Growing demand for real time monitoring of logistics and warehouse operations due to rapidly growing e-commerce industry which is coupled with technological advancements in terms of cloud computing are some of the major factors driving the global IoT in logistics market
The global IoT in logistics market was estimated at USD 24.6 billion in 2018 and is projected to achieve USD 84.9 billion in 2026, growing at a CAGR of 16.4% during the forecast period.
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The internet of things (IoT) denotes the networking of physical devices by using embedded sensors, actuators, and other electronic tools. These sensors are employed to collect and transmit information about the objects. The IoT in the logistics industry is in a nascent stage of development. The key industry players in IoT in logistics market are investing substantially in the adoption of IT solutions to improve operational transparency of the logistics processes, thus imparting optimization of overall business functions. Growing demand for automation in the logistics industry is further fuelling the demand for IoT solutions. Through IoT in logistics, various functions, such as automatic inventory update, demand analysis, and fleet management among others, can be efficiently monitored. The demand is primarily witnessed from developing economies such as India and China owing to the rising trend of e-commerce which has resulted in the fastest growth rate for Asia Pacific region.
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