The freight technology sector, also known as FreightTech, refers to software companies and technologies which assist in supply chain management and the movement of freight. In the five years following 2014, investment in FreightTech companies grew from $118 million to $3 billion per year.
Disruption of traditional logistics and supply chain management
The shipping and logistics industry has long been viewed as conservative and slow-to-change, in part due to complex relationships within global shipping and transportation networks, difficult documentation and customs requirements, lack of transparency among involved parties, and obstacles to adapting quickly to sudden economic changes.
Recent developments in freight technology are working to modernize and simplify freight transport. According to a report from the U.S. Department of Transportation, intelligent freight technologies have multifaceted benefits in shipping and logistics. These include increased operational flexibility and efficiency due to better planning and schedule adherence, better utilization of people and
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Source: Wikipedia
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