Big waves of increasing technological innovations are surfacing across various industries, and logistics and the supply chain sectors are no exception. For years, the freight forwarding sector has been known for its heavy use of manual processes for storing large amounts of data. However, the ongoing digital modification of the freight and logistics industry is introducing various innovative trends and procedures for supply chain and logistics technology, making it convenient and even more effective.
The logistics and freight industry has been through an array of advancements in the past few years. And, digitalization has been one of those game-changing advancements in the freight industry. Apart from its data management and software development procedures for automation and advancements of the operations, there are now autonomous ships, fully automated port terminals, freight benchmarking services and drones being used for cargo deliveries.
These technologies, moreover, are evolving at a faster pace, thereby helping the market players by bringing new and innovative solutions. But, these innovations are also leading to increased expectations and standards, owing to which the logistics companies are adopting new strategies and policies. At the same time, the expectations for convenient and efficient services from consumers are driving the market players to adopt different trends. Moreover, the industry is witnessing an array of activities.
Here are some of the recent activities prospering the market.
Government initiatives to digitalize freight forwarding
Government bodies across several nations are initiating support to the logistics and freight management services with advanced solutions. Recently, the Indian government launched the Secured Logistics Document Exchange (SLDE) coupled with a calculator for Green House Gas Emission to augment business and logistics efficiency and minimize cost. In addition, it helps in promoting multi-modality as well as sustainability. The SLDE platform acts as a solution to swap the current manual processes associated with the services along with securing the data generated throughout the process.
Partnership to become the leading trend in the industry
Partnerships and collaborations are becoming the leading market trends. The digital push is continuing across different freight services with partnerships designed to minimize various points in intermediary data exchange amid airline operating systems.
Successful initiatives to pave the way for new opportunities
Freight forwarding companies have started taking initiatives for digital services and maneuvers with apps designed to interact with drivers, manage brokers and truckload capacity and more.
Over the past several years, the logistics industry has undergone numerous technological changes. The advent of artificial intelligence and intelligent transportation has helped the industry to grow even more. The industry moreover, is looking forward to more such innovations. From last-mile delivery services to sustainable solutions and warehouse picking systems, the supply chain industry is investing in more advanced ways of services. The freight and logistics industry, moreover, is expected to implement more digitalized solutions in the coming years. According to a report published by Allied Market Research, the global digital freight forwarding market is expected to grow significantly.
The demand for cost-effective logistics solutions is increasing from consumers, which in turn is leading to augment consumer expectations. Furthermore, the development of the e-commerce industry and supply chain solutions across various industry verticals is also contributing to the growth of the market.
But, at the same time, the slow adoption of digital logistics solutions because of high capital investments leads to create certain challenges. However, the surge in technological advancements is providing newer ways to the industry for progressing.
In addition, market players are investing in technology and infrastructure, which is also helping the industry with broad prospects. Simultaneously, the market players are initiating new market trends and strategies and observing a rise in investments from both government and private sectors. All these aspects are expected to supplement the growth of the industry along with setting a positive and progressive scene for market players in the future.