It’s a well-known fact that the logistics industry impacts a very large segment of business worldwide with an estimated market size of more than four trillion. Logistics is a key growth parameter for most industries and sectors including e-commerce and manufacturing. Due to poor road conditions and long waits on tolls, Indian trucks travel only 20 days a month as compared to 25 days in developing countries. According to a survey, the average speed of trucks is 20kph. So, a truck in India can cover only 250-300km a day compared to 700-800km in developed countries such as the US and Europe.
In India, operators face many risk and some of them are delayed deliveries, non-performance, unavailability of shipment status, theft of goods and hijacking etc. Many states in India face this issue and Uttar Pradesh is top on the list. State Crime Record Bureau (SCRB) 2015 data reveals that as many as 2,250 cases of robbery – the maximum across India – were reported across the highways and roads in Uttar Pradesh.
The logistics industry as a whole has been working in traditional ways for decades and is still highly unstructured in India. However, what we are witnessing now is the beginning of transformation of this vintage industry. This is thanks to a combination of new-generation entrepreneurs, improved skill sets, technology penetration and investments.
The Internet of Thing (IoT) is changing the face of a very unorganized logistics sector, adding great value in day-to-day operations. To know more how IoT will impact click on the link below:
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