How Is Adoption of IoT in Logistics a Reflection of Increasing Competition?

As per a report by P&S Intelligence, 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.

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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 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.