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What Are The Benefits of IoT in Small Business


What Are The Benefits of IoT in Small Business

The Internet of Things is booming and has created a buzz in recent years. IoT allows small businesses to streamline their operations by automating routine tasks. From handy products, vehicles, and industrial objects, to utility components, with Internet connectivity, IoT-enabled devices have transformed the way we work, live, and play.

However, there is a long way to go and a great deal ahead to explore this scope. The global IoT market is expected to generate $4 trillion to $11 trillion by the year 2025. The area is vast and mostly untouched by many industries. 

Many popular and renowned IT research organizations also have adopted this technology and given their strong opinion. If you are planning to integrate IoT into your business, it will help you to optimize your business process, stand out from the competition, increase your conversion rate, and many more. It will change the horizon of the business and also the methods any business follows.

Benefits of IoT in Small Business

IoT applications don’t just solve business problems but also eliminate the tedious and time-consuming process effectively. On the other hand, it allows businesses to optimize their process, more productivity in no time, reduce costs and do plenty of unbelievable things.

Seamless production, round-the-clock maintenance, and customer satisfaction among others are the pioneers of any business performance and durability. When we talk about growth and development, it is completely dependent on how well you deal with the situations that occur during the process. And IoT can make a difference in that unexpectedly.

Hence, having plenty of fruit-bearing attributes of IoT implementation, many organizations are planning to adopt the technology into their business.

So, let’s look at the points we have covered that could be leveraged by implementing IoT for your small business.

  1. Enhance Efficiency and Increase Productivity

Enhancing efficiency tends to increase productivity. This is a direct way a business can generate revenue and profit. Both parameters are vital factors for any business growth. IoT devices offer real-time tracking of machinery parts and raw materials in manufacturing sectors which accurately assess demand and efficiently manage various production phases.

IoT devices can improve facility management, keep your employees informed with real-time data, help them establish better communication with clients and teams, and reduce errors. When everything falls into these requirements, it automatically increases productivity.

  1. Enhance Customer Satisfaction and Experience

Customer satisfaction and seamless customer service are the prime factors in ensuring the profitability of any business. Some IoT technologies like mobile card readers help you connect with smartphones to process transactions easily. Apart from that, with the smart tracker, a user can easily track their orders/products. In this way, you satisfy your customer’s expectations and improve the overall experience.

Also, by using hyper-local advertising and couponing, organizations can provide enhanced customer experience and meet their target needs. IoT solutions can also help you detect problems and resolve issues with the help of smart grid technologies and smart meters. In 2020, customers have expectations towards every business that must be met; conveniently they can be able to interact with you through their mobile devices, whether that’s using a chatbot or dedicated app.

  1. Improve The Safety of the Workplace

With IoT-enabled devices, employees can easily make their work environment the safest place to work. It improves the safety and security of the workplace. With the help of sensors and wearable devices, employees working in high-risk environments like heavy industries, construction, and mining can leverage video surveillance cameras and smart locks to analyze their work premises at all times and ensure the safety and protection of important assets.

Apart from this, smart devices also reduce errors that are made by humans during the various stages of the business process.

  1. Reduction of operating costs

IoT applications can help you out in various ways which could lead to cost-cutting. In manufacturing departments, IoT devices can be used to monitor equipment and maximize runtime by predicting failures or errors on the production line, which results in bigger profits. This way, you can save on human power, and energy costs, and improve efficiency by using IoT devices.

  1. Better Understanding of Consumer Behavior

Understanding customer behavior and pattern lead to the success of any organization, especially in the retail industry. If you are integrating IoT, you will be able to fetch, analyze, and track data and get data insights from video surveillance, social media, mobile devices, and internet usage. With this data, analysts can predict preferences and trends so that organizations can consequently design products and offer personalized value-added services for better engagement. By conducting good research on customer profiles, businesses can retain their target customers and cultivate brand loyalty.

