Development in the technology, totally change the landscape of the logistic industry. Though improvement in the technology and more innovations in the existing technology has significantly increased the supply of products and services, minimizing costs and errors. It is no secret that internet of things turned up the marketing environment of the logistic market with the extensive usage of smart devices. In the recent trend the smart devices are made with built-in Wi-Fi capabilities and sensors in the cell phones and cars or other transportation vehicles. With the Wi-Fi application everyone can easily access internet and can grab many opportunities with the technology of internet of things (IoT). According to the report analysis, ‘MARKET RESEARCH REPORTS FOR LOGISTICS’ suggests that IoT is opening up many opportunities for the supply of goods such as delays by avoiding risks and reducing costs.
FedEx was the very first company to introduce IoT in the logistics industry which was initiated for parcel tracking. With the installation of IoT, the efficient yard and warehouse management can be done as with this technology warehouses will track the equipment, inventory and others via the cloud computing. With the less human resources, security quotient and work place health will also be enhanced. Moreover, IoT hits the tracking system, all the parcels/trucks/vans will manufacture with RFID (RADIO FREQUENCY IDENTIFICATION) tags, and can automatically update the data on its whereabouts such as once the product is loaded into a vehicle, the carrier will get the information about it which will be sent across the company through the cloud computing. The technology of internet of things is here transform the industry of logistics towards the next platform and shows the increasing landscape in its evolution. The companies smoothen the user and work experience moreover, encounter positive shift in their revenues with the technology of IoT. In addition, IoT based technologies, such as GPS, tracks the movement of containers in and outside the port to ensure they are safe and it allows the interconnection of components located in different areas. According to the report analysis, ‘LOGISTICS AND SHIPPING INDUSTRY RESEARCH AND MARKET REPORTS’ suggests that IoT technology market is expected to grow at a positive CAGR during the period (2017-2022) with the more innovations in the applications of internet of things.
With the wide usage of IoT the market is segmented across the globe which includes North America, South America, Europe, Asia Pacific region and Middle East & Africa. Whereas, the adoption of IoT in logistics is majorly done by the North America by the organizations and In Europe also the widely usage of this is done as due to rise in emphasis on automation and cost reduction in the logistic industry. Not only has this, Asia-Pacific region dominating the attractive part of the logistic market.
The market of logistic is highly competitive due to the presence of established IT vendors. The major player is majorly focused on improving their services and solutions with the more development, innovations and high investments in the research & development. Cisco System, Inc., Microsoft Corporation, Intel Corporation, Octonion SA, KaaloT Technologies, SAP SE, Amazon Web Services, Google Inc, Machine (IBM) Corporation, Bosch Software Innovation GmbH and others are the major players in the global Internet of Things in logistics market whereas, Microsoft Corporation, Google Inc., Machine (IBM) Corporation are the major players of this market and they are projected more projects related to this technology which is benefitted for the new entrants and consumers also.
With the more innovations and research & development in this the market of logistics is become more attractive and investor starts investing more for enhancing the applications of the technology. Therefore, it is expected that in the coming years the global Internet of Things (IoT) in logistics market will grow rapidly over the decades with the extensive financial support of the investors to the market.
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Ankur Gupta, Head Marketing & Communications