The supply chain and logistics management flow is one that is crucial to a company’s success. Each step in the process is a domino effect on the next – so it’s understandable to see why the coordination between each role becomes more comprehensive down the line. The COVID-19 pandemic played a large part in disrupting supply chain organizations, and we are still feeling the effects in 2022.
An elastic supply chain is one that can move and bend alongside disruptions that may be caused outside of the company’s control – and IoT drives a large portion of advancements in digitizing this system.
Analyzing market statistics can help us see how the logistics industry is integrating IoT and what we can expect to see in the future for IoT in the supply chain.
According to a report from Grand View Research, the global asset management market is expected to grow at a compound annual growth rate (CAGR) of 25.9 percent from 2020 to 2027. Furthermore, the global IoT spend by the supply chain and logistics market is estimated at $35.2 billion in 2021 and expected to reach $114.7 billion by 2032.
Rising solutions in technology, such as LTE connectivity, eSIM, and cloud-based management are estimated to drive the market expansion. In a comprehensive research report published by Accedian, it is estimated that by 2024, 92 percent of enterprises in the logistics, fleet, and supply chain management sector plan to deploy private 5G networks.
What does this look like for the transport market: a high level of security, lower costs, and greater support in cloud applications. Today, 100 percent of the transport sector operates with Wi-Fi and private LTE networks are used by approximately 77 percent of this sector.
Suppliers, multimodal transport, customer factories, fulfillment centers, and more all benefit from the implementation of IoT in the supply chain. Here are some ways IoT drives innovation in this industry:
IoT is a small piece of the large logistical puzzle, but little implementations can go a long way for the future of this industry. Data provides companies with visible solutions so you can best utilize IoT tools.
KORE provides better visibility and control so you can preserve, protect, and manage the assets that matter most. Discover how our comprehensive solution for IoT supply chain management can best fit your needs here.
And to learn more about how IoT performs in logistics, download our eBook, “Three Ways IoT is Driving Innovation in Logistics and Supply Chain Management”.
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