IoT in Supply Chain Management Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025
- Transparency Market Research
Supply chain management (SCM) is a foundational business process that impacts almost every enterprise. For a manufacturer, it means moving parts into factory for production and finished products to the point of sale. This usually involves a third party logistics (3PL) companies. Their role is to manage ways through which resources are outsourced wherever required. This can sometimes insert inefficiency and lack of visibility to process, which is removed by the development of Internet of Things (IoT) that continuously changes the way supply chains are managed. IoT is a way through which massive amount of data is coupled with new communication options. This collaboration of sensors, communication devices, servers, analytics engines, and decision-making aids connects the physical and information worlds more closely.
Sensors are used since a long time to monitor the process which starts from manufacturing of products and ends with the delivery to their point of sale. But using those sensors to intelligently connect people, data, things and process, is where IoT comes into application. With the IoT, sensors embedded equipment’s can communicate data about various parameters such as temperature and utilization, which can be used to process workflow and can result in optimizing supply chain performance. This is a leading trend of IoT in supply chain management market.
IoT opens up various use cases for supply chain management that includes asset tracking and fleet management. Asset tracking can be based on RFID tags which provides real time data about the whereabouts of product in warehouse. Impact of IoT in fleet management is based on factors such as weather and traffic congestion increases availability and efficiency of the asset.
Management of supply chains through IoT, facilitates design of more optimized supply chain which provides solutions such as demand planning, risk diagnosis and logistics assessment. Collaboration of sensors with intelligence, allows proactive warning of risk in supply chain. Emergence of sensors and increasing requirement of managing supply chains are the factors driving the growth of IoT supply chain management market. Declining prices of IoT sensors is also expected to trigger market growth. Manufacturers are focusing more on close connectivity in their supply chain network, is responsible for driving IoT in supply chain management market. Smartphones are increasingly used by supply chain managers to access information. Their reduced prices and increased functionalities has surged adoption of IoT in supply chain management.
Installation of IoT devices, requirement of skilled personnel for installation and maintenance are some key restraint hindering the growth of the market. Security is another factor that is expected to restrain market growth over the forecast years.
The global market for IoT in supply chain management is segmented on the basis of product, mode of transport and end use vertical. The product segment can be further classified as hardware, software and solution. Hardware segment is further categorized into sensors, cameras, screen/display, networking hardware (antennas, routers, hub, RFID, NFC), positioning hardware and others. Software segment is further categorized into fleet management and tracking. However, on the basis of end use vertical, market can be segmented into food &beverage, healthcare & life sciences, manufacturing, retail & wholesale, transportation& logistics and others. Based on solution, it can be segmented into transportation management, Inventory &warehouse management support service, demand planning & forecasting solution and others. Further, mode of transport for supply chain management can be segmented into roadways, airways, railways and marine.
North America is expected to dominate the market for IoT in supply chain management during the forecast period. The increasing adoption of smart connected devices and the technological advancements support the growth of IoT in supply chain management market.
Some of the key vendor in the IoT in supply chain management market includes. Alcatel-Lucent AT&T, Cisco Systems, IBM Corporation, Intel Corporation, Cubic Corporation, Siemens AG, Thales SA, TomTom NV, TransCore, LP, Verizon Communications , Denso Corporation, Garmin Ltd , Hitachi Ltd and Iteris Inc..
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