Rise in Adoption of Connected Devices and Growing E-commerce Industry to Proliferate IoT in Logistics Market | UnivDatos Market Insights
NOIDA, India, Sept. 28, 2022 /PRNewswire/ -- According to a new report published by UnivDatos Markets Insights, the IoT in Logistics Market was valued around USD 39 billion in 2020 and is expected to grow at a CAGR of around 13% from 2022-2028. The analysis has been segmented into Type (Hardware, Software, and Services); Application (Fleet Management, Inventory Tracking & Warehousing, Blockchain for Supply Chain Management, Location Management, and Others); Verticals (Aerospace & Defense, Retail, Food & Beverages, Automotive, Healthcare, and Others); Organization Type (Small and Medium Enterprise (SME) and Large Enterprise); Region/Country.
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The IoT in logistics market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the IoT in logistics market. The IoT in logistics market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the IoT in logistics market at the global and regional levels.
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Enterprises are willingly adopting IoT in logistics solutions for their regular logistics and supply chain operations to better serve their customers. The IoT in logistics market is growing rapidly because of the increasing requirement for digital fleet management which is cost-effective logistics and supply chain solutions across various industry verticals. Moreover, the increasing customer expectation, along with the measures to control the logistics cost, plays a vital role in shaping the future of the IoT in logistics market. Thus, the demand for IoT in logistics is growing due to the rapid expansion of the global e-commerce industry and the increasing need for enhancing efficiency in logistics companies.
The IoT in logistics Market is expected to grow at a steady rate of around 13% during the forecast period (2022-2028) owing to the increasing integration of ICT and IoT has provided the transportation and logistics industry, a new opportunity to automate equipment & infrastructure for improving the operational efficiency.
Some of the major players operating in the market include Amazon.com Inc., IBM Corporation, Intel Corporation, AT&T Inc., PTC Inc., Hexagon A, Eurotech S.p.A., Cisco System Inc., SAP SE, and Honeywell International Inc.
Due to travel limitations and the projected dismal financial performance of market players in 2020, the spread of the COVID-19 pandemic had hurt the IoT in logistics industry to some extent. The logistics chains are witnessed unusual and massive losses from the disruption caused by the COVID-19 pandemic. The shutdown of factories and scarcity of workforce to de-stuff cargo as well as drivers to operate trucks for cargo clearing has derailed the trade and smooth functioning of the logistics industry. However, digitization of core business activities such as fleet monitoring, documentation, seamless networks of communication, the management of revenue, and building digital foundations by modernizing systems in the COVID times has helped logistics companies to shorter innovation cycles, agility, and quick solution. Thus, adoption of advance systems and solutions increased during the analysis period.
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The global IoT in logistics market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
Have a Look at the Chapters - https://univdatos.com/report/iot-in-logistics-market/
IoT in logistics Market Geographical Segmentation Includes:
APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the swift urbanization and changing consumer behavior, majorly in India and China are driving the growth of the market. Moreover, IoT devices are also getting smaller, more affordable, and more potent, which makes them more customer-engaging and, consequently, more in demand in the area. The APAC region is expected to see an increase in the deployment of IoT solutions in the logistics industry as a result of these technical breakthroughs and expanding logistics activity. Moreover, proliferation of retail and logistics companies in many developing nations, along with the advancement of technology, has created a demand for IoT in logistics industry.
The major players targeting the market include
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the IoT in logistics market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
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IoT in logistics Market Report Coverage
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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