Like every industry, the logistics industry was disturbed due to pandemic and had to plan logistic activities around covid. Reportedly, the industry will change the way it operates from 2022 onwards, with the increase in technological trends. As a result, emerging technologies are shaping the future of the logistics industry.
The global logistics industry is estimated to reach a revenue of 15.5 Trillion USD by 2023. In 2021, you can already see the integration of technology and logistics with customer service, tracking and automated machines.
Top 3 Technology Trends and The Impact on The Logistic Industry
Blockchain is a new process of recording information in a way that makes it impossible to change, hack, or cheat the system. It is a system that is getting more recognised in different industries.
Blockchain is the future of data storage in the logistics industry. It will allow data to be secure and easier to record worldwide logistics data. Blockchain technology can also help create an organised ledger for manufacturers and transport companies, which the government could oversee.
In the past few years, the growth of functional robots has increased to 1.1 million. In addition, robots have proved to be efficient and reliable when it comes to manufacturing and production.
AI technology is making a big impact in the logistic industries, with robotic machines, chat-bots and more in 2022. AI will allow the logistic industry to increase their productivity and accuracy, for example, packing and loading.
A soon to be reality example of AI changing the industry is “Self-Drive Trucks”. Worldwide self-drive vehicles are being tested, and soon how packages will be transported in the near future.
As you read this, drone deliveries are being tested in countries such as Canada and India. It is soon going to be the new trend that changes the industry forever. It is a great way to avoid traffic, and with more experiments, they will be able to avoid weather issues globally.
At some point, companies will use drones to track packages, monitor and search, locate assets and employees.
As a result of these trends, more logistic companies are ready to embrace the change and use insurance to provide a safety net. Cargo insurance and Freight forwarders liability insurance allow logistic companies to get the best asset and liability cover through these growing activities.