The whole world is evolving at the lightening speed due to technological advancement. Most of the business sectors have opted for one or other technological solutions for operating their business smoothly and also for earning huge profits. The advent of advanced technologies like the Internet of Things (IoT), Artificial Intelligence(AI), Blockchain, and many more have opened new opportunities for all business sectors. Using this modern technology businesses can easily accelerate their business productivity and profitability.
Business sectors can opt for the best technological solution for their business as this designed solution can help them to manage all their business operations more smoothly and effectively than ever before. By opting for the right IoT solution for their business they can easily connect to most of the devices with the centralized cloud network. It also facilitates them to capture and share their crucial data and also offers real-time visibility for all their business operations
Why the Internet of Things(IoT) is Important for the Transportation Industry?
According to a Statista report, the global IoT market is increased a lot from 2009 to 2014, the global IoT market was around 485.6 billion U.S. dollars in 2013 and is expected to reach around 1.7 trillion U.S. dollars by 2019, the number is jumping high due to the increasing number of connected devices all over the globe, it is expected that the number of connecting device will jump and will reach to 20.35 billion in the same year. The travel and transportation sector has invested high on IoT, it was found that this sector has invested around 0.6% of their total revenue on IoT which is assumed to be around 28.87 million U.S. dollars.
By implementing IoT in the transportation sector we can gain numerous benefits that are offered by this advanced technology. It helps you enhance people's safety, allow you to track vehicle and also offers the best ever traveling experience to the drivers. Some of the big business giants have realized the importance of implementing IoT technology and has implemented it to some extent. Let's list out some of the major developments which have completely changed the face of the transportation industry.
Self Driving Cars
Self-driving cars are one of the great boons of IoT to mankind. IoT allows devices connectivity with the internet and self-driving cars will utilize the connectivity of IoT to update the algorithms before driving to a particular destination. It requires numerous data to run on the rods that are only available with the help of IoT technology. With the help of IoT, a self-driving car can get all the information regarding the road. According to a report, it is predicted that around 10 million self-driving cars will be running on the roads by 2020.
Self Driving Trucks
According to an American Trucking Association report, the trucking industry is employed around 71% of people, hence the self-driving truck has great impact on their livelihood. But these self-driving tucks are boon for the business giants who invest a lot of amount on their drivers. Uber also introduced its self-driving truck last year which completed its first delivery order of 50,000 beers by traveling around 20 miles.
Advantages of Using IoT Technology in the Transportation Industry
The IoT has rapidly changed the transportation industry and offered various benefits to the customers as well as the business owners, it has also enhanced their expense with the help of mobile app solutions and connectivity advancements. Nowadays Smartphones and applications are playing a vital role in people's life because using these smart gadgets and apps they can easily complete their various operations. Everything has become possible today starting from road safety, to managing business operations effectively, all thanks go to IoT.
Real-Time Data Access
With the high-quality sensors which have been installed in the vehicle, you can easily access real-time data and know all the activities of your drivers. Uber has also integrated the same feature to track the real-time location of their driver. If you also want to track and know the activities of your driver to run your business more systematically then you must get an uber clone app solution that facilitates the business entrepreneur to track all the actions of the driver. If the driver is found misbehaving while they are on duty then you can easily warn them or punish if required.
Offers Great Safety
One of the first things which strikes in everyone’s mind while discussing the advantages of IoT in the transportation industry is safety. If the vehicles have the ability to communicate with each other in real-time than the chances of accidents reduces a lot and it also ensures the safety of passengers on the roads. Vehicles can alert other vehicles using smart sensors, alert messages about the road hazards, oncoming traffic delays, reckless drivers, etc can be shared using the smart sensors.
IoT technology used in the transportation industry not only increases the efficiency and productivity of operations but also has improved the way businesses operate their business. The Internet of Things has completely changed the way of tracing the vehicles and also resulted in a reduction in the ratio of accidents on the roads. Most of the business is understanding and utilizing the power of IoT but then also the ratio of adoption is very low but is expected to go high in the nearby future.