The global IoT spend by logistics industry market is estimated at US$ 35.2 Billion in 2021 and is projected to reach US$ 39.6 Billion by 2022. The market is expected to reach US$ 114.7 Billion by 2032 while recording a CAGR of 11.2% during the forecast period from 2022 to 2032. With the ever increasing volume of domestic and foreign trade, industries are investing in technologically advanced logistics solutions to reduce downtime and ensure safe and fast delivery of goods and services.
During the historical period ranging from 2016 to 2021, IoT spend by the logistics industry experienced an impressive increase at a CAGR of 12%. During the said historical period, the industry experienced a dollar opportunity worth more than US$ 75 Billion. By the end of 2022, the market is poised to reach a valuation of US$ 39.6 Billion.
With IoT, logistics management becomes a holistic process, allowing data from sensors to be collected and presented in an organized, concise manner. Planning and budgeting are improved by real-time delivery and inventory monitoring. IoT logistics applications provide detailed data that allows managers to identify inefficiencies early in the logistics process, reduce waste, and always stay on top of the logistics process.
Key Takeaways from the Market Report
● The global IoT spend by logistics industry market is expected to expand nearly 3x until 2032
● By component, IoT logistics spend hardware to expand at a CAGR of 11% during the forecast period
● The U.S. market is projected to grow at a CAGR of 11.1% over the forecast period, reaching US$ 19.7 Billion.
● India is estimated to grow at a 13% CAGR during the forecast period.
● U.K is expected to reach a CAGR of 12.1% during the forecast period between 2022 and 2032.
“Adoption of new solutions, cloud-based management and growing numbers of autonomous vehicles on demand will play a key role for IoT spend by logistics in the market’s future,” remarks an analyst at FMI.
Key Players that have been profiled in the report are Amazon Web Services, BICS SA/NV, Bosch Software Innovations GmbH, Cisco Systems Inc., Honeywell International, Intel Corporation, IBM Corporation, Kaa IoT Technologies, LLC., NEC Corporation, Novire Technologies, Octonion SA, Oracle Corporation, PTC Inc., Rockwell Automation, Inc. and SAP SE. Innovative products and technologies will allow customers to benefit from new technologies.
● In October 2021, DB Schenker was announced as the winner of the Cisco 2021 Excellence in Global Logistics award. As part of Cisco’s annual Supplier Appreciation Event (SAE), the brand revealed the award winners. For the second year in a row, the 30th anniversary of SAE was virtually broadcast on Cisco TV on September 14, 2021. It recognizes DB Schenker for providing Cisco with collaborative solutions that enhance Cisco’s business strategies and for demonstrating excellence in operating performance, innovation, and collaboration.
● A new feature will be added to Oracle Fusion Cloud Supply Chain & Manufacturing (SCM) in February 2022. This will help organizations become more efficient in their global supply chains. By updating Oracle Fusion Cloud Transportation Management and Oracle Fusion Cloud Global Trade Management, organizations can improve customer experiences, reduce costs, and be more flexible during disruptions in business.
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