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Digital Twin Market: Top Impactful Trends Fostering the Industry Growth through 2026

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Archives, Global Trade Daily, News

Digital Twin Market: Top Impactful Trends Fostering the Industry Growth through 2026

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The global digital twin market is expected to witness rapid development in the coming years, thanks to its increased adoption by enterprises to effectively manage various critical activities of their business. As the term suggests, it is considered as a digital counterpart of a real-time or physical machine or process. It can be a computer program that is quite useful for conducting virtual simulations of a physical product or process to understand and estimate its future performance.

Several governments across the world are showing their support towards the development of advanced production technologies in the form of favorable initiatives and policies. Digital twins are becoming quite popular among companies as they help them analyze the future performance of an object or process, thereby saving a lot of money, time and effort for the organization. For instance, ORE Catapult and James Fisher Asset Information Services Ltd., in April 2020, announced a strategic alliance to use digital twin technology for effective offshore wind management.

The top trends that will bolster the global digital twin industry are given below:

Use of advanced technologies will drive digital twin industry in Europe:

Europe’s digital twin market size is anticipated to go past the valuation of $9.5 billion during the forecast period of 2020-2026. The region is widely known for the creation and use of advanced technologies across different industries. Digital twin technology has picked up pace in recent years in several countries across Europe because of the rising need for virtual technologies and high-end analytical tools to help build future processes across industries.

GHENOVA Ingenieria launched its own digital twin center named GHENOVA 360 in May 2020. The launch will help in the creation and deployment of naval systems and has enabled the company to deliver solutions to military ship manufacturers.

The automotive industry will use digital twins to improve product performance:

Digital twin technology will find increased application in the European automotive industry. The automotive sector will use this technology to analyze the performance of vehicles and make desired changes. It will help companies make improvements in the overall design and efficiency of the vehicles as well. Advanced technologies like AI, IoT and IIoT are being increasingly adopted to continuously enhance the driving experience for the owners. The use of digital twin technology even helps predict potential risks in vehicles and provides solutions for the same.

Germany’s role in the European digital twin industry :

Germany is known for its use of advanced technologies and will play a key role in the development of the digital twin market in Europe. Digitization is taking place on a large scale across different sectors like healthcare in the country. This has prompted the development of digital twin solutions among many domestic companies.

Siemens AG announced a partnership with Atos SE to create digital twin services for the pharmaceutical sector. Various technologies like AI, IoT and IIoT are being used in digital twin processes to analyze the overall efficiency in the production of pharmaceutical products and make improvements accordingly. The use of this advanced technology has helped increase the overall reliability and quality of processes.

Improved design and performance demand in North America:

North America’s digital twin market is expected to become worth nearly $1.5 billion in valuation over the coming years. There has been a growing need for improving the design and performance of the products and services among the regional producers. In fact, the product design and development application held a share of nearly 50% in the regional digital twin market in 2019. The demand for detecting faults beforehand and making significant improvements in the design and performance of the product has stimulated the need for using digital twins.

This technology helps in saving a lot of money, time and efforts of companies by speeding up the designing procedures which ultimately helps in launching new products at a faster rate.

North America aerospace and defense sector uses digital twin:

The aerospace and defense sector in North America will increasingly adopt digital twin technology through 2026. One of the main reasons for this substantial rise in demand is the need to reduce casualties and increase the efficiency of military weapons. Digital twin technology helps in creating virtual models of weapons and other components to understand their current status.

The data received from real-time machinery helps the advanced technology in detecting potential faults in these weapons and even helps in predicting the exact time when maintenance will be required. The aircraft industry is using digital twins of real airplanes and feeding them with real-time data to improve the reliability of their functioning and reduce the overall cost of maintenance. They effectively help in enhancing the performance of the airplanes as well.

The rise in industry 4.0 practices will foster APAC digital twin market:

The Asian Pacific digital twin market will become worth more than $11 billion in valuation by 2026. Industry 4.0 is seeing rapid adoption across different sectors and is helping them become digital in many ways. The use of digital twin technology will enable industries in bridging the gap between the virtual and physical world and will even play an important role in enhancing overall efficiency and productivity. Toyota had, for example, had displayed its concept of futuristic warehouses with digital twin in April 2019, having intelligent pre-trained forklifts and lean logistics.

Higher focus on process support and services in Asia Pacific:

Digital twin technology solutions will find increased application in process support and services segment in Asia Pacific region. The Asia Pacific digital twin market share from the application is anticipated to grow at 35% CAGR throughout the mentioned forecast timeline. Processes of several industries can be improved with the help of digital twins; they can even be used to reduce the overall maintenance costs by predicting faults beforehand. These efforts will improve customer experience, reduce overhead costs incurred in repair and maintenance and optimize manpower use in the manufacturing processes.

Some of the prominent companies involved in providing digital twin technology solutions across the world are Oracle Corporation, IBM Corporation, Siemens AG, PTC Inc., SAS Institute Inc., Rockwell Automation, Schneider Electric and some others.

