Now, imagine a future bringing together all these technologies. You order Alexa to prepare a shipment, an autonomous vehicle comes to the address indicated, and a robot-courier shows up at your door to pick up the package, transport it in the vehicle and leave. This imagination is soon going to be a reality in the future. The global logistics market is expected to reach $ 1,374 billion continuously in 2023. This well-established industry has intensely depended on human intervention for managing inventories, planning transport, handling materials and smooth working of distribution centers. Nonetheless, this has included broad coordination between numerous partners that prompts a gap in communication and delivery. With the quick progression in technology, for example, AI, biometrics, mechanization and GPS, the worldwide logistics industry has seen a smooth and streamlined method for working. Here are some of the technological trends that will revolutionize the logistics industry in the upcoming years.
Electric Vehicles – The electric vehicle market is expected to be valued at $570b continuously in 2025. A 2015 Neilson study has discovered that 66per cent of respondents more likely to pay a greater amount for a product or a service if the company behind it is committed to taking care of the environment. EVs are vitality proficient, financially savvy and have lower support costs when compared to inward burning motors.
There are three fundamental ways by which EVs will enter the logistics industry: traditional manufacturers will either deliver these EVs themselves, will put resources into batteries for EVs or will put resources into new companies that produce such EVs. The government has allocated INR 10,000 crore for the quicker appropriation of these vehicles; however, it additionally needs to give charging stations the nation over to advance long-remove shipments. One thing is sure; EVs are here to change the world of logistics.
Digitalization – The digitalization of logistics will enable clients to track their shipments in real-time, reduce inefficiencies and streamline tasks. Changing from the deep-rooted technique for following requests on paper to the advanced stage will leave lesser space for mistake. Portable application based shipment, for instance, has made booking advantageous and has reduced human mediation. In the future, Robotics Process Automation can be utilized to introduce complete automation in logistics.
The current workforce that is entering the market is technically knowledgeable and will help with the widespread growth of digitization in logistics. Furthermore, the digitally accumulated data will help drive quicker action identified with client requests, ideal courses, fuel utilization and turnaround times. The government has introduced policies like the One Nation-One Transport card which will digitize installments at expressway tolls, thus, making the transportation of merchandise a faster procedure.
Blockchain ¬ By 2018, it was anticipated that the world of logistics would be turned upside down by blockchain technology in the future. for example to track the transport of diamonds from the extraction stage to the sale stage. The year 2019 will be marked by the continued deployment of this technology to the decentralized management functions of the logistics, such as smart contracts, traceability, and authentication. The blockchain is particularly useful for the logistics industry because it could benefit many players at once: manufacturers, shippers, customers, suppliers, auditors, etc. It allows suppliers and customers to track products, and auditors to verify transactions. The information stored in the blockchain can never be modified; they are not likely to be handled by third parties and are therefore safer than most alternatives. Studies show that 20% of logistics companies are currently implementing blockchain solutions. Maersk and IBM, pioneers in this field, have recently launched a new blockchain shipping solutions, that involved more than 90 organizations. Such solutions will leverage blockchain smart contracts demonstrate to the entire industry how to successfully implement this technology. As it spreads to the logistics market, it will go a long way in automating, improving and accelerating the shipment approval and documentation process.
Internet of Things (IoT) – Today, it is estimated that about 25 billion connected devices, a figure that should triple to reach about 75 billion devices connected in 2025. Digitization at the global level is now firmly established. In logistics, this trend will continue to encourage logistics service providers and shippers and carriers to adopt digital solutions. Thanks to these solutions, companies in the sector will be able to fully exploit the potential of IoT, digitalization and connected devices (pallets, trucks, boats, etc.) throughout their supply chain in order to collect data in real-time. They will then enable scaling up of product lifecycles, supply chain, and customer data to ultimately develop a fully digital value chain. Companies will be able to digitize everything from stock management from orders and fleet to customer service, bar code reading, and shipment tracking. In this context, the Ontrack network is connected to GPS, as well as surveillance and monitoring equipment installed in the fleets. This integration provides optimal connectivity, traceability, and data collection, giving manufacturers a complete overview of current operations and possible optimizations.
Computer Vision enabled Classification Technique – Computer vision is an advanced algorithm through which the computer is enabled to see this present reality based on the data has been fed into it. This enables the computer to settle on choices simply as people would. In logistics, if the freight experiences damage during travel, the client has to accept it if it is under permissible limits. In case if it is not under permissible limits, the cargo needs to experience a predefined procedure. This includes a great deal of choice holes as approval is required on different levels.
Computer vision can be utilized to manage freight damage classification in an increasingly effective way. Marked information can be fed into the computer, based on which it can tell if the damage is inside feasible limits or not. This will eliminate the need to take numerous approvals from various gatherings and will make the deliver procedure quicker.
To stay aggressive and enhance efficiency, keeping up with the most recent technology is an absolute necessity. The logistics industry is profiting monstrously from the latest technology and will keep on developing as more advances are made. The breakthroughs in technology will keep on pushing the boundaries in the future.