Global IoT-powered Logistics Market Size To Worth USD 166.39 Billion By 2033 | CAGR of 13.18%
Category: Information & TechnologyGlobal IoT-powered Logistics Market Worth USD 166.39 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global IoT-powered Logistics Market Size is Expected to Grow from USD 48.25 Billion in 2023 to USD 166.39 Billion by 2033, at a CAGR of 13.18% during the forecast period 2023-2033.
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Browse key industry insights spread across 222 pages with 110 Market data tables and figures & charts from the report on the "Global IoT-powered Logistics Market Size, Share, and COVID-19 Impact Analysis, By Technology (Machine Learning, Natural Language Processing (NLP), Computer Vision, Others), By Application (Inventory Control & Planning, Transportation Network Design, Purchasing & Supply Management, Demand Planning & Forecasting, Others), By Industry Vertical (Automotive, Food and Beverages, Manufacturing, Healthcare, Retail, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here:https://www.sphericalinsights.com/reports/iot-powered-logistics-market
The Internet of Things (IoT) provides significant advantages for logistics operators, corporate clients, and end consumers. It enhances operational efficiency, safety, and security, customer experience, and fosters the creation of new business models, among other benefits. Data from smart shelves and IoT sensors improve forecasting and stock optimization. Rapid digitalization which IoT powers is transforming the sector. Industries use data analytics, robotics, and autonomous technologies to enhance efficiency and tackle challenges such as driver shortages in the purpose of transportation. In e-commerce, IoT enables real-time tracking, boosting inventory management and customer satisfaction.
Moreover, the rising e-commerce sector is helping to boost the IoT-powered logistics industry, because the e-commerce sector is majorly included in the process of shipping and delivery of the material. This delivery process needs technological integration to make transparency and consumer satisfaction by providing personal updates related to product delivery. In 2023, around 250 million consumers in India made purchases from online platforms or e-commerce websites such as Flipkart, Amazon, and Myntra. This number has been steadily increasing, largely due to the integration of advanced technology in the delivery process. However, the key challenge in IoT-powered logistics is ensuring the security and privacy of the large amounts of data generated, as well as addressing data leakage threats. Additionally, the shortage of skilled employees to manage IoT devices hampers market growth.
The machine learning segment secured a dominant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period.
Based on the technology, the global IoT-powered logistics market is divided into machine learning, natural language processing (NLP), computer vision, and others. Among these, the machine learning segment held a dominant share in 2023 and is projected to grow at an impressive CAGR during the forecast period. This growth is due to its crucial role in transforming logistics operations through automated analysis of vast data generated by IoT sensors and devices. Machine learning algorithms can predict demand, optimize routes, and improve fleet management, collectively reducing operational costs and enhancing delivery efficiency.
The inventory control & planning segment held a major share in 2023 and is expected to grow at a notable CAGR during the forecast period.
Based on the application, the global IoT-powered logistics market is classified into inventory control & planning, transportation network design, purchasing & supply management, demand planning & forecasting, and others. Among these, the inventory control & planning segment held a major share in 2023 and is expected to grow at a notable CAGR during the forecast period. The segmental growth occurred due to the growing requirement for real-time tracking and management of inventory. Also, inventory control and planning help to enhance overall supply chain capability and efficiency. By incorporating IoT sensors, companies can monitor inventory in real-time, offering precise, up-to-date information that aids in making more informed decisions.
The retail segment accounted for the highest share in 2023 and is predicted to grow at a remarkable CAGR during the forecast period.
Based on the industry vertical, the global IoT-powered logistics market is separated into automotive, food and beverages, manufacturing, healthcare, retail, and others. Among these, the retail segment accounted for the highest share in 2023 and is predicted to grow at a remarkable CAGR during the forecast period. This segmental enhancement fuelled due to the streamlined supply chain system that supports retailers and merchants, combined with the increasing e-commerce purchases due to widespread internet access and smartphone penetration, has made it easier to expand the e-commerce industry. This growth benefits online retailers and distribution centers, leading to segmental dominance in the market.
North America is anticipated to hold the largest share of the global IoT-powered logistics market over the projected time period.
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North America is expected to hold the largest share of the global IoT-powered logistics market over the predicted timeframe. This notable dominance is attributed to the presence of stable and developed economies in the region, as well as technological advancements, which play a major role in the integration with the logistics and transportation sector. Additionally, the United States is an innovator in the implementation of logistics solutions. Moreover, the majority of companies have IT departments and widespread technological infrastructure for implementing IoT-based tools and services in the various sectors in the region. Also, the well-developed atmosphere of to supply chain network enables the making of progress in the logistics industry with the help of the manufacturer, producer, and consumer.
Asia-Pacific is anticipated to be the fastest-growing region with the highest CAGR during the forecast period. This growth is driven by the continuous expansion of online purchasing from e-commerce platforms, thanks to the availability of multiple products in one place. Additionally, rapid urbanization, a high population, and a rising number of manufacturing companies are accelerating the growth of the IoT-powered logistics industry.
Major key players in the IoT-powered logistics market include Intel Corporation, PTC Inc., Hexagon AB, Amazon Web Services Inc., IBM Corporation, AT&T Inc., Qualcomm Inc., Cisco System Inc., Veridify Security Inc., ORBCOMM Inc., E2open, LLC, NEC Corporation, and Others
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Development
- In November 2024, ORBCOMM introduced the latest generation of its dry container IoT system, which is designed to increase container security and improve asset visibility.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the IoT-powered logistics market based on the below-mentioned segments:
Global IoT-powered Logistics Market, By Technology
- Machine Learning
- Natural Language Processing (NLP)
- Computer Vision
- Others
Global IoT-powered Logistics Market, By Application
- Inventory Control & Planning
- Transportation Network Design
- Purchasing & Supply Management
- Demand Planning & Forecasting
- Others
Global IoT-powered Logistics Market, By Industry Vertical
- Automotive
- Food and Beverages
- Manufacturing
- Healthcare
- Retail
- Others
Global IoT-powered Logistics Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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