TrustedTrucks

What is Freight Tech?

First of all, what exactly is “FreightTech,” and why is it so crucial for your company?

The term FreightTech was formed by combining the words “freight” and “technology”. Companies that employ technology to help shippers, freight forwarders, and ocean carriers along the entire supply and demand chain for shipping are referred to by this term.

To the outsider, the transportation sector may appear to be the furthest thing from the IT sector—with its telephone-based orders and paper-based shipment tracking. But those in the know are aware of how technologically advanced the sector has become. Artificial intelligence, machine learning, and predictive technology developments may have the ability to change how commodities are moved, stored, and tracked. And it is evident that investors are eager to stake bets on that.

FreightTech has become a distinct technological area in recent years. The combined enterprise value of marketplaces has seen a 36% growth in 2021 and is valued at $7.2 trillion at the end of 2021. In 2021, a record VC investment into marketplaces of $139 billion was raised globally and the logistics and deliveries marketplaces have received 30% of it.

Based on the real-time heatmap by Dealroom, the logistics & delivery industry (food & non-food) marketplace has already raised 9.4B by mid-February 2022.

Benefits of FreightTech

FreightTech is revolutionizing every aspect of shipping. From the port of loading to the port of discharge, new solutions are creating greater efficiency and stronger margins.

By adopting these solutions, you can reap the benefits of:

  • Global, real-time sailing schedules
  • Reliable data via API integrations
  • Real-time alerts and notifications
  • Global container tracking capabilities

Added to that, FreightTech can also improve your operations by offering:

  • Online bookings platforms
  • Instant quote capabilities
  • Digitalized document management
  • Digitalized proof of delivery
  • Contract and rate management
  • Revenue management

However, while many solutions can significantly improve your operations, they need to be consolidated into one digital space.

Why Freight Technology Is Unique

Other IT industries have experienced years of growth while the freight tech market has lagged. A ten-year boom in the field of financial technology isn’t about to end any time soon. Fintech and freight technology, however, don’t share many similarities. Freight, trucks, and containers weren’t as well adapted to the digital world as finance, a numbers game.

There are 6.2 million medium and heavy commercial vehicles on the EU’s roads. Counting almost 1.2 million trucks. (Poland has the largest fleet, followed closely by Germany (1,010,742) and Italy (946,393)). 

The total number of Logistics companies in Europe is 4.032. 826. However, the big companies capture only 12% of the market. That leaves a significant number of businesses with little money to spend on new trucks or other physical infrastructure, let alone freight technology.

It is clear that technological advancement in the freight transportation sector involves much more than simply digitizing procedures that formerly required paper or fax machines. The use of cutting-edge data and analytics in the logistics and transportation sectors has the potential to alter how freight is transported around the world.

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