According to a report by IDC, spending on the Internet of Things (IoT) is expected to reach $1 trillion by 2022. As more and more businesses jump on board the Internet of Things bandwagon, the statistics listed above remain accurate. Almost all businesses across all industries and verticals have begun to recognize the potential of these emerging digital transformation services and technologies in order to achieve massive success and outperform their competitors (thanks to every IoT app development company out there). The logistics and transportation industries are among the most significant beneficiaries of the Internet of Things (IoT).
This post discusses the role of the Internet of Things (IoT) in logistics and transportation, as well as its benefits and use cases, in order to help you understand the significance of Industry 4.0 solutions and their impact on the business verticals mentioned above.
The global adoption of the Internet of Things (IoT) is gaining momentum, with estimates estimating that the total market value will exceed $1 trillion by 2022. Logistics, according to a report by the consulting firm Deloitte, is already seeing significant investment; the transportation industry alone is investing more than $70 billion through 2019 in telematics hardware and software for trucks.
In addition, this is only the beginning — from delivery to fulfillment, the logistics industry is poised to capitalize on the potential of the Internet of Things at scale. So, what is the next step?
How can the Internet of Things (IoT) help improve transportation and logistics?
The Internet of Things (IoT) has left no stone unturned in its implementation. The sole purpose of logistics and transportation companies back then was to move a product from one location to another. However, as a result of intense competition and fluctuating customer demands, the industry has been forced to focus more on faster delivery, smart fleet management, warehouse management, and other aspects of providing flawless customer service and experience to customers.
The Internet of Things (IoT) is an excellent choice for these businesses to achieve the aforementioned objectives because smart devices are often known for their accuracy and precision due to real-time data collection. The Internet of Things (IoT) is playing an increasingly important role in the transformation of logistics and transportation companies, as evidenced by the growing number of IoT implementations across the industry.
How the Internet of Things is being used in transportation
It is estimated that the transportation industry will spend more than $40 billion on IoT in 2020, according to some reports. What is the implication of this? Yes, the industry is poised to revolutionize its operations by leveraging cutting-edge technology to achieve greater efficiency. Because the transportation industry has an impact on people’s daily lives, their decision to join the Internet of Things (IoT) bandwagon would make their lives and the lives of their customers easier.
Here are some of the areas where the Internet of Things has an impact on transportation services.
Vehicle location and movement tracking
It is critical to manage the route, driver activity, vehicle movement, and fuel consumption in order to increase productivity and return on investment. Because traditional systems are failing to meet the expectations and deliver the results, businesses are looking for innovative ways to re-engineer their existing business processes. Furthermore, the Internet of Things (IoT) perfectly sets the tone for their business.
It is significantly easier to track routes, manage drivers and vehicles, control fuel consumption, and so on with an Internet of Things-based vehicle tracking and management system. IoT devices provide accurate real-time data to streamline operations and alert users to make smart business decisions. They also help to reduce costs by reducing waste.
The weight of a truck or trailer is measured.
Most transportation companies face difficulties in accurately weighing the truck loaded with goods, despite the fact that it is a critical process. If a weighing system is connected to the Internet of Things and is equipped with smart sensors, measuring the accurate weight of a truck in real time is seamless, and the data can be delivered to users via mobile applications in minutes. Additionally, the system increases payload, reduces fines, eliminates guesswork, and increases return on investment.
Monitoring the temperature of the container
It is critical to maintain an ambient temperature inside the cargo in order to ensure the safety of the vehicle, the driver, and the goods. With an Internet of Things-enabled temperature and relative humidity monitoring system, as well as sensors, monitoring any deviations in the temperature within cargo is extremely simple and straightforward.
Mobile applications and web applications are used to transfer the data collected in real time and with 100 percent accuracy to the users, who can then access it. This solution contributes to increased transparency while also ensuring complete safety.