For any company to be successful, merely having a state-of-the-art production line and effective marketing and sales strategies is not enough; the logistics system has to be efficient too. Logistics is one of the most important parts of the supply chain, because it is what actually enables raw material, individual components, and finished products to reach their destination on time. With the competition increasing rapidly across all industries, companies are innovating their strategies to cut costs and drive revenue.
As a result, the IoT in logistics market is set to reach $100,984.5 million by 2030, from $34,504.8 million in 2019, at a 13.2% CAGR between 2020 and 2030, says industry research firm P&S Intelligence. IoT is an ingenious technology that allows devices to connect to the internet and with each other and share data wirelessly, without the need for human intervention. The applications of IoT in the logistics industry are quite vast, ranging from efficient inventory and warehousing management and internal business processes automation to quick delivery andproduct safety and quality maintenance.
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The swift expansion of the e-commerce industry is contributing significantly to the growth of the market. The e-commerce industry accounted for 16.5% of the total retail sales in 2019, and it is expected that the sales of the industry will reach approximately 17% of all retail sales by 2021 across the globe. This can be attributed to the changing behavior of customers, who are now widely demanding free and fast shipping, along with competitive prices. Therefore, in order to cope with this situation various companies are incorporating IoT solutions in their logistics activities.
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This Study Covers
• Historical and the present size of the IoT in Logistics Market
• Future potential of the market through its forecast for the period 2020– 2030
• Major factors driving the anesthesia ventilator market and their impact during the short, medium, and long terms
• Market restraints and their impact during the short, medium, and long terms
• Recent trends and evolving opportunities for the market participants
• Historical and the present size of the market segments and understand their comparative future potential