Internet of Things in Logistics Market – Key Business Opportunities Along With Potential Challenges
The global Internet of Things in logistics market is anticipated to be driven by increase in cost pressure and rise in demand for automation of processes. The logistics industry has adopted IoT solutions at a slow pace than other industries. Hence, automation of business processes drives the Internet of Things (IoT) in logistics market.
Furthermore, automation is happening in all industries, and the benefits are groundbreaking for enterprises, with higher productivity, better consumer awareness, and innovative business models. However, customers have to make substantial investments and experience high maintenance costs which are restraints of the market. The global IoT in logistics market is anticipated to reach US$ 63,728.6 Mn by 2026 at a CAGR of 12.4% during the forecast period.
Based on solutions, the global IoT in logistics market has been segmented in terms of software, hardware, organization size, application, and region. The hardware segment dominated the global market in 2017. Hardware enables users to optimize their applications on branded, reliable, and customized hardware. In terms of organization size, large sized organizations held a prominent market share in 2017 and are expected to continue to dominate the market during the forecast period.
North America led the global IoT in logistics market, accounting for considerable share in 2017.The U.S. is the major market for logistics solutions in the region. IoT based logistics solutions are also becoming popular in Canada and Rest of North America. The IoT in logistics market in Europe, Asia Pacific, Middle East & Africa, and South America is expected to expand at a rapid pace during the forecast period.
Get an exclusive sample of this report @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=46158
The global Internet of Things (IoT) in logistics market has been segmented as below:
Global Internet of Things (IoT) in Logistics Market, by Hardware
- RFID Tags
- Others (Camera, Networking Hardware)
Global Internet of Things (IoT) in Logistics Market, by Software
- Traffic and Fleet Management
- Resource and Energy Monitoring
- Safety and Security
- Others (Operations Management, Data Analysis)
Global Internet of Things (IoT) in Logistics Market, by Organization Size
- Small-Mid-sized Organization
- Large sized Organization
Global Internet of Things (IoT) in Logistics Market, by Application
- Yard/ Dock