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Trends Shaping the Future of Electronics Manufacturing

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The electronic manufacturing industry is one of the fastest-growing industries globally and has brought about changes in both businesses and personal life. It is estimated that the industry grew in revenue to about $2.4 trillion in the year 2020.

However, the growth is about to experience a new shift with the introduction of emerging and barrier-breaking trends that will shift the running of businesses, homesteads, and how electronic manufacturing is run. Although some trends and practices have been in the industry for years with emerging modern improvements and growth in the technology world, so has electronic manufacturing. Some of these trends take this industry to a new level.

Take a look at some future trends to watch out for in the electronic manufacturing industry and better understand how these trends manage to take top spots in shaping and directing the growth of the electronic industry.

Trends shaping the future of electronic manufacturing include:

1. Internet of Things

This is the connection of everyday devices through the internet, allowing easy sharing and receiving information through electronic devices. Internet of Things (IoT) has increasingly been embraced in electronic manufacturing with more companies, leveraging the benefits from IoT to increase device efficiency, improve consumer safety and cut costs.

2. Use of Virtual Reality (VR) and Augmented Reality (AR)

By using virtual reality and augmented reality, manufacturers can design consumer-friendly products. Computer-aided designs have helped designers and manufacturers make accurate and timely changes to the products. Also, the use of VR and AR helps in designing and eliminates error and reduces inspection time as workers are better able to identify errors.

3. Use of 3-D Printing

A report by Smithers estimates an annual growth of 23% in the next decade in 3-D revenue. The report also shows the 3-D printing revenue growth is estimated to grow from $5.8 billion to about $55.8 billion by 2027.

The 3-D printing marketplace has a vast share around Western Europe and North America, where cutting-edge technology developers are pushing for increased mainstream use of 3D printing among technology companies.

Electronic manufacturing companies are capitalizing on their technological abilities and emerging trends. To ensure they remain competitive, it is important to work closely with equally fast emerging trends such as 3-D printing. 3-D printing developments are not only focused on the physical aspects but are also working on the design, the application, and the overall satisfaction of the end-user.

4. Big Data

Corporations worldwide have been exclusively using big data. Much of this was because it was expensive to small and medium-sized enterprises (SMEs). However, advancements in IoT and other cutting-edge technologies have turned the tables. Now, businesses of all sizes can draw information from multiple sources. This has made big data more valuable than it was.

Consequently, electronic manufacturers are applying the information they receive from big data in various productive ways. For example, they apply it to minimize production costs while raising profit margins and market share. This is guided by the willingness of managers to gain more understanding of their businesses. This helps them to overcome various issues while projecting and preventing future challenges.

5. Use of Industrial Robotics

For years, the automotive industry was the leading driver in the growth of industrial robotics. However, this has changed, and industrial robotics have been used in electronic manufacturing to perform several tasks in recent years.

The widespread use of industrial robots in the electronic industries led to substantial growth in industrial robotics use in 2016, where global sales increased by about 16%. This number is estimated to grow over the years, leading to an increase in the global market.

The use of robots in electronic manufacturing has allowed miniaturization and reshoring. Moving forward in innovations, design, and the business running, manufacturers across the board are looking for ways to increase efficiency. The use of robots has proven an essential tool.

Besides future technological trends, manufacturing companies also need to look at some of the business trends that will influence the success and running of their business. Some of the future business trends to look out for include:

6. Use of ERP Systems

To keep a company competitive, companies need to enforce enterprise resource planning (ERP). Though this trend has been in use for some years, some worthy mention benefits of embracing this trend when looking to expand the electronic manufacturing industry include:

With the use of the internet in all operations, it is now more critical for a business to use real-time information; enterprise resource planning helps companies optimize and automate new information fast and in real-time.

Owing to fast access to real-time information, companies can act fast and make accurate and quick decisions. The enterprise resource planning has been through growth stages that have allowed its efficiency. However, with the growth of the electronic industry, the same is expected with the enterprise resources system with technological advancements working towards increasing reliability and ease in running the business.

7. Shift from B2B to B2B2C

For many years electronic manufacturing companies operated using the business-to-business (B2B) approach. But with more manufacturing companies looking for ways to cut costs. Companies are now turning to the business-to-business-to-consumer approach (B2B2C).

With the use of the B2B2C approach, companies are now working towards eliminating intermediaries, which helps them reach the clients directly; as a result, it increases company profits and, in turn, reduces purchase costs. Additionally, the B2B2C approach enables the manufacturers to collect accurate customer data, improving customer satisfaction.

Why these Trends

While these trends may seem like ordinary technological advancements, they have several things in common that make them unique. In a world full of innovations, new designs, and a desire to be effective, it is essential to have the following attributes in mind.

Working on cost reduction, most of the resources and trends making waves and promising success, reduces costs. Cost reduction will be beneficial to the manufacturing companies and cut the cost to the consumers.

Product efficiency, electronic devices are part of the world and the introduction and use of the internet across the globe. It is essential for manufacturing companies to not only provide functional products but increase efficiency. For instance, with the use of the internet, everything in electronic manufacturing, people can now have smart homes and have actual time footage on their homes or even offices. This is possible due to the electronic manufacturing innovations.

