IoT In Logistics Market Size, Share, Growth, Forecast 2032

IoT (Internet of Things) in logistics refers to the application of IoT technologies and devices to enhance and optimize various aspects of the logistics and supply chain management process. IoT in logistics involves the integration of sensors, data analytics, and real-time connectivity to enable more efficient, transparent, and data-driven operations within the supply chain. The goal is to improve visibility, traceability, and decision-making throughout the entire logistics ecosystem, from sourcing and production to distribution and delivery.

The Internet of Things (IoT) has been transforming the logistics industry by enabling real-time tracking, monitoring, and optimization of assets, shipments, and supply chains. As of my last knowledge update in September 2021, here are some key factors that were expected to influence the growth of the IoT in logistics market.

The global IoT In logistics market size was evaluated at USD 57.26 Million in 2023 and projected to USD 189.17 Million by 2032, with a CAGR of around 14.2% between 2024-2032.

with a CAGR of nearly 14.2% between 2024-2032.

On the basis of region, North America is considered to hold a huge share of the market. USA is a pioneer to the adoption of logistics solutions. Moreover, most of the companies of the region have an active IT infrastructure for implementing IoT. Furthermore, the economy of the region is very stable and developed. The purchasing power of the people is high. In addition, logistics and transportation industry accounts to almost 8% of the GDP of USA. The country has a highly developed supply chain network which enables both producers and consumers to use a multi-modal transportation network. Hence, the market offers huge opportunities.

The market constitutes of companies such as IBM Corporation, PTC Inc, Kaa IoT Technologies, LLC, Novire Technologies, NEC Corporation, Intel Corporation, SAP SE, Oracle Corporation, Rockwell Automation, Inc., Bosch Software Innovations GmbH, BICS SA/NV, Honeywell International, Amazon Web Services, Octonion SA and Cisco Systems Inc. among others.