Analysis of the Impact of the Internet of Things Technology on the Development of the Transport and Logistics Market

Abstract

Internet of Things (IoT) is becoming a technology of great importance in the current era of the international economy development, with essential impact on all the social systems. Logistics is a sector undergoing deep innovation-driven change in the latest decades. It was information and communication technologies (ICT) that greatly contributed in the growth of the logistics market. These ICT-specific innovations allow connected logistics services to generate big scopes of data and diverse information that can be stored and analyzed with high accuracy. On account of this, market analysts believe that IoT is capable to trigger radical change the way of supply chains, and predict the average nearly 30 per cent annual increase of the global logistics market after 2020. This raises the importance of analyses of various dimensions of IoT technology impact on the expansion of the transport and logistics services market. 
 The definition of the notion “Internet of Things” is given, with emphasizing its significance for the modern economy. The IoT contributions in enhancing the market effectiveness of the transport and logistics services market are highlighted. Statistical data on the perspectives of IoT technology applications in transport and logistics services are analyzed, showing that transport logistics is an industry leader by IoT spending; essential advantages created by IoT in the transport and logistics services are highlighted. Cases of effective use of IoT at company level worldwide are given, to confirm that transport and logistics is one of the most promising sectors for implementation of IoT.