The Internet of Things (IoT) is a network which connects objects via embedded electronics, sensors, and network connectivity. The IoT in logistics market is a multibillion market. It is helping the companies to take critical business decisions, optimize the production, reduce the production cost and minimize the raw material cost. The real time monitoring of the logistics operations and improved supply chain are few of the factors which are driving the market. Still, the lack of skilled labour, high cost, and vigilant government rules and regulations are impacting the growth of the market.
Currently, the industry verticals such as aerospace & defense, retail, food & beverages, healthcare and the automotive have started adopting IoT solutions for their logistics operations. In order to track the floor activities and transport activities, the companies are utilizing the connectivity technologies. Some of the technologies which are being used are cellular network technologies (2G, 3G, 4G), Wi-Fi, Bluetooth, GPS, GPRS, NFC and RFID. The companies are also utilizing the IoT technology for fleet management and tracking and monitoring applications.
“Worldwide IoT in Logistics” Market will grow at an estimated CAGR of 35.5% during the forecast period 2016–2022. At present, North America is leading the market, and Asia Pacific is one of the fastest growing regions. Some of the key players covered in the report are IBM Corporation, Microsoft Corporation, Intel, SAP, FedEx Corporation, XPO Logistics and Cisco Systems, NC. The research report provides a comprehensive review of technologies, services, solutions and end-users. The report will also cover the market in terms of trends, regions and vendor assessment.
The study covers and analyzes the “Worldwide IoT in Logistics” market. Bringing out the complete key insights of the industry, the report aims to provide an opportunity for players to understand the latest trends, current market scenario, government initiatives, and technologies related to the market. In addition, helps the venture capitalist in understanding the companies better and take informed decisions.
The Internet of Things (IoT) refers to the networking of physical objects through the use of embedded sensors, actuators, and other devices that can collect or transmit information about the objects. The IoT in logistics is a niche market. The market has started witnessing growth since 2010. The companies have started investing in the IT solutions for improving the visibility of the logistics operations, bringing more transparency to the logistics operations. With the help of the IoT solutions, companies are able to automate their logistics operations such as automatic inventory update, demand analysis, and fleet management. The IoT solutions are being used in the overall logistics process, i.e. inbound, internal and external logistics. The IoT solutions are helping in easy traceability and monitoring of the processes in the shop floor and also, helps in the fleet management.
By 2018, it is expected that, globally, about 25% of the players will be utilizing IoT based solutions such as demand-sensing and short-term response planning technologies in their logistics chains. At present, the companies are investing in the route optimization solutions which helps them to reduce their carbon footprint and reducing fuel requirements. In other words, helps in optimizing the business processes. The perishable industry such as food & beverage, healthcare and chemicals companies are investing a lot on the sensor enabled temperature control solutions. The industry is utilizing the sensor technology to track the flow of the products in the plant and for temperature monitoring. The IoT technology is helping the industry in tracking the employee performance, stock and warehouse management. The IoT solutions are also helping in route and product delivery planning to the enterprises that are not possible in the traditional systems.
The “Worldwide IoT in Logistics” market is expected to reach $1,050.95 billion by 2022, growing at an estimated CAGR of 35.5% during the forecast period 2016–2022.
Americas-US,Canada,Brazil, Western Europe-UK,France,Germany, Asia Pacific,Eastern Europe,Middle East and Africa (EEMEA).