Analysts from Machina Research – a leading provider of market intelligence in the Internet of Things (IoT), Machine-to-Machine (M2M) and Big Data markets – have recently provided some commentary on the rapidly emerging topic of IoT and M2M applications within the logistics and supply chain industry.
According to their observations, there were in excess of 7 panels discussing supply chains at this year’s IoT Evolution Conference and Expo in Las Vegas, with special attention being increasingly drawn to the use of IoT and M2M in cold chain logistics.
Machina Research’s recent publication – “M2M Global Forecast & Analysis 2014-2024” – also offered a number of insights into the status of connected cold chains throughout the food and pharmaceutical sectors.
The key findings from the study included the following:
- The number of global M2M connections in supply chains in 2015 is 5.8 million
- M2M connections in supply chains will reach 73.8 million connections worldwide (16.8% CAGR) by 2024
- By 2024 M2M connection revenues in supply chains will reach $8.9 billion
The research also found that within the food industry specifically IoT is effectively being utilised for both the middle mile and, the more operationally complex, last mile of the supply chain journey – with the use of refrigerated containers and warehouses becoming common practice. The amount of increased legislation being brought in concerning product transparency, meaning that supply chain tracking is increasingly becoming a necessity for organisations, was named as one of the key driving forces in this area.
In addition to IoT’s substantial role in the food industry, effective cold chain logistics have become a crucial element in the healthcare field as it enables perishables, such as medicines and vaccines, to retain their validity throughout transit – consequently maintaining the substances’ effectiveness for the end user.
Ensuring enterprises are able to gain real-time feedback on the status and location of their goods means that reliable communications between fleets and centralised systems are essential. In addition, the predicted growth of M2M and IoT applications throughout the supply chain as a whole shows that there is a distinctive need for scalable and cost-effective connectivity – for which cellular networking solutions are the answer.
The wide availability of mobile networks means cellular solutions are able to support M2M and IoT applications anywhere and at any time, giving enterprises the flexibility they need to monitor goods right throughout their supply chain.
Westbase Technology is a leading distributor of cloud-managed 3G and 4G LTE connectivity solutions throughout the UK and Europe. Our innovative product and service portfolio enables fleet transport providers to rapidly deploy wireless communications enabling telematics, cold chain monitoring, asset tracking, and vehicle WiFi hotspots – all essential to improved supply chain monitoring. To learn more about how we can support supply chain connectivity requirements, visit our Fleet Transport solutions page.