  1. Real-Time Analytics

The best and most important benefit that you can leverage from IoT is real-time data analytics. It analyses the process and detects the problem if found, and takes immediate action. The IoT applications provide real-time analytics that propels the company’s efficiency as you can find out the issue and resolve it at per convenience.

Wrapping Up

When we step into the technology world, we find ourselves surrounded by various technologies and tools. It’s mandatory to walk along with the technology to stay competitive and ahead of your competitors, otherwise, you will be called an old-school company in this modern world, and no customers will reach you. Thus, you will end up losing business.

When it comes to IoT, it simplifies your business needs. You can get many benefits of IoT. but it’s not easy to start using it unless you learn to integrate the IoT devices into your business process. For this, you can hire IoT developers or connect with the best IoT Development Company that can help you integrate this prominent technology to boost your business growth.

Author’s Bio

Purav Thakkar is a tech enthusiast with knowledge in Software development and Marketing. As the owner of a leading Python development company Innvonix Tech Solutions, he handles client project delivery, manages different teams, and helps businesses increase their digital footprint. Purav is an avid reader and enthusiastic writer. Connect him on Facebook, Linkedin, Twitter



AWS smart teamviewer

TeamViewer Accelerates Smart Factory Innovation with Strategic Investments in Manufacturing Analytics and IoT

TeamViewer, a global leader in remote connectivity and workplace digitalization solutions, has announced significant investments in two innovative smart factory companies, Sight Machine and Cybus. This strategic move, involving a low double-digit million EUR investment, underscores TeamViewer’s commitment to advancing the digital transformation of industrial workspaces and the convergence of Information and Operation Technology (IT & OT).

Investment in Sight Machine – Unlocking Data-Driven Manufacturing

Sight Machine, a U.S.-based company and Microsoft partner, offers a manufacturing data platform that collects, structures, and analyzes data from manufacturing operations. Leveraging AI applications, Sight Machine provides insights into areas such as quality control, overall plant performance, and predictive maintenance. This investment establishes TeamViewer as a major shareholder in Sight Machine, with representation on its Board of Directors. The collaboration aims to enhance manufacturing efficiency through a joint product offering and a collaborative go-to-market strategy.

Jon Sobel, Co-Founder and CEO at Sight Machine, expressed enthusiasm for the collaboration, highlighting the shared commitment to leveraging data’s power for shaping the future of smart factories.

Investment in Cybus – Advancing Industrial IoT Solutions

Cybus, a German software company specializing in industrial IoT solutions for large-scale manufacturing environments, has developed a data hub that facilitates seamless communication between diverse devices, machines, and processes in smart factories. TeamViewer, as the lead investor in Cybus’s current financing round, will actively collaborate and provide strategic guidance as part of the advisory board. This partnership aims to address the challenges of industrial digitalization and enhance manufacturing efficiency.

Peter Sorowka, CEO at Cybus, emphasized the significance of partnering with TeamViewer to tackle the complexities of industrial digitalization and collectively contribute to improving manufacturing processes.

Fostering Evolution in Smart Factory Solutions

These strategic investments in Sight Machine and Cybus position TeamViewer as a key player in enterprise software at the intersection of manufacturing infrastructure, IT systems, and data analytics. Oliver Steil, CEO at TeamViewer, highlighted the logical progression of investing in shop floor digitalization and factory connectivity, underscoring TeamViewer’s role as a catalyst in shaping the future of industrial digitalization.

TeamViewer’s comprehensive solutions, spanning IT and embedded devices, have established the company as a standard in remote connectivity. This move into smart factory solutions aligns with TeamViewer’s vision to drive innovation and productivity across diverse industries.


Exploring the Growth Potential of the 5G Systems Integration Market Report, 2024 to 2034

The global 5G system integration market is anticipated to reach a valuation of US$ 15.6 billion in 2024, driven by 5G in smart cities. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 28.8% between 2024 and 2034, and reaching a total valuation of approximately US$ 195.8 billion by 2034.

One of the major factors contributing to the growth of the market is the integration with legacy systems. Many industries have existing legacy systems that need to be integrated with new 5G infrastructure. System integrators play a crucial role in ensuring compatibility and smooth coexistence between legacy and modern systems.

