With the growing market for RFID, connected logistics is expanding in its scope. The logistics market, where the speed in this industry transcends over any other, connected logistics is building competitive benefits. In the current world, getting the right product delivered at the right place at the right time in the right quantity with the right condition is a challenge and is often the competitive advantage.
According to the research report “Connected Logistics Market Forecast up to 2024” gives a detailed analysis of the global market for connected logistics. The report contains an in-depth analysis of vendor profiles, which include overviews and offerings, and competitive landscape. The integration capability of the connected logistics software will leverage the capabilities in connecting freight, warehouse, quality, and compliance. This market research report identifies many companies which include SAP, Infosys, IBM, Cisco, HCL Technologies, etc.
This can haphazardly be achieved with connected logistics powered by the Internet of Things. But the connected logistics market is not just about IoT but it is an integrated approach of the Internet of Everything, which includes services, the cloud, big data analysis, and other such technologies. Connected logistics can be studies in three segments – software services, IT services, and hardware devices. Software services include cloud and on-premise solutions. Trends show how there is a shift towards cloud computing and intelligent ERP, which are facilitated by software services. The hardware devices include RFID, sensors, network devices like routers, switches, and IoT devices. The IT services segment includes consultation and application management services, system integration services and so on. All of these together can manage the whole supply chain without any errors and improve precision.
A main driver in the market includes increased use of IoT and smart applications to manage temperature sensitive products and high rates of waste. Advanced communication systems are also helping corporations to advance their value chain. When it comes to sectors like perishables, the importance of connected logistics is remarkable due to high wastages which can be tackled effectively through technology. It is expected that the next generation of logistics, nicknamed as logistics 4.0, will generate value beyond question. Given that recently EU’s members adopted the General Data Protection Regulation (GDPR), it will also take into account cybersecurity and handling of such data at utmost importance.
The main sectors where maximum benefits are expected to be reaped are perishables, cold chains and equipment management. Integrating businesses with internet and using connected logistics might seem a little too intimidating and a big step for many corporations. The good news is that there is an insurmountable amount of data on the internet about IoT, AI, and blockchain to explain the basics and consultancy on the same.
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Ankur Gupta, Head Marketing & Communications