The global IoT-powered logistics market was valued at USD 42.3 billion in 2023, growing at a CAGR of 13.2% from 2024 to 2033. The market is expected to reach USD 146.1 billion by 2033. One of the main factors propelling the IoT in the logistics industry is its ability to increase the efficiency of logistics operations. The success of any logistics company is determined by the effective management of inventory and warehousing, internal business process automation, timely delivery of goods, safe storage, and quality of goods.
Through integrating Internet of Things (IoT) technology, lot-powered logistics transforms the conventional supply chain model, improving visibility, efficiency, and decision-making. This cutting-edge method integrates smart sensors and devices into every facet of the logistics process, from warehouse infrastructure to vehicles. These networked devices gather data in real-time about the location, state, and status of assets and items along the supply chain in logistics powered by the Internet of Things. After being transferred and analysed in a centralised system, this data offers stakeholders priceless insights into the logistical processes. To ensure the integrity of perishable goods during transit, shipping containers are equipped with sensors that can monitor various environmental conditions such as temperature and humidity. IoT significantly impacts logistics, providing advantages including better inventory management, optimised routes, and preventative maintenance for equipment and cars. The Internet of Things (IoT) holds great potential for logistics operators, corporate clients, and end-users. It benefits new business models, customer experience, safety and security, and operational efficiency. These benefits are offered at every stage of the logistics value chain, including last-mile delivery, freight transportation, and warehousing. These logistics industry components will affect the Internet of Things (IoT) in the upcoming decades.
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In June 2023, PTC and Rockwell Automation chose to broaden their collaboration to concentrate on adopting IoT and augmented reality software by manufacturing enterprises.
In February 2023, Cisco Systems, Inc. introduced cloud-managed networking solutions to streamline IT operations. The new technologies offer flexible network intelligence to secure all industrial assets, streamlined dashboards encompassing IT and OT processes, and cloud administration for industrial Internet of Things applications.
In January 2023, Amazon and KORE, an IOT connectivity-as-a-service provider, worked together. Through this partnership, KORE can better serve its clients' IOT deployments by utilising AWS's infrastructure and security capabilities to improve its IOT services.
Rapid digitization- One of the most important IoT trends in the logistics industry is rapid digitization. The transportation and logistics industries are using data analytics, robotics, analytics, and self-driving technologies to improve operational efficiency and tackle various problems, including the lack of truck drivers. Robots and robotic technologies are also being increasingly utilised in data analytics, supply chain management, warehousing, and machine learning (ML) to help with the overall labour shortage and increase technical efficiency. These digital transformation strategies are a big market trend in logistics operations.
High implementation cost- IoT technology implementation in logistics might come with hefty upfront expenses for infrastructure, connection, hardware, and software. This expense can be prohibitive, particularly for small and medium-sized logistics firms. Thus, the high implementation cost of IoT-powered logistics is expected to hinder the market's growth during the forecast period.
Blockchain integration- Blockchain technology and IoT integration in logistics present prospects for decentralised, transparent, and safe data management. Blockchain can improve trust, guarantee data integrity, and expedite procedures in logistics operations. Thus, integrating blockchain systems is expected to provide growth opportunities for the market during the forecast period.
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the most significant global IoT-powered logistics market, with a 42.1% market revenue share in 2023.
The region has experienced the greatest digital revolution in recent years, greatly aiding the industry's growth. In addition, the adoption rate of IoT solutions in the logistics industry is rising, with dozens of enterprises joining the region's IoT scene, owing to expanding internet penetration, including the 5G network, and growing possibilities for e-commerce. The opportunity for new competitors and innovators in the region's IoT-powered logistics market is also increased by increased efforts to train and educate professionals about near-field communication (NFC), radio-frequency identification (RFID), robotics, artificial intelligence (AI), and low-power wide-area network (LPWAN) technologies, as well as by increased branding and promotion activities for these technological solutions.
North America Region IoT Powered Logistics Market Share in 2023 - 42.1%
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The organization size segment is divided into SMEs and large enterprises. The large enterprises segment dominated the market, with a market share of around 57% in 2023. This is because small and medium-sized enterprises (SMEs) have easier access to IoT solutions than major corporations, which explains why SMEs have a considerably lower IoT prevalence in logistics operations.
The application segment is divided into freight, fleet, warehouse, yard/dock, and others. The fleet segment dominated the market, with a market share of around 28% in 2023. Fleet management provides real-time fleet visibility, enhances driver safety, eliminates driver fraud, and extends vehicle life, all of which assist logistics firms in better managing fuel and maintenance costs. These benefits also fuel individual category growth in the IoT in the logistics market. Logistics companies can handle fleet management tasks more effectively by utilising IoT technologies.
|Revenue (USD Billion)
|Market size value in 2023
|USD 42.3 Billion
|Market size value in 2033
|USD 146.1 Billion
|CAGR (2024 to 2033)
|The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
|Organization Size, Application
As per Brainy Insights, the size of the IoT-powered logistics market was valued at USD 42.3 billion in 2023 and is expected to reach USD 146.1 billion by 2033.
The global IoT-powered logistics market is growing at a CAGR of 13.2% during the forecast period 2024-2033.
North America emerged as the largest IoT-powered logistics market.
This study forecasts global, regional, and country revenue from 2020 to 2033. The Brainy Insights has segmented the global IoT-powered logistics market based on the below-mentioned segments:
Global IoT-Powered Logistics Market By Organization Size:
Global IoT-Powered Logistics Market By Application:
Global IoT-Powered Logistics Market By Region:
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