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

In the coming decade, the worldwide market for IoT in the supply chain is predicted to exceed $12.4 billion and reach a staggering $41.8 billion by 2033. This growth is projected to average a compound annual rate of 12.9% between 2023 and 2033.

The use of Internet of Things (IoT) has gained popularity in the supply chain business. This is due to various reasons. One key factor is the ability to track and monitor goods in real-time, thanks to IoT devices. These devices are expected to become an essential tool for obtaining accurate and timely information about the location, health, and condition of inventory.

Supply chain managers are expected to take up IoT to enhance their visibility and command of their operations. This technology can help to optimize control of inventory, reduce losses and improve productivity. Furthermore, the demand for IoT will increase with its capability to predict maintenance for crucial machinery and equipment within the supply chain.

There are various assets where IoT sensors can be placed, such as cars, warehouses, and factories. Collecting and analyzing data from these sensors can catch possible problems early on, allowing for maintenance to be done beforehand and decreasing the amount of time wasted due to breakdowns. It is predicted that by 2033, the utilization of IoT sensors in supply chain management will become even more widespread.

Technology that includes IoT can streamline the supply chain process by enabling better communication and integration between different participants. These parties may include suppliers, producers, distributors, and retailers.

Having good connectivity can speed up the process of making important decisions, enhance teamwork, and make procedures go faster. These qualities are expected to bring about better synchronization and faster response times within the supply chain system.

Numerous famous tech behemoths are participating in the IoT arena by furnishing full IoT supply chain resolutions. IBM, Microsoft, and Oracle are among the companies that offer IoT platforms, cloud infrastructure, and analytics instruments. Because of their broad network of market connections and loyal customers, these companies are often perceived as frontrunners in the competitive environment.

In the industry, some companies focus entirely on providing IoT solutions for the supply chain. Savi Technology and Roambee, for instance, offer tracking and monitoring systems that are specifically designed for supply chain operations and enhanced with IoT technology.

They provide the necessary equipment, internet access, and computer programs to enhance the way supply chains operate. They are experts in this field and possess a deep understanding of the distinct needs and challenges that come with managing supply chains. Furthermore, they use real-time tracking and data analytics to make predictions.