases vehicle reliability and lifespan, and eliminates driver frauds.
Geographically, the IoT in logistics market was dominated by North America during the historical period, and the region is further projected to account for the largest revenue share of the market during the forecast period as well. The rapid digital transformation in the region has been positively affecting the growth of the domain in the region. The Asia-Pacific region is expected to advance at the fastest pace during the forecast period due to the swift urbanization and changing consumer behavior, majorly in India and China.
The swift expansion of the e-commerce industry is contributing significantly to the growth of the market. The e-commerce industry accounted for 16.5% of the total retail sales in 2019, and it is expected that the sales of the industry will reach approximately 17% of all retail sales by 2021 across the globe. This can be attributed to the changing behavior of customers, who are now widely demanding free and fast shipping, along with competitive prices. Therefore, in order to cope with this situation various companies are incorporating IoT solutions in their logistics activities.
The IoT in logistics market is further growing due to the fact that IoT solutions improve the efficiency of logistics operations. Efficient management of warehousing and inventory, quick delivery of goods, internal business processes automation, quality of goods, and safe storage determine the success of any logistics company. In order to accomplish these aspects, several companies are widely making use of advanced solutions, such as IoT, the logistics industry.
In conclusion, the demand for IoT in logistics is growing due to the rapid expansion of the global e-commerce industry and increasing need for enhancing efficiency in logistics companies.
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