Global IoT-powered Logistics Market Insights Forecasts to 2033

• The Global IoT-powered Logistics Market Size was estimated at USD 48.25 Billion in 2023
• The Market Size is Expected to Grow at a CAGR of around 13.18% from 2023 to 2033 
• The Worldwide IoT-powered Logistics Market Size is Expected to Reach USD 166.39 Billion by 2033 
• Asia Pacific is Expected to Grow the fastest during the forecast period.   

The Global IoT-powered Logistics Market Size was valued at USD 48.25 Billion in 2023 and is projected to cross USD 166.39 Billion by 2033, growing at a CAGR of 13.18% from 2023 to 2033. The global IoT-powered logistics market is expanding due to the increased need for logistic processes and goods transportation due to the high consumption rate of consumers. Also, the penetration of the internet and advanced technology into transportation has become beneficial, such as real-time location tracking, providing route map features, and a safe delivery process of material.

Market Overview

The Internet of Things in logistics refers to integrating collective automation and monitoring technology and devices within supply chain management processes. That enabled to track the real-time vehicle location, also transportation vehicles such as trailer or truck weight management feature, and vehicle speed and current status. Due to these advantages, IoT is widely used in the transportation and logistics industry to minimize risk and cost, while increasing productivity and benefit.

Moreover, the enhanced penetration of the internet and availability of affordable powerful sensors and controllers helps to enhance the market growth. Additionally, increased demand for logistic materials such as foods, liquids, equipment, inventory, and materials from one place to the storage of the desired destination. To meet this requirement consumers are using the new technology-based devices to deliver material in time and safely.

Furthermore, IoT software made the logistics process easier and more efficient in terms of good arrival and process of deliveries. With the help of IoT software, it is easier to make suitable transportation routes given current road and weather conditions, these all factors resulting significantly easier and faster than manual methods.

Report Coverage

This research report categorizes the global IoT-powered logistics market based on various segments and regions forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global IoT-powered logistics market. Recent market developments and competitive strategies such as expansion, type launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global IoT-powered logistics market.

Driving Factors

The technological advancement in logistics management such as the integration of IoT devices, such as RFID tags, allows tracking of the product's location and inventory levels in real-time at the warehouse. This can obtain data automatically on inventory levels from smart shelves and IoT sensors that help to improve forecasting and optimizing stock levels of companies.

The rapid digitalization powered by IoT technology is transforming the logistics sector. Industries are leveraging data analytics, robotics, and autonomous technologies to enhance efficiency and tackle challenges like the driver shortage. In the e-commerce sector, IoT enables real-time tracking, improving inventory management and customer satisfaction Additionally, predictive maintenance of vehicles and equipment minimizes downtime, ensuring smoother operations and significant industry growth.

Moreover, the rising e-commerce sector includes more shipping processes for product deliveries. That allows businesses to monitor the exact location and condition of goods at any time, this level of transparency not only improves the inventory and reduces the risk of loss but also enhances customer satisfaction by providing accurate delivery updates. In 2023, approximately 250 million consumers in India purchased from online platforms or e-commerce websites such as Flipkart, Amazon, Myntra, and others, and this number increased gradually due to the integration of technology in the delivery process. Also, IoT technologies enable predictive maintenance of transportation vehicles and equipment, minimizing downtime and ensuring smooth operations. This Fastrack delivery process satisfies both the delivery person and customers. Which helps to make significant growth in the industry.

Restraints:

The major challenge in IoT-powered logistics is to make surety about the security and privacy of large amounts of data which is generated by IoT devices, as well as the data leaking threats. Also, logistic companies gathered sensitive data such as the address of shipping, credit card details, payment details, inventory levels, and tracking information that could possibly to exploited if compromised in work. Additionally, the shortage of well-skilled employees reduces the need of IoT based devices which can hamper the market growth

Market Segmentation

The global IoT-powered logistics market share is classified into technology, application, and industry verticals. 

• 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 secured a dominant share in 2023 and is expected to grow at a remarkable CAGR during the forecast period. This growth is attributed to its pivotal role in revolutionizing logistics operations by enabling automated analysis of extensive data generated by IoT sensors and devices. Also, machine learning algorithms are able to predict demand, optimize routes, and enhance fleet management, which collectively leads to reduced operational costs and improved 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 is fuelled due to the easy supply chain system that empowers the retailers and merchandise, also rising e-commerce purchasing due to the integration of internet availability and smartphone penetration makes it easy to expand the e-commerce industry and online retailers and distributional centers.

Regional Segment Analysis of the Global IoT-powered Logistics Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the global IoT-powered logistics market over the projected time period.

North America is expected to hold the largest share of the global IoT-powered logistics market over the predicted timeframe. This significant dominance is attributed to the stable and developed economy's presence in the region, as well as the technological advancement part of 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 their 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 manufacturers, producers, and consumers.

The Asia-Pacific region is poised to be the fastest-growing area with the highest Compound Annual Growth Rate (CAGR) during the forecast period. This surge can be credited to the relentless rise in online shopping from e-commerce platforms, offering a wide variety of products in one convenient location. Moreover, rapid urbanization, a burgeoning population, and the constant increase in manufacturing companies are driving the growth of the IoT-powered logistics industry in the region.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global IoT-powered logistics market along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• 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
• Others  

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global 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
• Other

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
  • Rest of the Middle East & Africa