The integration of edge computing with 5G networks for localized data processing and reduced latency creates opportunities for system integrators to design and implement solutions that leverage the capabilities of edge intelligence.

Telecom service providers undergoing digital transformation to adapt to the 5G era require system integration services to integrate new technologies, automate processes, and enhance overall operational efficiency.

System integrators can contribute to improving the overall user experience by ensuring the seamless integration of 5G networks with applications and services, optimizing performance, and minimizing disruptions.

System integration is increasingly important in vertical industries such as healthcare, manufacturing, and transportation, where 5G is utilized for industry-specific applications. Customized solutions that integrate seamlessly with existing processes are in demand.

The move towards virtualized network functions and software-defined networking architectures requires comprehensive system integration. The trend allows for greater flexibility and scalability in 5G network deployments.

Key Takeaways from the Market Study

  • Global 5G System Integration market was valued at US$ 12.3 billion by 2023-end.
  • From 2019 to 2023, the market demand expanded at a CAGR of 26.0%.
  • The market in Australia is expected to expand at a CAGR of 32.3% through 2034.
  • By vertical, the IT and Telecom segment to account for a share of 24.5% in 2024.
  • From 2024 to 2034, the 5G system integration market is expected to flourish at a CAGR of 28.8%.
  • By 2034, the market value of 5G system integration is expected to reach US$ 195.8 billion.

“Digital twins, virtual replicas of physical objects or systems, are being used for monitoring and simulation in various industries. System integrators can help integrate digital twins with 5G networks for real time monitoring and analysis,” – says Sudip Saha the managing director and co-founder at Future Market Insights

Competitive Landscape

Recent Developments

  • In 2021, Ericsson unveiled its intelligent automation platform, a cutting-edge service management and orchestration product designed to enable intelligent automation for any mobile network. Expanding upon its existing portfolio, which includes the cloud native dual mode 5G Core and the Cloud RAN portfolio, the introduction of the Ericsson intelligent automation platform and a suite of rApps represents a strategic advancement toward building the networks of the future.
  • In the same year, NEC Corporation and its wholly owned subsidiary, Netcracker, revealed the successful deployment of their 5G Core and comprehensive Digital BSS/OSS on Amazon Web Services. The deployment is designed to effectively orchestrate and automate the delivery of 5G digital services.

Internet of Everything (IoE) Market is Expected to Reach US$ 5.0 billion by 2033

The internet of everything (IoE) market is estimated to be worth US$ 1.2 billion in 2023 and is projected to be valued at US$ 5.0 billion in 2033. Between 2023 and 2033, the market is expected to register a growth rate of 15.2%. The rapid increase in connected devices, including smartphones, sensors, wearables, and IoT devices, is expected to boost the IoE growth during the forecast period.

The proliferation of 5G, technological advances in telecommunication, and increased use of machine learning artificial intelligence (AI) are anticipated to drive market growth. The growing application of IoE in healthcare drives the market growth during the forecast period. IoE improves patient care through remote monitoring, telehealth, and wearable devices. It allows healthcare providers to offer more accessible and efficient services.

The growth of urban populations and the growing need for smarter, more sustainable cities boost the market demand. IoE is used in smart city initiatives, improving urban services, transportation, energy management, and public safety. The proliferation of consumer IoT devices, such as smart speakers, home automation systems, and wearables, and increased consumer awareness and familiarity with IoE concepts propel the market’s growth. Increasing government investment in IoE projects to improve public services, infrastructure, and overall quality of life for citizens further fuels the market growth.

Key Takeaways

  • From 2018 to 2022, the Internet of Everything (IoE) market demand expanded at a CAGR of 12.8%
  • Based on application, the smart cities segment is expected to account for a market share of 56.6% during the forecast period.
  • Global Internet of Everything (IoE) demand in Germany is predicted to account for a value share of 34.6% from 2023 to 2033.
  • In the United States, the market is expected to account for a CAGR of 15.1 % between 2023 and 2033.
  • A growth rate of 14.6% is estimated for the healthcare segment over the forecast period.
  • China is projected to expand by a value CAGR of 14.5% between 2023 and 2033.
  • By 2033, India’s Internet of Everything (IoE) market is anticipated to record a CAGR of 14.8% during the forecast period.

