Economic impact of the COVID-19 pandemic: Internet of Things (IoT) in Logistics
Posted by anna on July 21st, 2020
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
Digitalization of Business Processes to Drive Market
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.
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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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