Logistics is one of the most hassled fields in the world. There are many ways through which many companies have tried to make things easy, and the one solution that has topped the list is IoT. Due to increased scope of Internet of Things across the globe, companies running operations in logistics have started adapting IoT, says a report published by WhaTech.
Ever declining cost of RFID devices and sensors, access to an advanced network connection and the need for constant connectivity are some of the biggest drivers that have prompted logistics to turn towards IoT.
As of now, the logistics market is going through a restrained phase due to skill gap, lack of common standards, security and privacy concerns. The Internet of Things can play a huge role in getting rid of such issues in no time.
The international connected-logistics market is worth $5.05 billion in 2015; if the current CAGR or 32.3% continues, it will soon touch $20.46 billion marks by 2020. Some of the leading players in connected logistics market include names like Infosys, Cisco, GT Nexus, Eurotech S.P.A. and IBM.
Execution of some of the connected logistics solutions, such as warehouse management, logistics management, monitoring, and security system, enable the service providers to reduce the imbalance of demand and supply of electricity. Based on the current demand for such advanced solutions and endless opportunities in the market, experts claim the IoT in connected logistics field to grow at the expected rate over the next five years.