“The increasing application of big data and machine learning technology and increased use of connected devices are the major factors boost market growth,” says an FMI analyst. – opines Sudip Saha, managing director and MD at Future Market Insights (FMI) analyst.

Competitive Landscape

To grow their market share, increase profitability, and stay competitive in the Internet of Everything (IoE) market, players have used new product launches and business expansion as key strategies. Some of the recent developments in the market are discussed below.

  • Cisco is a major player in the IoE space. The company has been developing IoE solutions for industries like healthcare, manufacturing, and smart cities. They have also been working on enhancing their networking and cybersecurity capabilities to support IoE deployments.
  • GE has been involved in the Industrial Internet of Things (IIoT) space, using data analytics and machine learning to optimize industrial processes, improve asset performance, and reduce downtime.
  • Microsoft provides various cloud and IoT services through Azure, enabling businesses to develop and deploy IoE solutions. They have been expanding their partnerships and offerings in the IoE ecosystem.
machine iot

The Agriculture IoT Market is anticipated to Show Promising Growth Prospects

The agriculture IoT market is projected to register a CAGR of 10% during the forecast period, up from US$ 11.5 Bn in 2021 to reach a valuation of US$ 32.8 Bn by 2032.

The agriculture IoT market is anticipated to show promising growth prospects during the forecast period as a result of growing competition. New competitors are offering a variety of options at reasonable pricing to fulfill the demand for agriculture IoT making it more accessible to customers in the global agriculture IoT market.

Sales of agriculture IoT are expected to rise significantly. In addition to this, sales of agriculture IoT are rising, accounting for US$ 18.5 Bn by 2026. Increasing sales of agriculture IoT is also projected to contribute to the growth of the agriculture IoT market share.

Drones are used in agriculture IoT to analyze crop health, monitor crops, sow crops, spray crops, irrigate fields, and do field analysis. Drones are also used to collect data using a variety of sensors for mapping, imaging, and surveying agricultural land. Plant counting, plant height, yield projection, stockpile measurement, drainage mapping, weed pressure mapping, and other insights are derived from the data gathered by a drone.

Manufacturers in the agriculture IoT market get a big platform from which to serve the whole demand for agriculture IoT. The worldwide sales of agriculture IoT are seeing increased competition. With growing competition, new competitors are offering a variety of options at reasonable pricing, fulfilling the demand for agriculture IoT more accessible to customers.

DeLaval, SmartCultiva Corporation, Crop Metrics, Raven Industries, and AeroFarms are among the leading companies in the agriculture IoT industry.

What are the Key Growth Propellers in the Agriculture IoT Market Share

Greenhouse farming helps to increase agricultural, fruit, and vegetable yields. In greenhouse farming, the ambient conditions are manually regulated, resulting in production losses and a less effective strategy. Smart greenhouses, which utilise IoT to monitor and manage the environment, reduce the need for physical intervention.

Different sensors are utilised to manage the environment depending on the need. Light levels, humidity, pressure, and temperature are all measured by IoT sensors. Through the usage of Wi-Fi, the sensors operate the actuators to regulate the heating, turn on the light, and open a window.

Precision farming is a method of making agricultural procedures more precise and regulated in order to raise livestock and cultivate crops. The utilization of information technology and objects such as sensors, robots, control systems, automated hardware, and so on are crucial components of this strategy. VRI optimization, which helps to boost yields and increase water usage efficiency, is one of the products and services offered by Crop Metrics, a precision agricultural company.

Owing to the most farmer groups are unfamiliar with the term “internet of things,” adoption and sales of agriculture IoT are low. Farmers are not provided adequate training in the demand for agriculture IoT, which limits the growth of the agriculture IoT industry.

