IoT in Logistics Market Worth by USD 84.9 billion by 2026

IoT

IoT

Summary – The global IoT in logistics market was valued at USD 24.6 billion in 2018 and is expected to reach USD 84.9 billion in 2026, growing at a CAGR of 16.4% during the forecast period.

IoT in logistics is defined as a network that interlinks various devices through embedded electronics, sensors, and internet connectivity. The global logistics industry is a multi-billion market. Integration of internet of things (IoT) into this sector is offering numerous benefits by assisting the companies to make critical strategy decisions, optimize various operations, minimize the production cost and reduce the inventory and raw material investments. Owing to the vast application field of logistic, it becomes difficult to track every operation in real-time conditions.

However, integrating the internet of things (IoT) into logistics operations made it possible to monitor every process in real-time, thus improving the overall supply chain. Cumulatively, all these factors are resulting in IoT in logistics market growth. On the other hand, the lack of skilled professionals, high initial cost, and government rules and regulations are impacting the growth of the IoT in logistics market.

Market Analysis by Segmentation

By Offering Hardware, Software, Service

By Organization Size SME, Large Scale

By Application Fleet, Warehouse, Freight, Yard/ Dock. Others

North America to dominate the IoT in logistics market throughout the forecast period

North America region is by far the largest contributor to the growth of global IoT in logistics market which contributed more than 34% market share globally in 2018 and further expected to enhance its market size during the forecast period. However, the Asia Pacific region is anticipated to showcase the highest growth rate during the forecast period owing to intensifying investments from global industry players.

Company Profiles and Competitive Intelligence:

The major players operating in the global IoT in logistics market are Cisco Systems Inc. (US), Octonion SA (US), Kaa IoT Technologies, LLC (US), NEC Corporation (US), Honeywell International (US), Novire Technologies (US), SAP SE (US), Intel Corporation (US), Oracle Corporation (US), Bosch Software Innovations GmbH (Germany), Rockwell Automation, Inc. (US), and Amazon Web Services (US) among others.

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