As per the World Shipping Council, liner and cargo ships help in transporting over US$4 trillion worth of goods per year. Majority of shipping cargos and containers are yet to adopt the new age technology, and are being tracked the traditional way. Thus, it is imperative that such high profile industry quickly adopts the latest technology such as AI, internet of things (IoT), transmission protocols, new chipsets, and long life batteries among others. These technologies can significantly help in cutting down the amount paperwork. Additionally, these can secure and simplify the supply chain, and ensure its real-time, holistic, and analytical view. This new model, with IoT at its helm, is looking to greatly shake up and at the same time help the shipping sector.
With a view to achieve higher efficiencies and thus a greater competitive benefit, numerous big shipping corporations are now actively adopting these technologies. It is estimated that the complete digitalization of the paperwork generated in the Asia Pacific shipping industry alone, can help in raising annual exports by US$257 billion.
New Opportunities are emerging due to Use of IoT
The development and deployment of the new IoT technologies are now becoming a standard norm in the shipping industry. These new technologies are drastically changing the dynamics of the industry. Shipping devices with IoT technology are generating huge amounts of data used to identify patterns, get meaningful insights and trends.
Historically, the import export industry has been a bit slow in adopting new technological trends. However, things are now quickly changing and are transforming the overall industry for good. Acting on the trends and insights from the collected data will help in creating new opportunities. It will also help in optimizing the overall operations. There are several benefits of using IoT in the shipping industry such as cargo tracking, online booking, and container ROI among others. We are on course to witness a massive shift in the workings of the industry in the next few years.