How is the Competitive Landscape in the Agriculture IoT Market

DeLaval, SmartCultiva Corporation, Crop Metrics, Raven Industries, and AeroFarms are among the leading companies in the agriculture IoT industry.

Recent developments in the Agriculture IoT Market:

Deere & Company released an improved version of ExactRate in March 2021, which is an on-planter technology that fertilises new crops twice as fast as before and minimises the amount of fertiliser tank refills required during planting.

DeLaval added the RC550 and RC700 to their robot lineup in February 2021. These robots were created to increase cow comfort and hoof condition on solid flooring. Any form of manure may be handled by the collector thanks to their innovative rotational dung intake technology, and no additional water is required.

Raven Industries debuted its first autonomous farm device for harvesting activities in January 2021. It assists farmers in monitoring autonomous cars by allowing them to create field plans, modify speeds, and track location activities.

Trimble Inc. bought Midstates VRS, a network previously owned by Butler Machinery and Frontier Precision, in December 2020. Trimble’s VRS Now® GNSS connections now have a larger footprint as a result of this purchase. Trimble VRS now covers more than 1 million square miles in North America as a result of this purchase. This purchase is excellent for providing precision agriculture with a high-performance GNSS system.

Innovasea Systems unveiled new V3 acoustic telemetry transmitters in November 2020, the smallest in its industry-leading portfolio of fish monitoring tags. It allows researchers and scientists to examine both smaller and larger fish species that are in the early stages of their life cycles.

The AKVA group signed a deal with Nordic Aqua Ningbo in November 2020 to provide a comprehensive RAS facility outside of Shanghai. In 2026, the project is expected to produce 8,000 tonnes of steel.

Deere & Company bought Unimil (Brazil), a Brazilian producer of sugarcane harvester aftermarket components, in September 2020. The firm made investments in the Brazilian market as a result of this purchase, which will assist clients in Brazil lower their sugarcane production costs. Deere would also be able to provide a broader range of components with more cost-effective options for consumers as a result of this purchase.

cellular iot application

The Rise of Smart Solutions: The IoT Application Enablement Market is expected to reach US$ 36 Billion by 2032

According to Future Market Insights (FMI) IoT application enablement market report, the adoption of IoT application enablement platforms is expected to expand at a 26.5% CAGR over the assessment period, with a market valuation of US$ 36 Billion by 2032.

The communication infrastructure must be put up before an array of sensors, edge devices, or other devices in IoT technology solutions. Wireless data rates are the key issue with IoT networks. Wi-Fi 6, 5G, satellites, and LTE communication infrastructure have all been built in recent years.

In the world of network edge and IoT connectivity, 5G deployments provide low-latency communication that supports data-intensive applications like video surveillance, autonomous vehicle operations, optimizing citywide traffic flows, and high bandwidth. Thus, advancements in the infrastructure for 5G, Wi-Fi 6, and LTE connectivity will drive sales in the market over the forecast period.

Artificial Intelligence (AI) technologies are data-driven and IoT sensors are an asset to the Machine Learning (ML) data pipeline. Integration of artificial intelligence and IoT technology enables enterprises to achieve digital transformation. It enables IoT devices to collect and transfer data to the cloud or other spaces where they can accumulate data through the internet.

AI and IoT are integrating to offer greater control and visibility of the wide array of sensors and devices connected to the internet. Such IoT transformation helps businesses to implement conversational agents for customers, engage customers, obtain analytics, customize user experiences, or optimize productivity with predictions and insights.

Key Takeaways:

  • By solution, sales in the IoT application enablement platform segment are anticipated to increase at a 24.3% CAGR through 2032.
  • Among the enterprise size, demand in the SME segment is estimated to grow at a CAGR of 29.0% during the forecast period.
  • Based on industry, the adoption of IoT application enablement in the manufacturing sector will increase at a CAGR of 34.2% between 2022 to 2032.
  • The U.S. IoT application enablement market is expected to expand at a CAGR of 19.8% through 2032.
  • The China IoT application enablement market is expected to grow by 13.9X during the forecast period.
  • Demand in the Japanese market is expected to grow at a CAGR of 31.6% during the assessment period.

