The global IoT spend by the logistics industry market is estimated to be $35.2 billion in 2021, rising to $39.6 billion by 2022. The market is expected to reach US$ 114.7 billion by 2032, with a CAGR of 11.2% from 2022 to 2032. With the volume of domestic and international trade increasing, industries are investing in technologically advanced logistics solutions to reduce downtime and ensure the safe and timely delivery of goods and services.
During the historical period from 2016 to 2021, IoT spending by the logistics industry increased at a CAGR of 12%. During the aforementioned historical period, the industry saw a dollar opportunity worth more than US$ 75 billion. The market is expected to be worth US$ 39.6 billion by the end of 2022.
Logistics management becomes a more holistic process with IoT, as data from sensors can be collected and presented in an organized, concise manner. Real-time delivery and inventory monitoring improve planning and budgeting. IoT logistics applications provide detailed data, allowing managers to identify inefficiencies early in the logistics process, reduce waste, and stay on top of the logistics process at all times.
The Market Report’s Key Takeaways
- The global IoT spend by the logistics industry is expected to nearly triple by 2032.
- IoT logistics spend hardware is expected to grow at a CAGR of 11% during the forecast period.
- Over the forecast period, the US market is expected to grow at an 11.1% CAGR, reaching US$ 19.7 billion.
- During the forecast period, India is expected to grow at a CAGR of 13%.
- The United Kingdom is expected to grow at a CAGR of 12.1% between 2022 and 2032.
Competitive Environment
Amazon Web Services, BICS SA/NV, Bosch Software Innovations GmbH, Cisco Systems Inc., Honeywell International, Intel Corporation, IBM Corporation, Kaa IoT Technologies, LLC., NEC Corporation, Novice Technologies, Octonion SA, Oracle Corporation, PTC Inc., Rockwell Automation, Inc., and SAP SE are among the key players profiled in the report. Customers will benefit from new technologies thanks to innovative products and technologies.
