Global IoT spend by logistics market to top $114 billion by 2032
The global Internet of Things (IoT) spend by the logistics industry market is estimated at $35.2 billion in 2021 and is projected to reach $39.6 billion by the end of this year. The market is expected to reach $114.7 billion by 2032 while recording a CAGR of 11.2% during the forecast period from 2022 to 2032. With the ever increasing volume of domestic and foreign trade, industries are investing in technologically advanced logistics solutions to reduce downtime and ensure safe and fast delivery of goods and services.
These insights are based on a report on IoT Spend by Logistics Industry Market by Future Market Insights (FMI).
With IoT, logistics management becomes a holistic process, allowing data from sensors to be collected and presented in an organized, concise manner. Planning and budgeting are improved by real-time delivery and inventory monitoring. IoT logistics applications provide detailed data that allows managers to identify inefficiencies early in the logistics process, reduce waste, and always stay on top of the logistics process.
Key takeaways from the report are:
● The global IoT spend by logistics industry market is expected to expand nearly three times until 2032
● The U.S. market is projected to grow at a CAGR of 11.1% over the forecast period, reaching $19.7 billion.
● India is estimated to grow at a 13% CAGR during the forecast period.
● U.K is expected to reach a CAGR of 12.1% during the forecast period between 2022 and 2032.
