By making IoT a central nervous system of the logistic system, the entire logistics value chain from warehousing operations to freight shipping to the last-mile delivery will enjoy the far-reaching payoffs.
Knowing the updates for delivery location of consignments is not all-important because when the freight in-transit gets lost or when looted, the staff will be clueless due to the lack of real-time status updates about the shipment.
According to research, the route optimization with IoT technology eliminates 175 grams of carbon emission produced for every mile traveled by the vehicle thereby reducing the carbon footprint.
Seoul City Transportation Information Centre (TOPIS) is the best example to consider.
Many times, the lighting, cooling, or heating is constantly provided, but the inefficient energy management leads to wastage of energy.
Be it in the transit or in the warehouse, the items are prone to unauthorized opening of the shipments that hurts the logistic service provider’s reputation and even sometimes results in a theft.
The Internet of Things Technology Market constitutes node component, network infrastructure, software solution, platform, and service.
The IoT technology market is expected to grow at a CAGR of 25.1% during the forecast period, to reach USD 639.74 Billion by 2022 from USD 176.00 Billion in 2016.
The base year used for this study is 2016, and the forecast period is from 2017 to 2022.Objectives of the StudyTo define, describe, and forecast the overall IoT technology market on the basis of node component, network infrastructure, software solution, platform, service, end-use application, and geographyTo strategically analyze the micromarkets1 with respect to individual growth trends, prospects, and contribution to the total marketTo analyze opportunities in the market for stakeholders and detail the competitive landscape for market playersTo forecast the market size for various segments with respect to four main regions: North America, Europe, Asia Pacific, and Rest of the WorldGet PDF Brochure: https://www.marketsandmarkets.com/requestsampleNew.asp?id=258239167The IoT technology market comprises players such as Intel (US), QUALCOMM (US), Texas Instruments Incorporated (US), Microsoft (US), IBM (US), Cisco Systems (US), and Amazon Web Services (US), among others.Of all the major end-use applications, the industrial end-use application held the largest share of the IoT technology market in 2016.
The growth of the industrial application was primarily driven by the need to implement predictive maintenance techniques in industrial equipment to monitor their working and to avoid unscheduled downtimes in the production cycle.
Furthermore, the government initiatives such as Industrie 4.0 in Germany and Plan Industriel in France are also promoting the implementation of the IoT solutions for the industrial end-use application.Of all the regions, North America held the largest market share of the overall IoT technology market in 2016.
An established IT ecosystem and the early adoption of various IoT-enabled products across multiple end-user applications are the most prominent factors behind the growth of the market in this region.
This article will share the details you need to know before you start your wearable tech startup! Let this article be your guide!
Technology has made lives easier for people in every sector. From big IT companies to healthcare, adopting technology has impacted everyone. IoT has also made an impact on the agricultural sector. According to a survey, the IoT market in agriculture stood at 1.8 billion dollars globally.
It is further expected to grow by 4.3 billion dollars by the year 2023. The global population is about to reach 9.6 billion by the year 2050. To feed people globally, it must adopt the internet of things technology in agriculture. IoT technology can race against challenges like extreme weather conditions, environmental impact, and climatic changes.