These trends have proven to help manufacturing companies achieve product precision, which improves quality and reduces costs and error.

Waste reduction, amid the technological innovations and significant electronic developments, is essential for companies to also focus on. This is not only a great way to cut company costs but is also an excellent way for these companies to preserve the environment.

Bottom Line

More people embracing electronic devices in their homes, places of work, and running businesses. Manufacturing companies have a massive task in ensuring consumer satisfaction by focusing on high-end innovation and working closely with other technology sectors to ensure they are competitive and efficient.

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Linda Liu is the overseas marketing manager for MKTPCB, a leading PCB manufacturer that offers high-quality PCB products and services. Since 2012, she has established “first-of-its-kind” industry-changing and transformational businesses initiatives that increased revenue growth, brand exposure and market expansion for MKTPCB. Linda graduated from Western University with a bachelor’s degree in marketing.

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Archives, Global Logistics, Global Trade Daily, International Trade

5 Business Innovations Changing Supply Chain Management

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Efficient supply chains help businesses to be more competitive in the logistics market. One study shows that 57% of companies have admitted supply chain management gives them an edge over competitors and enables them to develop their business further. With the advent of data analytics and automation, supply chain processes have become more streamlined than ever.

The incorporation of technological solutions such as artificial intelligence, autonomous robots, and RFID is rapidly transforming supply chain processes. With the integration of technology, logistics has become faster and efficient than ever before.

The use of technology in supply chain management has completely changed the structure in which businesses operate.

In this post, I’ll list five key innovations that are transforming the supply chain industry.

Let’s dive right in.

1. Data Analytics and Artificial Intelligence

Big Data Analysis and Artificial Intelligence are making a significant impact on Supply Chain Management. Automation in data processing allows supply chain managers to get vast amounts of information in real-time and make smarter decisions based on that information.

Additionally, the internet of things (IoT) devices provide supply chain companies with reliable data on consumer inclinations and logistics trends. The best part about artificial intelligence is that it transforms raw data into actionable information without the need for human interference. According to McKinsey, after incorporating AI into their supply chains most executives reported an increase in revenues, whereas 44% reported a reduction in costs.

IoT is also helping supply chain companies in effective fleet management by automating their day-to-day business operations. For example, devices like ELD solutions allow managers to record driver logs, Hours of Service, browse engine data, and perform vehicle Inspections with a few clicks.

2. Impact of 3D Printing On Global Supply Chain

With advances in 3D printing, companies are manufacturing and delivering products quickly. 3D printing allows manufacturers to produce customized products and spare parts according to the needs of consumers. As manufacturing processes are customized and fastened, supply chains are becoming shorter, and the demand for goods supply is changing.

To stay competitive in the logistics market, supply chain companies are also turning to 3D printing to deliver products quickly. By adopting this technology, manufacturers produce goods closer to consumers, resulting in lower inventory levels, reduced shipping costs, and economical warehousing. According to a survey by Gartner, 65% of global supply chain managers are already using or plan to invest in 3D printing.

3. Autonomous Robots

The use of autonomous robots in supply chain management is improving the speed and accuracy of routine tasks, increasing productivity, and decreasing management costs. The bots are particularly helping in warehousing and manufacturing. Besides increasing efficiency by working side by side with human labor, the bots also reduce the risk of injury in dangerous situations.

Robotic process automation (RPA) helps supply chain managers locate and enhance inefficiencies across the chain. RPA also allows managers to run a smooth operation by responding to queries 24/7 through artificial intelligence.

Some supply chain giants are also investing in autonomous vehicles to cut payroll costs, eradicate the risk of human injury on the road, increase fuel efficiency and reduce vehicle wear and tear. All this ultimately increases Return on Investment (ROI).

4. Use of Logistics Software

Supply chain management companies extensively benefit from logistics software, such as the Transport Management Software, or TMS. TMS offers a digital platform for supply chain managers to optimize fleet operations by efficiently tracking inventory and materials across the supply chain in real-time.

In traditional supply chain management, fleet tracking was a time-consuming manual task with a high chance of error. Logistics software systems have automated warehousing and inventory tracking. This ultimately improves accuracy and minimizes operating costs while ensuring transparency between the businesses and the consumer market.

5. Radio Frequency Identification

Like most other businesses, Radio Frequency Identification or RFID is contributing effectively to supply chain operations. RFID is a wireless technology that uses radio signals to tag objects. These tags look like barcodes and are used to automatically identify, follow and trace goods in real-time without human intervention. This significantly improves data accuracy and traceability throughout supply chains.

The RFID technology offers several supply chain benefits, including efficient material handling, enhanced asset management, and improved merchandise availability. It is particularly beneficial in managing supply disruptions by reducing workload and eliminating human errors.

Final Word!

Technology, especially automation, is transforming every industry around the globe. Technological advancements are making a significant impact on logistics and supply chain management as well. With these innovations already in use by the industry giants, it is high time that small businesses also integrate them into their supply chain processes to ensure lasting success in the industry.

