The Global IoT in Logistics market was valued at USD 24.6 billion in 2018 and is expected to reach USD 84.9 billion in 2026, growing at a CAGR of 16.4% during the forecast period. IoT in logistics is defined as a network that interlinks various devices through embedded electronics, sensors, and internet connectivity.
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Company Profiles and Competitive Intelligence:
The major players operating in the global IoT in logistics market are Cisco Systems Inc. (US), Octonion SA (US), Kaa IoT Technologies, LLC (US), NEC Corporation (US), Honeywell International (US), Novire Technologies (US), SAP SE (US), Intel Corporation (US), Oracle Corporation (US), Bosch Software Innovations GmbH (Germany), Rockwell Automation, Inc. (US), and Amazon Web Services (US) among others.
Based on the application, the fleet management segment is expected to lead during the forecast period
Based on the application, the IoT in logistics market has been segmented into fleet, warehouse, freight, yard/ dock, and others. The fleet management segment came out as a leading sector for the global IoT in logistics market in 2018. Considering the trend, there is an increase in demand from developing economies such as India and China across the e-commerce sector which has resulted into a need for optimized fleet management, which further lead the demand for IoT devices.
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Based on the Organization Size, the small & medium sized organizations segment is expected to account for 64% market share in 2018
Based on the organization size, the IoT in logistics market has been segmented into small and medium sized and large scale. The small & medium sized organizations segment is expected to account for 64% market share in 2018. The rapid growth in adoption of IoT in small and mid-sized organizations as well as to the expansion of small and medium sized enterprises in the developing countries, which is coupled with availability of custom solutions to offer improved customer services are some of the major drivers for the industry globe.
The software solution segment expected to grow at the fastest rate of 24.1% CAGR during the forecast period
Based on the offering, the global IoT in logistics market has been segmented into hardware, software, and service. Greater efficiency and easy deployment for multiple software solutions which include traffic and fleet management, resource and energy monitoring, safety and security, among others, are some of the key driving factors for the growth of software solution segment globally.
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