Logistics Companies AdoptingIoT Solutions for Low Operational Costs
Internet of Things (IoT) in Logistics Market Overview@ https://www.psmarketresearch.c....om/market-analysis/i
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.
The categories under the application segment of the IoT in logistics market are inventory tracking and warehousing, location management, predictive analytics, fleet management, self-driving vehicles, blockchain for supply chain management, and others. Among these, the demand for IoT solutions has been the highest for fleet management applications, on account of the need to manage maintenance and fuel costs more efficiently, have real-time visibility into the fleet, enhance driver safety, track driver frauds, and increase the lifespan and reliability of vehicles.