The global IoT in logistics market is predicted to be spurred by a surge in the cost pressure and augment in the demand for automated processes. The logistics segment has implemented IoT (Internet of Things) solutions at a slower rate compared to other industries. Therefore, automation of business processes pitches the IoT in logistics market. In addition, automation is emerging across all industrial sectors, and the benefits are revolutionary for enterprises, with better consumer consciousness, higher productivity, and novel business models. The customers have to make significant investments and encounter high maintenance expenditures that are restraining growth of the market. The global IoT in logistics market is expected to grow at a considerable rate in the future.
Logistics firms invest in automation to augment speed, efficiency, and timing of the services, consequently increasing profit & customer satisfaction. From a wide-range of rapid high-tech advancements and in a progressively digital milieu—where automation is impacting the entire industry—most of the board members of logistics & transport companies value IoT solutions (to engage with customers, optimize production, and operations) as major areas of investment. IoT solutions are being adopted globally in all industries, and the benefits are great for enterprises, for example, higher consumer consciousness, higher productivity, and novel business models. In the present scenario of digital transformation, all industry segments are taking technical advantage by spending in IoT solutions for their input, processing, and output proficiency, across the business ecosystem.
The development in e-commerce and speedy delivery of goods to accomplish cutthroat benefit has resulted in higher demand for IoT solutions across the logistics market. In addition, the surge in the number of internet users coupled with the increasing popularity of social media platforms has added to the awareness of IoT solutions.
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The perishable goods industry like food & beverages and healthcare industry will pitch the IoT in logistics market. According to the study, the market will witness a major growth in the upcoming years owing to surge in the administration investments, need for transparent logistics operations, and demand to enhance JIT (just in time). The IoT in logistics market is also stimulated by end-users like retail, aerospace & defense, automotive, food & beverages, and healthcare industry. The food & beverage market is estimated to witness massive revenue, mostly driven by the American region. The development of the market is pushed by cellular technologies like 3G and 4G in emerged countries. The cellular network technologies are anticipated to attain significant growth in the future.
The IoT in logistics market is growing rapidly, especially in developing markets like the Asia Pacific. The increasing regional administrative investment—to enhance the ICT (information and communications technology) infrastructure in their respective countries—is one of the major aspects that is supporting the development of the market across the region. The technologies like 3G, RFID (radio-frequency identification), 2G, and NFC (near-field communication) are witnessing a stable growth in the IoT in logistics market.
On a similar note, recently AWS (Amazon Web Services) announced four innovative capabilities that make it easier to develop IoT applications and work on data at the edge. These four noteworthy services and capabilities will make it easier to receive data from edge devices and build strong IoT applications.