Transport sector is the lifeline of all major sectors operating globally. Effective transport management is the backbone of logistics which brings together numerous business activities through proper communication. It ensures smooth functioning of trade activities, through multi-modal movement of goods across various modes like airways, waterways, road and rail. Of these, road freight transport is the most widely used transport infrastructure followed by waterways. Growth in this market is dependent on the quality of service, reliability and the timely delivery of goods between the supply chains.
Factors like growing e-commerce market and innovations in technology & communication are transforming the transport industry by providing various modernized solutions that are efficient and cost- effective.
In transport sector, demand for refrigerated transport is growing owing to various factors like growing demand for frozen food, food safety regulations and technological advancements in cold storage systems and cold chain operations. Refrigerated transport moves temperature-sensitive goods in a controlled environment to preserve its shelf life during transportation.
With the emergence of smarter and greener cities, governments are increasing investments in smart technologies that are eco-friendly and provide operational ease. Smart transport is also one of the focus areas of the governments across the globe and considering that focus on implementing intelligent transport system (ITS) growing. Intelligent transport system is an application that provides solutions on traffic management and on various modes of transport. Intelligent transport systems market is segmented into network management, advanced traffic management systems (ATMS), road user charging, ITS communications, crime reduction ITSs, automotive & infotainment telematics, freight and commercial ITS, among others. Of these, network management controls majority of ITS market share.
In addition, Internet of Things (IoT) is also garnering interest in transport sector. IoT-enabled smart devices help to manage logistic operations of supply chains by monitoring them on real-time basis. Incorporation of IoT with ITS will help improve passenger safety by sensing and processing data.
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