What are Key Factors Driving the Growth of IoT in Logistics Market?

With the expansion of the e-commerce industry, on account of the increasing penetration of the internet and the growing number of smartphone users, the demand for the adoption of the internet of things (IoT) in the logistics sector is rising sharply across the globe. As per various reports, the e-commerce sector accounted for as much as 16.5% of all retail sales across the world in 2019, registering a growth of around 17.9% from 2018 to 2019. 

Furthermore, according to several estimates, e-commerce sales will account for nearly 17% of the total retail sales all over the world by 2021. One of the major factors responsible for the growing popularity of e-commerce services is the change in the buying behavior and expectations of customers across the world. Moreover, the ballooning popularity of online shopping and free and fast shipping is further boosting the growth of the e-commerce industry.

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These solutions also enable smart location management, the regular updating of delivery status, the tracking of driver activities, and inventory management. Due to these factors, the popularity of IoT-driven logistics solutions is growing rapidly across the globe, which is, in turn, propelling the growth of the global internet of things (IoT) in logistics market. As a result, the valuation of the market is predicted to rise from $34,504.8 million in 2019 to $100,984.5 million by 2030.

Furthermore, the market is predicted to progress at a CAGR of 13.2% from 2020 to 2030. Depending on application, the market is divided into inventory tracking and warehousing, location management, predictive analytics, fleet management, blockchain for supply chain management, and self-driving vehicles. Out of these, the blockchain for supply chain management category is predicted to exhibit the fastest growth in the internet of things (IoT) in logistics market in the forthcoming years. 

This will be because of the fact that blockchain for supply chain management has the ability to replace conventional processes as it uses ledger technology that makes logistics operations sustainable and ethical. Geographically, the market will demonstrate the fastest growth in Asia-Pacific in the coming years, as per the estimates of the market research company, P&S Intelligence. Rapid technological advancements in the logistics industry is the major factor fueling the expansion of the IoT in logistics market in this region.

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Hence, it is safe to say that the popularity of IoT-based logistics solutions will soar all over the world in the coming years, primarily because of the rising requirement for faster deliveries and efficient logistics, on account of the rapid surge in worldwide e-commerce sales.