Internet of Things (IoT) in Logistics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2026
Albany, NY -- (SBWIRE) -- 07/09/2018 -- Internet of Things (IoT) in logistics is an integrated and hardware-agnostic architecture that connects all smart devices such as sensors, vehicles, and equipment. Internet of Things (IoT) solutions allow the achievement of high levels of operational efficiency with respect to cargo integrity monitoring, fleet management, and automated warehouse operations. This results in improvement in the overall operational efficiency of the logistics industry. Internet of Things (IoT) solutions save all the generated data of the operations and performances in the logistics industry.
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This data is later used by enterprises to analyze the overall performance and make tweaks to improve safety, security, and productivity. Internet of Things (IoT) solutions are beneficial to carry out efficient supply chain operations in the logistics market. Internet of Things (IoT) hardware, such as sensors, devices, and radio-frequency identification (RFID) tags, enables warehouse managers to know the exact location and progress of any product at any time. Additionally, investment in Internet of Things (IoT) solutions helps reduce the cost of manual labor and increase accuracy. The Internet of Things (IoT) in logistics industry offers an opportunity to maintain unparalleled visibility into inventory and supply chains to retailers. Many companies are employing these solutions to create smart warehouses.
A factor driving the global Internet of Things (IoT) in logistics market is increase in demand for smarter supply chain operations. Marketers are looking for smart and fast automation techniques to cater to increasing demand from end-users. Therefore, they are adopting Internet of Things (IoT) in logistics solutions for managing supply chain-related operations. Moreover, Internet of Things (IoT) in logistics solutions are economical. Automation and self-service are presently the most important dynamics in the logistics sector. Rise in demand for them is expected to drive the Internet of Things (IoT) in logistics market during the forecast period. However, the high initial cost required for setting up operations is likely to hamper the market. Increase in production efficiency and cost reduction due to automation are projected to offer moderate expansion opportunities to the Internet of Things (IoT) in logistics market.
The global Internet of Things (IoT) in logistics market can be categorized based on component, technology, and geography. Based on component, the global Internet of Things (IoT) in logistics market can be segmented into hardware, software, and services. The hardware segment can be further divided into cameras, sensors, screen/display, networking hardware, positioning hardware, and others. The software segment can be further classified into traffic management, advanced driver assistance, logistics and fleet solutions, and others. The services segment can be further split into support services,maintenance and management services, installation and integration services, and others. In terms of technology the market can be categorized into Wi-Fi, Zigbee, RFID Bluetooth, and near field communication (NFC).
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Based on geography, the Internet of Things (IoT) in logistics market can be segmented into North America, South America, Europe, Asia Pacific, and Middle East & Africa. The adoption of Internet of Things (IoT) in logistics software by organizations across North America and Europe is increasing, primarily due to a rise in emphasis on automation and cost reduction in the logistics industry. Asia Pacific is an attractive region of the Internet of Things (IoT) in logistics market. This is due to an increase in inclination toward portable electronic gadgets, smart devices, and connected consumer electronics in countries such as India, China, etc.
The global Internet of Things (IoT) in logistics market is highly competitive due to the presence of established IT vendors. The key players in the market are focusing on improving their services and solutions through innovations and investing high amounts in research and development.
Major players in the global Internet of Things (IoT) in logistics market include Cisco Systems, Inc., KaaIoT Technologies, LLC, Octonion SA, Honeywell International Inc., Novire Technologies, Intel Corporation, Oracle Corporation, Microsoft Corporation, SAP SE, International Business Machine (IBM) Corporation, Google Inc., Amazon Web Services Inc., PTC Inc., Hewlett Packard Enterprise, and Bosch Software Innovation GmbH.