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Craig Stobbie is the Director at Endura Private Wealth. With over 12 years’ experience in the industry, both in Australia and in the UK, and holding the internationally recognised Certified Financial Planner™ designation, the highest qualification within the Financial Planning Association of Australia, he specializes in helping people with transition to Retirement planning, Superannuation, Investments and meeting their Insurance needs.

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3pls, Archives, Global Logistics, Global Trade Daily, Warehousing

Top 7 Supply Chain Trends to Optimize in 2021

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Ever since the coronavirus pandemic, there have been several trends changing in the market across the world. Supply chains have become a crucial part of businesses today as there are exciting strategies put in place that enhance a business’s performance. Due to COVID-19, supply chain practitioners face a post-pandemic recovery armed with a set of new systems and practices. Supply chain management ensures that consumer demands are met and the different components of your business run smoothly. The pandemic made it even more important for businesses to stay on top of the latest trends and development especially in supply change management.

Being up-to-date with the latest changes will ensure that you stay resilient with the ever-changing market. Supply chain management (SCM) consists of a wide range of components and activities that require attention to every single detail. SCM is all about being able to make sound business decisions and quick to source out alternatives to stay on top of business trends. Digitization of the supply chain has been crucial in the post-pandemic era. Having an excellent web hosting provider can improve your online marketing performance. If you are looking for a hosting service with the best feature, read the reviews on Hosting Foundry.

In this article, you will learn about different supply chain trends you must optimize in 2021 to improve your company’s productivity and performance.

Blockchain technology

Blockchain technology has been incredibly essential for businesses to minimize disruption of the supply chain and improve customer service. The worldwide spending on blockchain is expected to rise upt0 11 billion before 2022. Over the last few years, this trend has integrated different streams of your business such as shipping lines, carriers, logistic providers all into a single platform. It also allows businesses with logistic operations to efficiently process data by cutting out waste. The transparency offered by blockchain technology helps supply chain managers to identify issues even before they occur.

Internet of Things (IoT)

Businesses have understood how to leverage the power of IoT, extensively in warehouse automation. By implementing IoT devices, businesses can improve supply chain visibility that can provide businesses to optimize their assets and ROI. It is considered one of the most vital supply chain trends as it allows logistic companies to connect digitally and transfer data efficiently. IoT technology in warehouses and retail outlets can also improve visibility in production, inventory management, and predictive maintenance.

Elastic Logistics

Market fluctuations can make or break a business during a crisis. Having supply chains that are responsive, effective, and stable will ensure that businesses can still thrive during this tough time. This is where elastic logistic trends come into play and enhance the ability to expand or shrink according to current market demands. This technology helps companies manage and adjust potential issues with minimal disruptions. The flexibility of elastic logistics can improve your business performance and optimize it to greater heights.

Robotic Automation

Even though robotics automation is still in its infancy when it comes to supply chain operations, it has shown its effectiveness for many businesses. It can play a huge role in upgrading your process leaving little to no room for errors. Many companies have already integrated robotic automation to streamline logistics by using drones and driverless vehicles for various purposes. The technology is focused on speeding tasks through machines and empowering your human workers to focus on strategies that enhance customer experience and improve your business productivity.

E-commerce Logistics

Ever since the pandemic, e-commerce sales have skyrocketed as people have been quarantined at home. E-commerce logistics is expected to expand to €557 billion by 2025 as consumers are constantly looking for companies providing value-added services. Great e-commerce logistics will optimize your transportation and distribution hubs to specific retail partners who can provide picking, packing, shipping, and even real-time updates. Digital fulfillment is one of the important components of e-commerce logistics as it ensures consumers that their product reaches its destination.

Gamification

Gamification is one exciting supply chain trend in 2021 that boosts productivity amongst warehouse workers. Gamification offers employees to have healthy competition using digital tools that can be integrated into real warehouse processes. This technological trend can track your employee’s accuracy, speed, and progress time all contributing towards improving skills and work performance. It also enables companies to reward workers with bragging rights through their fun and interactive tasks. This trend is highly effective that can encourage employees to work smarter and harder.

Green Logistics

In the past few years, we have seen eco-friendly communities and consumers searching for environmentally conscious companies that responsibly push the supply chain. The main objective of optimizing green logistics for a company is to make the warehouse eco-friendly which reduces their carbon footprint on the earth. Due to the rise in demand, more and more companies are opting to switch their supply chain management into going green that can benefit the environment. Some of the essential factors of this trend would include consuming less energy such as gas, water, electricity, etc which can directly benefit the environment. Electric vehicles or solar-powered vehicles is another factor that companies can take into consideration. Companies that use climate-smart supply chains can benefit more through these resources which can help the company gain profit and customer loyalty through these practices.

Supply chain trends are constantly evolving as they are interconnected with the growth of the market. Any sort of disruption can cause havoc in the management which can affect workflow and productivity. Focusing on these 7 supply chain trends you can improve your overall performance at work.

