The digital age of commerce and reduction in global trade barriers have significantly contributed to the growth of the transportation industry. The introduction of new technologies, innovation, big data, and IoT has transformed the functioning of the transportation industry and augmented its efficiency. Organizations can significantly reduce their transportation cost and save time by deploying efficient models, automated systems, analytics, and fuel-efficient vehicles. At a time when cutthroat competition within transportation and logistics services prevails, recognizing the trends within the industry to stay competitive is the key to survival.
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Here are some of the top trends within the transportation industry to be familiar with.
#1 – IoT
IoT arrives as a significant technological disruption in the transportation industry and is capable of providing highly integrated transportation and warehouse management solutions. Monitoring in-transit goods, ensuring quality, and maintaining optimal stock is made possible with interconnected sensors within an IoT network. In addition to this, using RFID chips can automate the inventory counting and order management process.
#2 – Analytics and Machine Learning
The availability of a colossal amount of data has enabled companies to take logical decisions by identifying patterns recognized by the data analytics tools. Furthermore, machine learning can uncover the hidden patterns regarding market insights and consumer trends to improve forecast accuracy and predict trends and performance.
#3 – Autonomous Vehicles
A significant part of transportation overhead is spent on human resources for driving the vehicles. Autonomous vehicles can curtail such overheads and also ensure in-transit safety. Although autonomous vehicles are still in their developmental phase, companies are investing heavily to reap the benefits of this lucrative market.
#4 – Connected Cars
The introduction of connected cars can transform the functioning of the transportation industry. Connected cars enable the owner to receive remote diagnostic information, internet facilities, traffic information, infotainment systems, and integrated payment systems.
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#5 – Emphasis on Security
Since technology has enabled the modern vehicle to be autonomous and controlled remotely, the software and systems need to be more proactive to thwart cyber-attacks. Consequently, to prevent such attacks, manufacturers are conducting regular security audits and testing the quality of products throughout its lifecycle.