IoT Powered Logistics Market Size Is Surpassing USD 146.1 Billion by 2033, Growing at Projected 13.2% CAGR

IoT-powered logistics market size from USD 42.3 billion in 2023 to USD 146.1 billion in 10 years. The growing internet penetration drive the market's growth. Integrating blockchain systems is expected to provide growth opportunities for the market during the forecast period.

Newark, March 04, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 42.3 billion IoT-powered logistics market will reach USD 146.1 billion by 2033. Due to technological breakthroughs that enable the logistics business to undergo rapid transformation and expansion, the Internet of Things (IoT) in the logistics market is expanding globally. In logistics, the term "Internet of Things" (IoT) designates a fully digital, flexible, and networked supply chain ideal for last-mile delivery, e-commerce, and impulsive purchases. Self-driving cars, drone deliveries, location management systems, inventory tracking and warehousing, predictive analysis, and blockchain for supply chain management are a few examples of IoT applications in logistics. Modern technologies have allowed digitalization to spread throughout the logistics and transportation industries. However, strict government laws and regulations, a shortage of qualified labour, and high costs could impede the expansion of the global IoT in the logistics market.

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Key Insights on

North America to account for the largest market size during the forecast period.

North America is expected to have the essential IoT-powered logistics market share. This region's greatest digital revolution has recently occurred, substantially aiding the sector's expansion. Furthermore, the logistics sector is adopting IoT solutions at an increasing rate, as seen by the hundreds of businesses that have joined the region's IoT scene. This can be attributed to the expansion of internet penetration, which includes the 5G network, and the growing opportunities for e-commerce. 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 increased branding and promotion activities for these technological solutions, also increase the opportunity for new competitors and innovators in the region's IoT logistics market.

The large enterprises segment dominated the market with the most significant revenue of USD 24.1 billion.

The large enterprises segment dominated the market with the most significant revenue of USD 24.1 billion. Small and medium-sized businesses (SMEs) have significantly lower IoT prevalence in logistics operations than large firms. This is because SMEs have better access to IoT solutions.

The fleet segment dominated the market with the most significant revenue of USD 11.8 billion.

The fleet segment dominated the market with the most significant revenue of USD 11.8 billion. In the fleet segment, IoT improves driver safety, eliminates driver fraud, prolongs vehicle life, and aids logistics firms in more effectively managing fuel and maintenance expenses.

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Market Dynamics:

Drivers: Thriving e-commerce and smart cities

The growing usage of sensors across verticals, e-commerce, and smart cities will drive future market growth. The logistics sector is experiencing previously unheard-of developments due to digitization and changing consumer expectations. Not only are new technologies increasing productivity and teamwork, but they are also changing the way business is conducted in ways that have just now begun to take shape. Suppliers, clients with specialised needs, and startups are causing changes in the industry. Furthermore, technology like IoT sensors will provide supply chain transparency.

Restraint: High concerns for users' safety

IoT is a state-of-the-art technology, but its applications and impacts must be understood. Logistics organisations will find it more challenging to raise their IoT investment due to the market's rising rate of security breaches and data collection. These challenges will greatly affect the logistics industry's discretion, safety, and IoT spending. As IoT devices develop and are utilised more widely, ensuring the security of the data they gather and communicate becomes more difficult. These developments may constrain the growth of IoT in the global logistics market.

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Some of the major players operating in the IoT-powered logistics market are:

● IBM Corporation
● AT&T Inc.
● Hexagon AB
● Cisco System Inc.
● NEC Corporation
● Qualcomm Inc.
● Octonion SA.
● Amazon Web Services Inc.
● Intel Corporation
● PTC Inc.
● Eurotech S.p.A.
● Veridify Security Inc.
● E2open, LLC
● Honeywell International Inc.
● Microsoft Corp.
● Oracle Corp.

Key Segments cover in the market:

By Organization Size:

● SMEs
● Large Enterprises

By Application:

● Freight
● Fleet
● Warehouse
● Yard/dock
● Others

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About the report:

The global gluten-free products market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.

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