“Future belongs to those who believe in the beauty of their dreams” - Eleanor Roosevelt
14.4 % of India’s GDP is spent on logistics and a CAGR of 15% growth in the logistics industry is expected which will drive growth in India. Indian freight transport market is expected to grow by a CAGR of 13.35% by 2020. India has the second largest road network in the world.
There has been a promising increase in the infrastructure development of Indian roads, and when it comes to storage and warehousing it is one of the most important components of the Indian Economy.
The logistics industry is a rapidly growing market there is a well-established demand for freight transportation all over India. The logistics tech start-up companies are growing rapidly and making advancement to improve upon the inefficiencies in the logistics market.
The future of logistics is in :
1. Digital-Tech: The 21st century where the world has seen exponential growth in terms of digitization and globalization and where everything is just a few clicks away even the logistics industry is taking advantage of the current trends to improve and make the entire supply chain system easy. Wayside Truck Freight connects truck providers with businesses over a digital platform so that it gets easy for cargo providers to find a good truck and also making pick-up & drop locations easy. They are making transport booking an ease.
2. Internet of Things: The use of RFID (Radio Frequency Identification ), where information is scattered across different levels of the supply chain in real time is now coming into trend. For example, Warehouse activities like inventory management, reduction in theft, stock loss in transit and lot of other such activities can be monitored with the use of IOT.
3. Unmanned Aerial Vehicles (UAV's): Or in other words, drones are something which is a trending thing in the tech market. A lot of logistics and supply chain companies are considering the idea of using drones. 27.31% of executives believe that drone delivery system will be used in the coming 5 to 10 years. Some of the applications of these drones which are being discussed are, delivering drugs and medicines to remote locations. Even though the idea of using drones as a delivery system is in an infant stage, it will be interesting to see what this new technology can be used for in the logistics industry.
4. Self-Driving Vehicles: With tech giants like Google, Tesla, investing millions of dollars in the self-driving technology, driverless trucks and cars will be a reality soon.
“Driverless trucks could be a regular presence on many roads within the next 10 years,” says José Viegas, former secretary-general of the International Transport Forum (ITF)
Volvo Group has already a driverless-truck operating in Kristineberg mine in Sweden.
The use of technology in the future is promising! It will be interesting to see what developments and new trends would take the logistics industry by storm.
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