The global logistics market is projected to reach $21.91 trillion by 2033, driven by the shift towards digitization and automation. Digital technologies are enhancing efficiency and safety in transportation, boosting productivity and streamlining operations. Let's dive into how digitization is driving safety and speed in the transportation industry:
Improved Safety
With the ability to track the amount of time a driver is on the road without rest, how fast a vehicle is moving and how long they are idle, IoT sensors are a valuable tool in monitoring compliance with safety regulations.
Data-Driven Decision-Making
Utilizing geolocation data and weather analytics helps drivers avoid disruptions, while tracking fuel economy aids in managing costs and optimizing routes.
Advanced Analytics
IoT sensors can also help transport businesses to monitor key performance indicators such as cargo monitoring, resource utilization and route optimization. This helps businesses cut costs and offer speedier deliveries to customers.
Real-Time Asset Tracking
Any company running a fleet needs to know where its vehicles are at any given time. Whether a facilities management company with engineers on the road, a courier firm delivering urgent packages or a logistics giant supplying goods to warehouses and supermarkets, asset tracking is fundamental.
Predictive Maintenance
Data from IoT sensors and other sources can be analyzed by an algorithm to optimize vehicle maintenance. Using historical information and current vehicle condition, transportation companies can predict the likelihood and timing of maintenance issues before they happen. Alerts can flag a low battery, check engine, oil change, coolant temperature, service reminders and more, minimizing the risk of costly downtime and automatically notifying a mechanic or maintenance team.
Trillion
According to a report from Precedence Research, the global logistics market size was $8.96 trillion last year
Trillion
This is expected to grow to nearly $22 trillion by 2033.
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