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Benefits of using HMI for Industrial Purposes

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HMI stands for Human Machine Interface. We use HMIs to control and monitor machines in any industry. It is mainly used in the manufacturing sector. Process industries massively use HMIs, such as in oil and gas and mining processes in which many operations are managed remotely from a control room. Industries have implemented HMI software where human interference with a machine or automated equipment is needed. This could be in a system, plant, building, or even a vehicle. The level of assimilation and refinement may vary, but we can use HMI for just about any application type.

Let’s come to the point and see the benefits of using hmi for industrial purposes:

Improved Productivity

A human-machine interface, i.e. HMI, improves the performance of the given task. Even if a person can perform that same task, this kind of software/device increases productivity in an enormous amount. Using an HMI facilitates more work in any industry in a short time.

 Troubleshooting with old data

The HMI system detects, have the systems inspected based on past data feed. The entire evaluation, isolation, and correction of the alarm took less time to do it manually. HMI’s makes it troubleshoot the problems in early stage.

Report generation

The creation of a perfect report and save it for data analysis is one of the crucial tasks. As a human, we can make many mistakes while recording such things. Maintenance and feeding the data for future use is something that should be done on time.

Comfort

With the ability to control a device easily, their use in production and ease systems has dramatically improved people’s lives by increasing comfortability. The machine should be accessible from a long distance so that the operator can be at more ease.

Keeping Records

They have high abilities to keep records. By inserting instructions into an HMI, the system to which it is connected can automatically store the data. Such data can be utilized later for other researches, for example, troubleshooting future analysis.

Internet of Things (IoT)

Internet of things refers to a combination of devices that are all coupled to the internet. HMIs can also connect to the internet since they are devices too. This enables remote access to the devices.

Reduce the Cost of Hardware

An HMI reduces the expense that an industry acquires in terms of devices like consoles, connections, and control panels. An HMI can replace them, thus saving on costs.

Asset management

Accuracy in real-time data and reports gives managers the ability to be more efficient and make just the right maintenance plans for businesses. The drilling and fracking industries have to handle some of the most challenging circumstances in managing and observing large numbers of regularly moving assets.

Data availability

Data is an essential input when making decisions. How users utilize these records will discover the value applied to the process. The power is in the availability of data and relying on people’s abilities and skills to get insight and make enhancements. This data is available for other analysis too.

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Archives, Executive Education, Global Trade Daily

ChainGO Brings Together the Most Innovative Core of the Logistics Industry at LYT21 USA

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On Wednesday, April 21, LYT21 was celebrated, an online event where companies, all from the logistics and technology sectors, met to learn about the most innovative solutions being adopted in the market.

After the success of the first edition held in Spain, LYT20, ChainGO has decided to undertake this second edition in the United States, organizing it hand in hand with major associations such as Virginia Maritime Association, Blockchain in Transport Alliance (BiTA), Old Dominion University, Global Trade Magazine, CITT (Canadian Institute of Traffic and Transportation), among others. KoiReader, ChainYard, WITRAC and Women’s Startup Community have also joined the initiative as collaborators.

A high-level expert panel

The event featured a panel of more than 15 experts in innovation within the logistics industry. Among these profiles, we saw large corporations, startups, associations, or technology consulting firms.

“In this second edition of 2021, our mission is to accelerate the digital transformation process in the logistics industry, in a time of crisis where the adoption of the most disruptive technologies to achieve more efficient supply chains, can make the difference between surviving or not in the logistics industry of the future. A future that is already here.” This is how the organization describes it.

To this end, the event was available to everyone and free for 3 hours, four panels of experts in which we saw real use cases with direct application of the latest technologies in logistics processes.

Blockchain, AI, IoT, and Cybersecurity were the main protagonists in these four round tables dedicated especially to each of these emerging technologies.

2022 Edition?

With this first contact in the American market, ChainGO is already focusing not only on its traditional Spanish edition but also on a new North American edition in which, being already established, it seeks to surprise attendees by taking the event to another level.

Replays available

In this second edition of the event, and first U.S. edition, the event has reached a number of more than 350 attendees, most of them from the North American logistics industry.

The replays are available here: https://bit.ly/3dVK13p

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Archives, Global Logistics, Global Trade Daily, Trucking

How Will Adoption of Internet of Things (IoT) Facilitate Logistics Sector?

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The expansion of the e-commerce sector, which will account for a 17% share in global retail sales by 2021, has increased the incorporation of the internet of things (IoT) technology for enhancing the logistics ecosystem. The booming e-commerce industry, on account of the changing consumer behavior, requires fast and free shipping with competitive product pricing. To keep up with this changing customer behavior, various companies have started adopting IoT solutions in their logistics activities to manage a sudden order rise, time-sensitive needs of customers, and inconsistent shipping.

The adoption of IoT solutions improves the efficiency of logistics operations, as they help in tracking the inventory and warehousing, monitoring the driver activity, allowing for smart location management, and updating the delivery status. The benefits offered by IoT technology are imperative for the success of any logistics company. This realization will, therefore, increase the IoT in logistics market size from $34,504.8 million in 2019 to $100,984.5 million by 2030. According to P&S Intelligence, the market will advance at a CAGR of 13.2% during 2020–2030.

