Top Trends Transforming the Global Logistics Market in 2020
Digital Transformation
The use of digitization in the logistics industry is expected to bring about significant reduction in procurement and supply chain costs while giving a considerable boost to the overall revenues by optimizing solutions for increased safety and efficiency. The proliferation of third-party logistics (3PL) and fifth-party logistics (5PL) is also expected to accelerate the global logistics market during the predicted period.
Machine Learning
The adoption of AI integrated deliveries will increase the operational efficiency of first and last mile logistics along with flexibility and speed of delivery. Hands-free route searches, face recognition for error-free deliveries and personalized deliveries would add another dimension to innovation in logistics.
Blockchain
The emergence of blockchain technology allows the different stakeholders of the logistics industry such as manufacturers, suppliers, customers, auditors, warehouse managers, and others to create a transparent and efficient system for recording transactions, tracking assets, and managing all documents involved in the logistics process.
Internet of Things
The inception of logistics 4.0 is one of the key logistics trends transforming the global supply chain market. Shortcomings including transportation delays, operator errors, poor monitoring of cargo, outdated IT failures, and thefts are being overcome by the integration of IoT in the logistics industry.
Cloud Computing
Elastic logistics is expected to emerge as the latest conceptual buzzword in the logistics and supply chain industry. It basically refers to the flexibility of expanding and shrinking capabilities for aligning with the demands within the supply chain during a timeframe. Green IT goes long way in achieving elastic logistics.
Big Data
Companies are now using big data to anticipate busy periods, potential future supply shortage and other insights for making strategic decisions to improve their market positions and offer a significant competitive advantage over other counterparts.