In the next five years, freight tech is poised to revolutionize every aspect of over-the-road shipping logistics. These innovative applications of artificial intelligence, automation, and integration technologies will transform this industry entirely.
Are you prepared?
Clearly, the logistics successes of the future will only favor those who can effectively adapt to this incoming technological wave.
In this article, we’ll discuss the latest advancements in freight technology, focusing on how Cargobot Direct is leveraging these technologies to benefit shippers.
An Overview of the Freight Transportation Market
A market study by ReportLinker states that the global freight transportation sector is projected to rise to $7.8 trillion by 2027. This research underscores that the next few years will bring about a pivotal change in our perception of freight tech.
The requirement for agile transportation solutions and the emergence of on-demand integrated logistics services are growing.
According to an overview provided by GrandViewResearch, two global trends - “urbanization” and “communication advancements” are projected to boost the freight market significantly by 2025. Key contributors to this impressive market expansion include:
- Innovations in the methods of freight delivery
- The establishment of new networks offering secure connections and fast transaction times
- Increasing demand for dependable shipments that adhere to international standards
- Despite covering a third of logistic expenses, freight transportation revenue has minimal impact on logistical software system performance
- Local and smaller entities striving to hold their own in the global market through the adoption of efficient, high-tech freight transportation management systems (TMS)
- Clients seeking to ship freight punctually and at a lower cost.
Meanwhile, DataBridge, a platform facilitating collaboration for big data analysis, conducted research predicting a growth rate of 6.6% in the freight market from 2021 to 2028.
The surge in the road freight transportation market is powered by the imperative to enhance operational efficiency, spurred by the increasing freight tonnage and shifts in the automotive industry (for instance, the advent of autonomous vehicles).
Currently, forecasts for the North American market indicate an anticipated growth of $103.29 billion during 2021-2025 at a compound annual growth rate (CAGR) of 2.31%.
These developments motivate logistics providers to adopt innovation, accelerate digital transformation, and keep pace with the prevailing freight tech market trends.
Let’s delve deeper into the tech trends shaping transportation’s current and future landscape.
Summarizing the Latest Advancements in Freight Tech
As the freight transportation industry seeks solutions for its challenges, several vital technological advancements have emerged, paving the way for a future of efficiency, transparency, and increased profitability.
Here are the top tech trends reshaping the industry:
1) Artificial Intelligence (AI)
Artificial Intelligence (AI) is increasingly becoming a game-changer in the freight transportation industry.
By processing vast amounts of data in real time, AI can predict market trends, optimize routes, and even automate customer service through AI chatbots. This leads to reduced shipping times and increased profitability.
2) The Blockchain
Blockchain technology promises greater transparency and security in the transportation industry.
By creating an immutable, decentralized record of transactions, blockchain can eliminate disputes, reduce fraud, and streamline administrative processes.
3) Big Data Wrangling
Big data analytics is transforming how companies understand and react to market trends. It allows for analyzing large data sets from various sources to identify patterns, correlations, and market trends.
These insights can help companies anticipate demand, optimize routes, reduce fuel costs, and enhance overall operational efficiency.
4) Cloud-First Technology
Cloud technology has emerged as a cost-effective solution for storing and managing the vast amounts of data the transportation industry generates. It not only improves data accessibility and collaboration but also reduces the need for costly on-site infrastructure.
5) The Internet of Things (IoT)
IoT has revolutionized the way shippers track and manage their freight. By connecting devices and sensors, IoT enables real-time tracking of goods, vehicle health monitoring, and enhanced inventory management.
6) Robotic Process Automation (RPA)
RPA technology uses software robots or “bots” to automate routine tasks. RPA can streamline billing, compliance checks, and freight booking processes in the freight transportation industry, reducing human error and increasing efficiency.
7) Autonomous Vehicles
The advent of autonomous vehicles promises to redefine the transportation industry. With potential benefits such as increased safety, lower fuel consumption, and round-the-clock operations, autonomous vehicles could significantly impact logistics and supply chains.
Although it’s still in the developmental phase, integrating autonomous vehicles into the freight industry signals a future of increased efficiency and reduced operational costs.
How Cargobot is Leveraging New Technologies to Benefit Shippers
With the rise of freight tech, Cargobot is setting new industry standards by utilizing innovative technologies to enhance and simplify the freight shipping experience for shippers. From AI to blockchain, big data, IoT, RPA, and cloud technology, Cargobot is paving the way for a new generation of digital freight solutions.
Let’s explore how Cargobot is leveraging these technologies to benefit farmers:
1) Artificial Intelligence (AI) and Big Data
Cargobot Direct, with the help of AI and Big Data, intelligently matches shippers with the most suitable carriers and routes.
Our proprietary algorithm analyzes real-time market conditions, enabling shippers to understand their supply chain effectively, predict and control load cost fluctuations, and prepare for potential issues.
Technology facilitates efficient load movement, saves time, and boosts profitability.
The platform also provides an internal chat tool that streamlines communication between shippers and carriers, facilitating quick resolutions to any issues that may arise.
2) Blockchain and Cloud Technology
Cargobot Direct provides higher transparency and security for each transaction through blockchain technology. Blockchain’s decentralized, immutable records reduce disputes and streamline administrative procedures.
Coupled with cloud technology, Cargobot provides instant access to digitized documents anytime and anywhere. Shippers can post load requests, receive bids, negotiate rates, and monitor completed loads through a comprehensive dashboard, simplifying front- and back-office workflows securely and efficiently.
3) IoT and RPA
Cargobot utilizes IoT technology for real-time tracking and incident notifications. Shippers can monitor the progress of all shipments with Cargobot’s real-time tracking technology. This helps to keep them updated about their cargo’s status and provides them with real-time incident notifications.
In addition, Cargobot employs robotic process automation (RPA), automating manual operations, reducing human error, and increasing efficiency. Whether posting a load, processing payments, or using the invoice system to manage your bills, RPA streamlines the freight booking process, reducing the need for traditional brokers and lowering costs for FTL freight.
Unlock the Future of Over-the-Road Logistics with Cargobot Direct
With Cargobot Direct, you can create a preferred network of carriers per lane and access a multi-market network of pre-screened, licensed, and rated carriers.
The platform offers many FTL freight options like flatbeds, vans, reefers, step deck trailers, and more, minimizing empty “deadhead” miles and improving the bottom line.
Additionally, Cargobot Direct offers an integrated invoicing/payment system with various automated options to meet shippers’ needs.
You can pay your invoices directly from the platform, ensuring timely payments and streamlined operations. With a comprehensive rating system, you can make informed decisions about the carriers you work with.
Cargobot Direct is a comprehensive solution helping many companies navigate the new frontier of over-the-road logistics. With Cargobot, you can harness the power of technology for a more seamless, transparent, and efficient freight shipping experience.
Sign up for Cargobot Direct today or download our app and experience the future of freight tech at your fingertips.
More Resources to Explore:
- Open Roads Ahead: The Ultimate Guide to Shipping Freight with Ease This Year
- The Future is Now: These 5 Top Freight Shipping Companies Use Cargobot for Faster Growth
- Unchain the Supply Chain: Tips for Smooth LTL and FTL Freight Movement
- FTL Freight: Best Practices For Finding Competitive Rates
- Why Shippers Should Implement a Transportation Management System NOW
- Your TMS Shipping Solution Should Have These 7 Essential Features
