The mushrooming requirement of higher efficiency in logistics all over the world and the rapid growth of the e-commerce industry are the major factors propelling the advancement of the global internet of things (IoT) in logistics market. Due to these factors, the market is expected to reach a valuation of $100,984.5 million by 2030, progressing at a CAGR of 13.2% between 2020 and 2030.
However, the COVID-19 pandemic has caused severe disruptions in the logistics sector across the world. This is ascribed to the fact that many countries around the world imposed complete lockdowns, including closing off all industrial operations in March 2020 in order to reduce the spread of the infection and enforce isolation and social distancing norms. As a result, there was a huge rise in labor shortage, inconsistent delivery of shipments, and major disruptions in the global supply chain, which, in turn, affected the progress of the IoT in logistics market all over the globe.
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On the basis of application, the market is categorized into inventory tracking and warehousing, location management, blockchain for supply chain management, predictive analytics, fleet management, and self-driving vehicles. Out of these, the blockchain for supply chain management division will progress at the fastest rate in the market in the coming years. This is because of the fact that blockchain has a huge potential of replacing the conventionally used methods in supply chain management that use the distributed ledger technology. The adoption of blockchain technology in logistics sector would significantly improve the logistics operations by making them sustainable and ethical.
Under the vertical segmentation of the IoT in logistics market, the main categories are food and beverage, automotive, real estate, retail, aerospace and defense, oil and gas, and healthcare. Amongst these divisions, the retail one recorded the highest market growth in the last few years. This is ascribed to the huge demand for technological innovations and developments in the logistics services from the e-commerce firms for keeping up with the rising customer demands for e-commerce services and deliveries.
Globally, the IoT in logistics market was dominated by North America during the past several years. This is attributed to the existence of major retail firms in the region such as Amazon.com Inc. and Walmart Inc. and the resultant surge in the demand for efficient and effective logistics solutions and services. However, the market will exhibit the fastest growth in the Asia-Pacific (APAC) region in the future years, on account of the high population levels in various APAC nations such as India and China. These highly populous countries have huge customer bases for logistics solutions and services. In addition to this, the rising disposable income of the people in these countries, on account of the rapid economic growth of these nations, will make the market very lucrative in the APAC region in the upcoming years.
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The major players operating in the IoT in logistics market such as Robert Bosch GmbH, Cisco Systems Inc., Intel Corp., IBM Corp., AT&T Inc., Oracle Corp, Honeywell International Inc., SAP SE, Microsoft Corp., and Qualcomm Inc. are increasingly getting into partnerships with one another for improving and expanding their presence in the market. For example, AT&T Inc and Nokia Corp. started a partnership with each other in November 2019 for developing an innovation studio in Munich, Germany that will support the increasing incorporation of both next-generation and current generation internet of things solutions.
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