$2.43 Billion IoT Devices in Logistics Market, 2020: loT Connections Expected to Increase from 15 Million to 255.5 Million

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Dublin, Jan. 11, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering. The global loT devices market in the logistics sector is expected to grow from US$90 million in 2015 to US$2,438 million by 2020, growing at a CAGR of 93.5% from 2016 to 2020. During the same period, the number of loT connections within the industry is expected to increase from 15 million to 255.5 million by 2020.In the logistics sector, keeping track of the current location of the vehicle and parcel has always been a major challenge. Consequently, Internet of Things (loT) is redefining next-generation logistics and fleet management with its ubiquitously connecting capabilities. loT can enable logistics organizations.to accomplish transparency, efficiency, maintenance, automation, and cost optimization all throughout supply chain processes.The North America region is the dear leader when it comes to loT software and services revenue in the logistics sector with more than 50% of the revenue coming from this region in 2015. Asia-Pacific and Western Europe are the second and third largest regions with combined revenue of more than US $184 million in 2015.Technological advancements are opening up a range of new opportunities for logistics companies, as loT solutions for the logistics sector are more affordable and useful. loT is playing a great role in logistics by tracking and tracing the products to provide complete visibility into operation and monitor everything in real -time.Integration of loT and big data in logistics is expected to be a game changer which can enhance the accuracy of their demand forecasts, discover new demand patterns, and develop new services by sharing data with partners across the supply chain. In addition, they can increases asset uptime and throughput, engage in preventive maintenance and conduct real-time supply planning - utilizing dynamic data feeds from production sensors and the loT.

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Related Topics: Logistics, Internet of Things and M2M

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Globe Newswire: 11:01 GMT Friday 11th January 2019

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