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 internet of things (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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In the coming years, the blockchain for supply chain management (SCM) category is set to experience the fastest IoT in logistics market growth. By using blockchain for SCM, the distributed ledger technology is utilized for making logistics sustainable and ethical. Connected devices (IoT in the physical form), radiofrequency identification (RFID) tags, and quick response (QR) codes are being used with SCM and enterprise resource planning (ERP) solutions to track the journey of the product from the raw material stage to the final product being disposed of after use; blockchain makes this process more reliable.

North America currently holds the largest share in the IoT in logistics market, due to the fast pace of digital transformation in the region. In addition, the continent has witnessed the entry of numerous startups in the industry, thanks to the increasing penetration of the internet. On a similar note, the booming e-commerce industry is offering opportunities to logistics companies in the continent, who are deploying IoT solutions to make their operations more efficient and cost-effective.

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Market Segmentation by Region

North America IoT in Logistics Market
By application
By mode of transportation
By technology
By organization type
By vertical
By country – U.S. and Canada
Europe IoT in Logistics Market
By application
By mode of transportation
By technology
By organization type
By vertical
By country – Germany, France, U.K., Italy, Spain, and Rest of Europe
Asia-Pacific (APAC) IoT in Logistics Market
By application
By mode of transportation
By technology
By organization type
By vertical
By country – China, Japan, India, and Rest of APAC
Latin America, Middle East, and Africa (LAMEA) IoT in Logistics Market
By application
By mode of transportation
By technology
By organization type
By vertical
By country – Brazil, Mexico, and Rest of LAMEA