The Internet of Things (IoT) is one of the primary technologies of Industry 4.0. It is widely regarded as an essential infrastructure for enhancing the transparency of business processes and the accuracy of business decisions. Despite the popularity and applicability of IoT across industries, there is little understanding of IoT adoption factors in the Freight Transport and Logistics Industry (FTLI). This study investigates the factors for the adoption of IoT in the FTLI. The factors are identified and classified based on the Technology-Organization-Environmental framework and prioritized the factors using Fuzzy Analytic Network Process. The relative and dependency weights of each dimension and factor within each dimension have been determined, and it has been found that technology is the most prioritized dimension. Further, Competitive Advantage, Management Support, Security and Privacy, Technology Readiness and Capabilities, and Government Policy and Support are the most prioritized five factors for IoT adoption in FTLI. These findings will help government agencies and policymakers to develop freight transport strategies, such as Model share for freight transport and National Rail Plans. The study also assists transport managers in devising a plan to embrace Industry 4.0 and its requirements in the FTLI.