Competition Landscape

Altair, Amazon Web Services, ClearBlade, Ericsson, Fujitsu, IBM, Microsoft, Oracle Corporation, PTC, SAP, Siemens, AllThingsTalk, Hughes Systique Corporation, and Software AG are some of the leading players operating in the global IoT application enablement market.


IoT Chip Market to Reach US$ 7.69 Billion, Globally by 2033 at 5.7% CAGR

The IoT chip market is forecasted to garner revenue of US$ 7.69 billion in 2033, up from US$ 4.4 billion in 2023, advancing at a rate of 5.7% from 2023 to 2033.

The demand for advanced and efficient IoT chips is skyrocketing with the increasing adoption of IoT devices and solutions across various sectors. The proliferation of IoT devices, from smart home appliances and wearables to industrial sensors and autonomous vehicles, is a primary driver of the market’s expansion.

The need for seamless connectivity and efficient data processing in these devices is fueling the demand for specialized IoT chips, facilitating market size expansion.

The integration of AI capabilities in IoT chips is unlocking new possibilities for intelligent decision-making and automation. AI-powered IoT chips can analyze and interpret data in real time, enabling predictive maintenance, advanced analytics, and autonomous operations.

Despite the significant growth potential, the IoT chip market faces challenges such as interoperability issues, data privacy concerns, and the need for seamless integration with existing infrastructure. However, these challenges also present opportunities for innovation, collaboration, and partnerships among IoT chip manufacturers, device manufacturers, and software developers.

Edge computing, which brings data processing and analytics closer to the source of data generation, presents significant opportunities in the market for IoT chips.

By integrating edge computing capabilities into IoT chips, manufacturers can enable real-time data analysis, reduce latency, and enhance decision-making at the network’s edge. This opens up possibilities for intelligent IoT applications that require quick response times.

Companies that invest in developing IoT chips with enhanced edge computing capabilities can position themselves at the forefront of this transformative technology, catering to the evolving needs of IoT deployments.

Key Takeaways:

  • In 2022, North America held a value share of 32.5% in the IoT chip industry, with the United States alone accounting for 20.3%.
  • The European market accounted for a value share of 23.4% in 2022, with Germany contributing 10.4%.
  • In 2022, the sensors segment held a significant value share of 39.2% based on hardware.
  • The market value for IoT chips reached US$ 4.23 billion in 2022, with a CAGR of 3.6% from 2018 to 2022.
  • Based on end use, the manufacturing sub-segment was predicted to account for a 14.8% share in 2022.
  • The market for IoT chips in India is likely to secure a 6.5% CAGR from 2023 to 2033.

How Intense Is the Competition in IoT Chip Market?

The competition in the IoT chip industry is highly intense. The rapid growth and increasing demand for IoT devices have attracted numerous players, including established semiconductor manufacturers, technology giants, and start-ups.

The market is experiencing significant growth due to the proliferation of connected devices across various industries. This growth potential attracts existing players and new entrants, creating a crowded and highly competitive landscape.

Collaboration and strategic partnerships are common in the IoT chip industry as companies seek to leverage complementary expertise and resources. These alliances often aim to deliver comprehensive IoT solutions, combining hardware, software, and connectivity.

Competition arises not only between individual companies but also among alliances and consortia. The IoT chip industry is global, with players vying for market share in different regions. Competition is not limited to specific geographic locations but spans multiple continents, with companies targeting various markets to expand their customer base and revenue streams.

The market encompasses a wide range of industries, and this diversification leads to competition among companies specializing in different sectors, each striving to capture market share and establish dominance in their respective niches.

wwex iot market suppliers EMO logistics fuel warehouse

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

The global IoT in the 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 the 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:

  • The global IoT in the supply chain industry showcased an astonishing CAGR of 5% from 2018 to 2022.
  • The United States IoT in the supply chain industry is expected to be worth US$ 8.4 billion by 2033.
  • The United Kingdom IoT in the supply chain industry is expected to surge at a CAGR of 5% from 2023 to 2033.
  • China IoT in the 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.