Additionally, the rapid digitization in the logistics sector is propelling the demand for IoT solutions. Logistics and trucking companies across the globe are using data analytics, telematics, self-driving, and robotic technologies to attain operational efficiency and combat issues such as the shortage of truckers. Besides, the integration of robotics in supply chain management, data analytics, warehousing, and machine learning has helped in solving the issue of labor shortage and enhancing technical efficiency.

Furthermore, the developments in the 5G network technology will fuel the demand for IoT solutions from the logistics industry. The 5G technology will improve the experience of drivers by providing better insurance coverage for vehicles and real-time traffic updates. Moreover, this cellular network technology allows logistics companies to cut down the latency, thus ensuring higher efficiency in operations. Apart from this, the logistics industry also uses local area network (LAN) technology-based IoT solutions to improve its operations.

In the past, the North American logistics sector displayed the highest adoption of IoT solutions, on account of the rapid digital transformation in the region. Moreover, the emergence of new IT startups due to the surging internet penetration and expanding scope of e-commerce has facilitated the adoption of IoT technology in the logistics industry. Besides, a surge in advertising and marketing activities pertaining to robotics, near-field communication (NFC), low-power wide-area network (LPWAN), artificial intelligence (AI), and radio-frequency identification (RFID) technologies and an increase in the efforts to educate and train professionals in these technologies widen the scope for companies offering IoT solutions for regional logistics companies.

This will be because of the fact that blockchain for supply chain management has the ability to replace conventional processes as it uses ledger technology that makes logistics operations sustainable and ethical. Geographically, the market will demonstrate the fastest growth in Asia-Pacific in the coming years, as per the estimates of the market research company, P&S Intelligence. Rapid technological advancements in the logistics industry are the major factor fueling the expansion of the IoT in the logistics market in this region.

Source: P&S Intelligence

______________________________________________________

Rahul has around 2+ years of experience in market research and consulting services for the automotive domain. He holds varied experience in market sizing and forecasting with varied models, competition landscape, consumer behavior analysis, opportunity analysis, product/company benchmarking, data mining, and BOM costing. He has successfully delivered multiple projects in market entry and share analysis and others.

Some of the projects delivered by him include Artificial Intelligence in Transportation Market, Global Electric vehicle and Charging Infrastructure Market, and Mobility-as-a-Service Market.

Archives, Executive Education, Global Trade Daily

Discover How to Transform Logistics with Emerging Technologies in the Online Event LYT21

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On Wednesday, April 21, LYT21 will be held, an online event where companies, all from the logistics and technology sectors, will meet to learn about the most innovative solutions being adopted in the market.

After the success of the first edition held in Spain, LYT20, ChainGO has decided to undertake this second edition in the United States, organizing it hand in hand with major associations such as Virginia Maritime Association, Blockchain in Transport Alliance, Old Dominion University, Global Trade Magazine/CITT (Canadian Institute of Traffic and Transportation), among others. KoiReader, G2 Ops, ChainYard, OARO, WITRAC and Women’s Startup Community have also joined the initiative.

What is LYT21?

The LYT21 event is the meeting point between the highlighted companies of the logistics industry and the new technologies that are already revolutionizing this sector.

“In this second edition of 2021, our mission is to accelerate the digital transformation process in the logistics industry, in a time of crisis where the adoption of the most disruptive technologies to achieve more efficient supply chains, can make the difference between surviving or not in the logistics industry of the future. A future that is already here. “This is how the organization describes it.

To this end, the event will be available to everyone, and free for 3 hours, four panels of experts in which we will see real use cases with direct application of the latest technologies in logistics processes.

The objective of this event is to raise awareness of the opportunities that the most disruptive technologies are offering for supply chains.

Blockchain, IoT, AI and Cybersecurity.

The event is divided into four round tables where the four most disruptive technologies applied to logistics will be discussed: Blockchain, IoT, Artificial Intelligence and Cybersecurity. For this, the LYT21 will have a panel of more than 15 experts among which speakers from large companies, startups, consulting companies and associations will be divided in each table.

Different use cases of the application of the same technology will be presented but from different points of view (explained from a large corporate, a startup, an association, etc.). In addition, once each of the different use cases has been presented, there will be an open panel discussion among the different profiles at the table.

Free registrations.

In the first edition, LYT20, more than 800 companies and 1000+ people attended the event online. For this event, the aim is to push the boundaries even further a reach a more North American-focused audience. To this end, free tickets have been made available to the public.

LYT21 offers its free tickets through this link.

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Archives, Global Trade Daily, Special Reports

Data Center Infrastructure Market is Projected to Reach USD 100 Billion by 2027

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According to a recent study from market research firm Global Market Insights, The need for data center infrastructure market management among organizations to offer higher energy-efficiencies will be positively driven by the influx of cloud computing, Big Data, and AI solutions. The surge in internet infrastructure activities has led to the generation of large quantities of data by individuals and connected devices.

The rising levels of data traffic have placed an immense power burden on data centers on account of the significant jump in the usage of IoT devices. This has in turn pushed data center operators to increasingly adopt efficient and cost-effective data center infrastructure solutions.

