IoT for Supply Chain Management Market Size, Share, Analysis, Trends, Growth, Forecasts, 2032

IoT for Supply Chain Management Industry Prospective:

The global IoT for supply chain management market size was evaluated at $21.38 billion in 2023 and is slated to hit $57.6 billion by the end of 2032 with a CAGR of nearly 13% between 2024 and 2032.

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IoT for Supply Chain Management Market: Overview

Internet of Things, which is also referred to as IoT, is expected to effectively handle supply chain management activities. Moreover, the key advantages offered by IoT for supply chain management activities are real-time tracking, predictive analytics, transparency, automated inventory management, and operational efficiency. Apart from this, large-scale use of IoT in supply chain management activities includes returnable asset monitoring, shipment tracking & cargo monitoring, and warehouse management automation.

Key Insights

• As per the analysis shared by our research analyst, the global IoT for supply chain management market is projected to expand annually at the annual growth rate of around 13% over the forecast timespan (2024-2032)
•  In terms of revenue, the global IoT for supply chain management market size was evaluated at nearly $21.38 billion in 2023 and is expected to reach $57.6 billion by 2032.
• The global IoT for supply chain management market is anticipated to grow rapidly over the forecast timespan owing to an increase in supply chain disruptions along with a rise in the miniaturization of IoT devices.
• In terms of application, the asset tracking segment is slated to register the highest CAGR over the forecast period.
• Based on component, the software segment is predicted to contribute majorly towards the global industry growth in the upcoming years.
• Based on deployment mode, the cloud-based segment is predicted to lead the segmental landscape in the forecasting timeline.
• Based on end-user, the retail segment is predicted to account lucratively towards the global market in the forecast timeframe.
• Region-wise, the European IoT for supply chain management industry is projected to register the fastest CAGR during the projected timespan.

IoT for Supply Chain Management Market: Growth Factors

A rise in supply chain oscillations and the adoption of cloud tools will drive the market growth globally

An increase in supply chain disruptions along with a rise in the miniaturization of IoT devices will prop up the expansion of the global IoT for supply chain management market. Furthermore, an increase in cloud computing systems along with the need for data analytics will spur the growth of the global market in the years ahead.

Apart from this, the need for the traceability of products and the demand for complying with sustainability standards & regulations will prop up the growth of the market globally. In addition to this, favorable initiatives along with the launching of smart city concepts will prompt the elevation of the global market in the coming years.

IoT for Supply Chain Management Market: Restraints

Lacuna in the expertise of IoT in supply chain management activities can halt the global industry by 2032

An increase in security threats and a skill gap can deter the expansion of the global IoT for supply chain management industry. Moreover, challenges related to data storage along with connectivity issues can deter the growth of the industry globally.

IoT for Supply Chain Management Market: Opportunities

Escalating need to determine real-time sites for tracing warehouse goods can open new growth avenues for the global market

Growing demand for tracking real-time locations along with the need for locating goods in the warehouse is expected to open new growth avenues for the global IoT for supply chain management market. Moreover, the necessity of enhancing contingency planning along with necessary of improving overall supply chain performance is projected to crop up the global market expansion in the coming years.

IoT for Supply Chain Management Market: Challenges

A surge in interoperability issues and non-uniformity in the supply chain activities can be detrimental to the global industry expansion

An increase in cyber-security issues along with the susceptibility of sensitive data to leakages can regress the expansion of the global IoT for supply chain management industry. Moreover, interoperability issues along with need for standardization of data can obstruct the global industry surge in the upcoming years.

IoT for Supply Chain Management Market: Segmentation

The global IoT for supply chain management market is divided into application, component, deployment mode, end-user, and region.                                          

In terms of application, the IoT for supply chain management market across the globe is segmented into asset tracking, inventory management, predictive maintenance, and cold chain management segments. Apparently, the asset tracking segment, which accumulated nearly 62% of the global market share in 2023, is anticipated to register the fastest annual growth rate during the next few years as a result of the surging need for real-time monitoring of location along with asset conditions throughout the supply chain.

Based on the component, the global IoT for supply chain management industry is segmented into hardware, services, and software segments. Apparently, the software segment, which dominated the global industry share in 2023, is predicted to account markedly toward the expansion of the industry globally in the upcoming years. This can be due to the surging complexity of IoT services along with surging demand for data analytics & data management abilities.

On the basis of deployment mode, the global IoT for supply chain management market is bifurcated into on-premise, hybrid, and cloud-based segments. Moreover, the cloud-based segment, which led the segmental expansion in 2023, is projected to contribute notably toward the segmental space in the ensuing years. The growth of the segment can be credited to its scalability, cost-efficiency, swift deployment, and flexibility.

Based on the end-user, the IoT for supply chain management industry across the globe is divided into retail, food & beverages, manufacturing, logistics, and healthcare segments. The retail segment, which contributed to the global industry size in 2023, is anticipated to account majorly to the global market in the upcoming years. The segmental surge over the analysis period can be owing to a rise in the retail supply chain activities along with the involvement of varied touch points and many owners.  

IoT for Supply Chain Management Market: Report Scope

IoT for Supply Chain Management Market: Regional Insights

North America is forecast to maintain leadership status in the global market over the assessment timeline

North America, which contributed about half of the global IoT for supply chain management market share in 2023, is expected to establish a number one position in the global market in the upcoming years. In addition to this, the regional market upsurge in the coming eight years can be attributed to a rise in the acceptance of new technologies along with technological innovations. Moreover, the presence of key firms in the supply chain management and IoT sectors will further steer the market trends in the region.

European IoT for supply chain management industry is slated to register the highest gains annually in the coming eight years. The expansion of the industry in the European zone can be subject to early acceptance of industry 4.0 along with digital transformation schemes in European countries. A focus on sustainable supply chain activities in Europe will proliferate the size of the industry in Europe.

IoT for Supply Chain Management Market: Competitive Space

The global IoT for supply chain management market profiles key players such as:

• Zebra Technologies
• PTC
• Microsoft Corporation
• SAP SE
• IBM Corporation
• Oracle Corporation
• GE Digital
• Cisco Corporation
• Honeywell Systems.

The global IoT for supply chain management market is segmented as follows:

By Application

• Asset Tracking
• Inventory Management
• Predictive Maintenance
• Cold Chain Management

By Component

• Hardware
• Services
• Software

By Deployment Mode

• On-Premise
• Hybrid
• Cloud-Based

By End-User

• Retail
• Food & Beverages
• Manufacturing
• Logistics
• Healthcare

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa