The logistic market is one of the fast-growing markets globally expected to reach US$15.5 trillion by 2023. It is considered as an economic path for the international trade flow. All the activities such as transportation, customer service, packaging, material handling of the supply chain are involved in the logistics market. These activities could be made in an intelligent and smarter way with the help of technical innovation for such logistics companies to run their business more efficiently. During the transportation, safety, and security of the goods are of top priority. Thus, real-time tracking and monitoring of such goods help logistic industries to keep eye on the handling procedure and location of their goods. This kind of solution could potentially reduce the cost of reverse logistics and help in improving the quality of services to the customers.
IoT is the closely linked component to the logistics that handles the intelligent tracking and tracing option. The data about the goods during the transport is very essential for the beneficiaries at both the end (logistic provider and consumer). To achieve this service during transport, communication plays an important role. The development of IoT and GPS module helps to boost these services to the logistics market.
IoT opportunity in Logistics
Real-time data is the main resource in the logistics industry to track and monitor using interconnected devices. Data and the information bring innovation in the industry and several digital technologies play a vital role. When it comes to the data and goods, security is the major concern when using the technologies for the space of authentication, biometrics, and asset tracking. IoT can provide this application of choice with the centralized real-time response system.
Tracking and monitoring
The sensor technology and positioning system give the visibility of goods to the supply chain management team chain as well as to the consumer. That could possibly monitor (temperature, acceleration, humidity, etc.) the goods in their environment. Tracking and monitoring is being a challenging task to the logistics but once it is achieved there is a significant benefit,
- Goods flow tracking/monitoring
- Balancing the supply-demand
- Financial benefits
Future of vision on logistics
If IoT plays the main role here, then acquiring a huge amount of data will be the result. Data analytic algorithms and big data could be leveraged for data processing. Implementation of Artificial Intelligence (AI) could also make an intelligent and centrally automated system. The capabilities of IoT are,
- Data acquisition
- Big data
- Resource management