As per a report by Global Market Insights, Inc., the global data center infrastructure market could reach USD 100 billion in annual revenue by 2027.

Owing to the adoption of data analytics, cloud computing, and emerging technologies such as AI, machine learning, and IoT, hyperscale data centers have seen huge demand lately. Big tech giants like Facebook, Amazon, and Google are investing heavily in the construction of hyperscale data center facilities.

These data center infrastructures need high capability and modernized infrastructure for supporting critical IT equipment and offer enhanced data protection. High-density networking servers in these data centers demand security management, power and cooling combinations for enabling energy-efficient operation.

Increasing government initiatives regarding the safety of customer data are encouraging businesses to establish their own data center facilities in the Asia Pacific. For instance, China’s Cybersecurity Law states data localization requirements on Critical Information Infrastructure Operators (CIIOs). The Law guides network operators to analyze, store and process customer data within the country. With this, it is estimated that the Asia Pacific data center infrastructure market may speculate sturdy progress over the forecast period. Multiple initiatives such as Smart Cities, Made in China, and Digital India, may also boost the adoption of IoT and cloud computing in the region.

Mentioned below are some of the key trends driving data center infrastructure market expansion:

1) Growing demand for hyper-scale data centers

Expansion of hyperscale data centers owing to the usage of cloud computing, data analytics, and emerging technologies like IoT, AI, and machine learning are fueling industry outlook. Hyperscale data centers need high capability and modernized infrastructure to improve protection and support the critical IT equipment.

High-density networking servers in hyperscale data centers demand cooling, security management, and power solutions in order to facilitate energy-efficient operation. Major cloud service providers like Facebook Inc., Amazon, and Google LLC are making huge investments in the construction of hyperscale data center facilities.

2) Increasing adoption of data center services

The service segment is anticipated to account for a substantial market share on account of surging demand for scalable infrastructure for supporting high-end applications. Data center services such as monitoring, maintenance, consulting, and design help operators to better manage data centers and their equipment.

Enterprises often need professional, skilled, and managed service providers for the management of systems and optimization of data center infrastructure to obtain efficiencies. Professional service providers having the required technical knowledge and expertise in IT management and data center operations allow streamlining of business processes. These services help to significantly decrease the total cost of operations and maintenance of IT equipment.

3) Robust usage of cooling solutions

There is a proliferation of AI, driverless cars, and robots which are encouraging data center service providers to move strategic IT assets nearer to the network edge. These edge data centers are in turn rapidly shifting towards liquid cooling solutions to run real applications having full-featured hardware and lessen energy consumption for the high-density applications.

Key companies operating in the data center infrastructure market are Panduit Corporation, Hewlett Packard Enterprise Company, Black Box Corporation, Vertiv Group Co., ClimateWorx International, Eaton Corporation, Huawei Technologies Co., Ltd., Cisco Systems, Inc., ABB Ltd, Schneider Electric SE, Degree Controls, Inc., and Dell, Inc.

Source: https://www.gminsights.com/pressrelease/data-center-infrastructure-market

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Archives, Banking, Global Trade Daily

The Impact of Blockchain Technology and COVID-19 on the Global Banking Industry

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Over the past few years, the transformation and digitalization of the banking and financial sector have been among the most-discussed topics. Most industries have adopted blockchain technology and it’s slowly making its way towards the global banking industry. It can be said that the future of the global banking world could be shaped by the emergence of blockchain technology.

Blockchain technology, also known as the Distributed Ledger Technology (DLT), is being peddled as the next-big-thing after the creation of the internet. The major benefit of this technology is that it provides a way for untrusted parties to come to an agreement on the state of a database, without any need of a middleman. One area where blockchain technology is likely to have a major impact is the banking & financial sector. Though the technology has disrupted the banking industry, it has also benefitted it. According to a report published by Research Dive, the global blockchain market is expected to greatly benefit the banking and financial sector in upcoming years, mainly because banking & financial service providers are increasingly utilizing blockchain applications in payment procedures to secure transfers and offer international exchanges at lower costs.

Impact of Blockchain Technology on Banking Industry

Blockchain technology in the banking industry has the potential to outshine the need for manual processes involved in the banking fund transfer system and assure clients a safer way of fund transfer. Although blockchain technology is currently not well accepted in the banking industry, the idea is slowly changing. This is mainly because blockchain technology has shown success in many industries and it has the potential to provide numerous benefits to the banking and financial sector. Listed below are some reasons how blockchain technology is impacting the banking industry.

1. Saving on Transaction Costs

Blockchain technology has the capability to enable banks to save a lot of money in terms of transaction costs. Blockchain is offering the option of fund transfers from one region to another without any paperwork and extra costs that banks apply. This has been the source of the upsurge of blockchain implementation by various banks since the savings on transaction cost can result in profits of millions.

2. Fraud Reduction

The heavy jump-in into blockchain technology in the banking industry can be because of the increasing rate at which normal transactions are being exposed to fraudulent activities. Blockchain technology has the capability of reducing fraudulent activities through the removal of intermediaries. Money laundering is one of the most fraudulent activities that happen within the transaction system where intermediaries, such as the stock exchange, play a major role. Blockchain technology is projected to have a great impact on the banking industry where it will also protect banks against fraud and cyber-attacks on bank databases.

