IoT in Supply Chain Market is likely to witness a worth of US$ 41.8 Billion, rising at a CAGR of 12.9% from 2023 to 2033 | Data by Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
The United Kingdom's IoT in supply chain market is projected to reach a value of US$ 1.6 billion by 2033, offering an absolute dollar opportunity of US$ 1.1 billion during the same period. This market is anticipated to experience a robust compound annual growth rate (CAGR) of 12.5% from 2023 to 2033. Stakeholders in the United Kingdom are actively engaging in collaborations to promote the adoption of IoT in supply chain and logistics, driving innovation and efficiency in the industry.
NEWARK, Del, June 13, 2023 (GLOBE NEWSWIRE) -- The global IoT in supply chain market is projected to be worth US$ 41.8 billion by 2033. It's expected to be worth more than US$ 12.4 billion by 2023. The global market is anticipated to expand at a CAGR of 12.9% from 2023 to 2033.
Several factors contribute to the rising demand for the Internet of Things (IoT) in supply chain sector. Real-time tracking and monitoring of commodities across the supply chain are made possible by IoT devices. It is anticipated that it will be widely utilized to gather precise and timely information about their whereabouts, health, and status.
IoT adoption is anticipated among supply chain managers who want to improve visibility and control over their operations. Additionally, it can aid in maximizing inventory control, lowering losses, and boosting productivity. Demand would be further boosted by IoT technology's ability to provide predictive maintenance of important machinery and equipment in the supply chain.
Vehicles, storage spaces, and industrial plants are a few of these. Potential failures or performance issues can be discovered in advance, allowing for preventive maintenance and reducing downtime, by gathering and analyzing data from IoT sensors implanted in these assets. By 2033, it is expected to make IoT in supply chains more popular.
IoT-enabled supply chain solutions would make it easier for different process participants to communicate and integrate with one another. Suppliers, producers, distributors, and retailers are a few among them.
The connection can facilitate quicker decision-making, improve collaboration, and expedite procedures. Improved coordination and reactivity within the supply chain ecosystem are anticipated as a result of these qualities.
Key Takeaways from IoT in Supply Chain Market Study:
The global IoT in supply chain industry showcased an astonishing CAGR of 5% from 2018 to 2022.
The United States IoT in supply chain industry is expected to be worth US$ 8.4 billion by 2033.
The United Kingdom IoT in supply chain industry is expected to surge at a CAGR of 5% from 2023 to 2033.
China IoT in supply chain industry is expected to surpass a value of US$ 10.4 billion by 2033.
The hardware segment by component is projected to surge at a CAGR of 7% from 2023 to 2033.
Several well-known technology giants are active in the IoT market and provide complete IoT supply chain solutions. IoT platforms, cloud infrastructure, and analytics tools are all provided by organizations such as IBM, Microsoft, and Oracle. They are frequently positioned as leading players in the competitive environment thanks to their extensive network of market relationships and solid customer base.
On the market, there are specialized IoT solution providers who concentrate solely on the supply chain sector. For example, IoT-enabled tracking and monitoring systems designed for supply chain operations are offered by Savi Technology and Roambee.
They offer the hardware, connectivity, and software platforms needed for supply chain process improvement, real-time visibility, and predictive analytics. These individuals frequently have extensive domain knowledge and a thorough understanding of the unique requirements and problems of supply chain management.
Key Players
Cisco Systems Inc.
SAP SE
Intel Corporation
Huawei Technologies Co. Ltd
Amazon Web services
For instance,
Siemens and Amazon Web Services (AWS) announced a partnership to integrate Siemens' MindSphere with AWS IoT services in November 2021. Through this agreement, industrial customers would be able to utilize IoT data from their supply chains. Additionally, they have the ability to use machine learning and advanced analytics.
Get More Valuable Insights into IoT in Supply Chain Market
Future Market Insights (FMI), in its new offering, presents an unbiased analysis of the IoT in supply chain market presenting historical data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study reveals segments in the IoT in supply chain industry. It is segmented into a component (hardware, software, and services), application (inventory & warehouse management, fleet & transportation management, demand & supply planning, cold chain management, track & trace, and predictive maintenance), end user (manufacturing, retail & e-commerce, healthcare & pharmaceuticals, automotive, aerospace & defense, and food & beverage), and region.
IoT Processor Market Size - The overall sales of IoT Processors are projected to grow at a robust CAGR of 7.4% between 2022 and 2032, totaling around US$ 92,925.7 Million by the end of 2032.
Cellular IoT Module Market Share - The cellular IoT Module market is projected to have a CAGR of 23.4% by 2033. According to FMI, the market is expected to expand from US$ 16.88 Billion in 2023 to US$ 20.83 Billion by 2033.
5G Industrial IOT Market Trends - The global 5G industrial IoT market size is set to gain monumental growth from 2023 to 2033. The market is foreseen to thrive at an astronomical CAGR of 28.2% from 2023 to 2033.
Supply Chain Analytics Market Growth - The global supply chain analytics market size is worth US$ 6.11 Billion in 2022. The market is projected to witness a robust CAGR of 17.5% over the forecast period to arrive at a market valuation of US$ 30.65 Billion by 2032.
Supply Chain Management Market Demand - The supply chain management market revenue totaled ~US$ 25.7 Billion for 2023. The overall market is expected to reach ~US$ 78.5 Billion by 2033, growing at a CAGR of 11.8% from 2023 to 2033.
Commodity Supply Chain Management Solution Market Outlook - The overall sales of commodity supply chain management solutions are projected to grow at a robust CAGR of 12.7% between 2022 and 2032, totaling around US$ 8,835 Million by the end of 2032.
5G IoT Market Overview - The 5G IoT market is estimated to capture a valuation of US$ 3.6 billion in 2023 and is projected to reach US$ 55.1 billion by 2033. The market is estimated to secure a CAGR of 31.1% from 2023 to 2033.
Supply Chain Management BPO Market Analysis - The supply chain management BPO market size was US$ 28.9 Billion in 2022 and is expected to reach US$ 71.48 Billion by 2032, at a CAGR of 9.6% during the forecast period.
Blockchain Market Type - Global demand for Blockchain is expected to rise at a yearly growth rate of 34.1% Y-o-Y to US$ 155 Billion in 2032.
Web 3.0 Blockchain Market Forecast - The global web 3.0 blockchain market is projected to have a moderate-paced CAGR of 44.9% during the forecast period. The current valuation of the web 3.0 blockchain market is US$ 2.86 billion in 2023.
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