Competitive Landscape

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.

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.

How can AI and IoT Transform the Logistics and Transportation Management Ecosystem?

In today’s rapidly evolving world, the logistics and transportation industry faces increasing demands for efficiency, reliability, and sustainability. To address these challenges, emerging technologies like Artificial Intelligence (AI) and the Internet of Things (IoT) have emerged as transformative forces, helping companies revolutionize operations and drive efficiency across the workflow.

By leveraging the power of AI and IoT, the logistics and transportation management ecosystem can undergo a remarkable revolution, streamlining operations, optimizing routes, enhancing safety, and ultimately delivering exceptional customer experiences. 

Benefits of AI and IoT in the Logistics and Transportation Industry

Technology is continuously evolving in the logistics sector and transforming the way how transportation industry manages freight, sales orders, production, goods, and inventory. It is why businesses operating in the transportation industry are quickly leveraging the power of AI and IoT to embrace innovation and drive efficiency. Let’s dive deeper to understand how logistics and transportation software development powered by AI and IoT can benefit the industry.

Optimized Fleet Management

AI and IoT enable real-time monitoring of vehicles and assets, providing valuable insights into their status, location, and condition. This data empowers logistics companies to optimize fleet management by helping them ensure efficient route planning, reduce idle time, minimize fuel consumption, and prevent breakdowns through predictive maintenance. The implementation of AI and IoT in logistics and transportation management leads to better decision-making, resulting in reduced cost and improved resource allocation.

Enhanced Visibility in Supply Chain Management

AI and IoT are the driving force behind bringing transparency and improving supply chain visibility, enabling logistics managers to constantly monitor the location and condition of shipments. With RFID tags, connected devices, and IoT sensors, logistics managers can gain real-time insights into inventory levels, shipment status, and environmental conditions. This real-time data helps take proactive action for risk management, efficient inventory management, and accurate delivery estimations. This high level of transparency not only facilitates better collaboration and increases credibility among stakeholders within the supply chain network but also improves customer experience.

Predictive Analytics for Demand Forecasting

The integration of artificial intelligence and the Internet of Things helps logistics companies to leverage predictive analytics for demand forecasting. By analyzing market trends, historical data, and external factors, AI can anticipate the demand for products across the supply chain network, empowering logistics managers to optimize inventory levels, stay safe from getting stockouts, and minimize holding costs. In addition, with AI-driven demand forecasting, logistics providers can align their operations to meet the ever-changing needs of customers, improving efficiency and customer satisfaction.

Driverless Cars

Driverless vehicles zooming around the road is one of the most remarkable applications of embracing AI and IoT in the transportation industry, revolutionizing the realms of logistics and transportation. Tesla, Ford, BMW, Daimler, and even Uber, all the big names in the industry, are harnessing the power of driverless initiatives. Autonomous vehicles can create a wide range of positive effects in the logistics management ecosystem, such as cost savings and improved road safety. Artificial intelligence can most likely lead to the full automation of truck fleets.

Intelligent Route Planning and Optimization

AI algorithms combined with the potential of real-time IoT data help logistics managers in intelligent route planning and optimization. By considering factors such as traffic congestion, weather conditions, delivery time windows, and vehicle capabilities, logistics companies can generate optimal routes that minimize fuel consumption, reduce travel time, and improve on-time deliveries. These technologies also allow for dynamic route adjustments in response to real-time conditions, ensuring efficient and agile transportation management.

Smart Warehouse Management

AI and IoT: this powerful duo facilitates the implementation of smart warehouse management systems. IoT sensors and devices provide real-time data on inventory levels, storage conditions, and order fulfillment status. AI algorithms can then analyze this data to optimize warehouse operations, such as efficient layout design, automated inventory management, and intelligent picking and packing. Integrating AI and IoT in warehouse management enhances accuracy, reduces errors, and increases operational efficiency.