3. The New Millennial Customers

Current and future generations are expected to rely heavily on technology compared to millennials. At present, the young generation of clients is growing in a well-networked environment with enough knowledge of online transactions and crowdsourced funding. This has made the banking industry adjust to Fintech in order to deal with millennials. With blockchain technology in banking and financial sector, millennials will be able to perform their business transactions easily.

4. Trade Finance

Trade finance activities mainly compose of paperwork transactions in the banking industry, such as billing and factoring with some international transfers in imports and exports. This area is witnessed to be most efficient when transactions are done with blockchain technology. The movement of trading and financial transactions all around the world can be quickly accelerated using blockchain technology under the smart contracts that overpowers the role of documentation and digitizes the transactions.

Impact of COVID-19 on Banking Industry

The lockdown imposed by various governments across the globe to prevent the spread of the COVID-19 has halted economic activity across many sectors. The banking sector is majorly affected but in an indirect way. While banking services do not rely on direct consumer contact and can be provided remotely, the connection of the sector with the real economy as provider of payment, credit, savings, and risk management services extends the adverse effect of the COVID-19 pandemic to banks and other financial institutions. Listed below are some negative effects of COVID-19 crisis on the banking sector.

1. Revenue Loss

Firstly, firms that have stopped working miss out on revenues, and thus these firms might not be able to repay loans. Likewise, households with members who are furloughed have less income or lost their jobs during the COVID-19 crisis might not be able to repay their loans. This has ultimately resulted in lost revenue and losses and has negatively affected banking capital and profits. And as rapid recovery becomes less likely, banks can presume further losses that will result in the need for additional provisions and will further destabilize their profitability & capital position.

2. Lost Value of Bonds and Trades

Secondly, banks are negatively affected during the COVID-19 crisis as bonds & other traded financial investments have lost value, which has resulted in further losses for banks. Also, there might be some losses from open derivative positions where the derivative has moved in unpredicted directions due to the crisis.

3. Increasing Demand for Credit

The banking industry has faced increasing demand for credit during the pandemic, as particular firms require an additional cash flow to meet costs in unprecedented times of reduced or no revenues. In some cases, this rising demand has presented itself in the drawdown of credit lines by borrowers.

4. Lower Non-interest Revenues

Lastly, the banking industry has faced lower non-interest revenues mainly due to lower demand for their different services during the crisis. For instance, there are fewer transactions and payments to be done with lower economic activity, and lesser security issues by corporates cuts down the fee income for investment banks.

However, blockchain technology can be adopted by and rescue the banking industry during the COVID-19 crisis. According to the World Economic Forum, although at very least, blockchain could tortuously help to mitigate the COVID-19 pandemic’s impact by refining the visibility of supply chains that have been hugely disrupted. The sharp increase in the number of employees accessing enterprise data and systems remotely will amplify concerns of data security, confidentiality, and privacy, creating a need for vigorous authentication and access control. This can be possible with blockchain, as the technology can protect data from being tampered with or stolen. Banks invested in blockchain technology can now leverage it to secure data & applications on their network.

Moreover, banks that find it difficult to provide financing on their own in the unprecedented times can participate in a blockchain technology-based shared lending network. Banks also have an option to use their blockchain trade finance platform in order to provide remote or distant advisory services to corporate customers that need assistance with meeting their current loan obligations, or other sources of financing.

A Step Forward with Blockchain Technology

Blockchain technology is steadily advancing into the world of payments to change the transaction environment. It has reshaped the financial services by:

-Driving efficiency and removing incorruptibility by establishing new financial processes & services infrastructure.

-Enabling the inflow of liquid cash and allowing participants to convert fiat currencies to support foreign exchange through smart contacts.

-Instigating cross-border payments in real-time

Blockchain technology has made small payments reasonable, taking the required labor out of the process, which makes broker intervention pointless with shrinking processing time. In the trade finance market, blockchain technology can boost the efficiency of import/export by streamlining access to documents related to trade, quicker settlement, and better capital efficiency.

The Bottom Line

The banking industry is one of the major sectors that is going to be impacted by blockchain technology. This technology will continue to impact the banking industry due to the increase in innovation in the IoT, which is revolutionizing many industrial sectors. Blockchain seems to open up new opportunities for cost reduction. It can vividly improve the customer journey and facilitate a more secure form of data transaction & identity. However, solving all the regulatory and technological hurdles required to fully realize the potential of the blockchain technology in banking industry seems only to be a matter of time.

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Abhinav Chandrayan has worked in the Writing industry for 2 years, gaining experience in Media & Advertising and Market Research Industry. As a seasoned writer, he is passionate about advancing his writing skills by reading and working on versatile domains. In addition to writing, he is also involved in filmmaking, where his film has won the Gold Film of the Year Award in the year 2016 at India Film Project. Outside of the office, Abhinav enjoys traveling, sports, and exploring different movie niches.