AI and IoT provide too many benefits in the ecosystem of logistics and transportation management. It is why businesses that wish to gain ground should consider AI and IoT applications in their existing operations.


With the advent and advancements of AI and IoT technologies, the logistics and transportation management ecosystem is experiencing a transformative wave. Therefore, by leveraging the power of real-time data, predictive analytics, intelligent automation, and other benefits of AI and IoT, logistics companies can accomplish greater operational efficiency, cost savings, and improved customer satisfaction.

In addition, logistics and transportation software development services of AI and IoT also streamline operations, automate processes and improve supply chain visibility, enabling driverless cars, intelligent decision-making, and sustainable practices.

In short, the future of logistics and transportation management lies in harnessing the full potential of AI and IoT, paving the way for a more efficient, optimized, connected, and responsive ecosystem.


Global IoT Communication Protocol Market to Surpass US$ 24.6 Billion by 2032 Amid Skyrocketing Demand for Smart Home Appliances

In 2032, the IoT communication protocols Market is anticipated to be worth US$ 24.6 Billion. In 2022, its estimated value was US$ 15.9 Billion. It is likely to see a CAGR of 4.5% between 2022 and 2032.

Consumer electronics are integrating IoT communication protocols as they enable connectivity and communication across devices. These facilitate the development of connected and smart products further.

These protocols give data sharing a defined structure and make it possible for devices from various manufacturers to work together. They aid in guaranteeing smooth data transport and communication. Smart home appliances frequently use Wi-Fi to connect to a network at home and the internet.

Bluetooth is often utilized in audio and wearable technology. Consumer gadgets using IoT connection protocols can perform functions, including remote monitoring & control, real-time data analysis & feedback, and improved device compatibility.

Standardization and interoperability through IoT communication protocols are vital as IoT devices are being adopted more widely in consumer electronics. These are improving user experience and enabling smooth data sharing and communication between devices.

Demand for IoT communication protocols that can support edge devices is expected to increase. Edge computing, which involves processing IoT data at the edge of networks, is set to become highly popular by 2032.

Edge computing decreases the quantity of data that needs to be transferred to the cloud and allows for real-time data processing. It can lower the need for bandwidth while enhancing device performance.

The usage of IoT has increased significantly recently all across the world. Around 8.6 billion IoT devices were present worldwide in 2019. As IoT device adoption accelerated globally, the total number of IoT devices was estimated to be 12.14 Billion in 2022.

By 2030, it is predicted that there will be about 23.14 Billion IoT devices on the planet. The need for IoT communication protocols is anticipated to rise over the course of the assessment period, as there are more IoT devices in use worldwide.

Key Takeaways:

  • The global IoT communication protocol industry exhibited a CAGR of 3% in the historical period from 2017 to 2021.
  • The United States IoT communication protocol industry is expected to be worth US$ 7.5 Billion by 2032.
  • The United Kingdom IoT communication protocol industry is anticipated to reach a valuation of US$ 1.2 Billion in 2032.
  • By type, the Wi-Fi segment is expected to bolster at a CAGR of 4% from 2022 to 2032.
  • Based on application, the consumer electronics segment exhibited a CAGR of 0% from 2017 to 2021.

Competitive Landscape:

Leading developers of IoT communication protocols are concentrating on creating real-time protocols to support IoT applications. Applications, including industrial automation, smart grid management, and autonomous cars would call for quick and dependable data interchange.

Several additional businesses are creating protocols that can be connected with cloud services. They want to make it possible for IoT systems and devices to be managed, monitored, and have their data analyzed remotely. Scalable protocols that can handle a lot of devices and data traffic are still being developed.

For instance,

  • In April 2020, Infineon Technologies revealed its acquisition of Cypress Semiconductor. It encompasses Cypress’s range of IoT communication technologies, specifically Wi-Fi and Bluetooth. Through this acquisition, Infineon Technologies is aiming to enhance its IoT solutions for clients and broaden its range of offerings.