Page 18 - ITLN-September-October-2024-Issue-for-Website

Spotlight
Data-Driven
Decision Making

From bytes to billions

Data-driven logistics

reshaping India's

economy

India's logistics market, projected to reach $557.4 billion Challenges in the Indian
by 2032, is poised for transformation through data-driven logistics sector:
Despite its size and growth potential,
decision-making. With current logistics costs at 16 per cent the Indian logistics sector faces
of GDP compared to 8-10 per cent in developed economies, several challenges. The industry
the sector faces challenges but holds significant potential remains highly fragmented, with
numerous small and medium-sized
for improvement. players competing alongside larger
firms. Although improvements are
Parijat Sourabh
being made, India's infrastructure
still falls short in many areas, causing
n recent years, India has inefficiencies and delays.
emerged as a global economic “The infrastructure in India
powerhouse, with its logistics significantly influences the adoption
Isector playing an important role and effectiveness of both barcode
in this transformation. As the country and Radio Frequency Identification
continues to digitise and modernise (RFID) technologies in logistics.
its infrastructure, data-led decision- While major urban areas benefit
making has become increasingly crucial from advanced logistics networks,
in optimising logistics operations. including modern ports, highways,
railroads, airports, warehouses,
India's logistics and distribution centres, remote
market overview: regions often face challenges such
India's logistics sector is one of the as inconsistent internet connectivity,
largest globally and is set to grow power outages, and limited access to
further according to data from IMARC logistics facilities. These hurdles can
Group, the market is set to reach The Indian logistics hinder the seamless implementation
$557.4 billion by 2032, exhibiting a market presents and operation of barcode and RFID
growth rate (CAGR) of 7.85 per cent unique challenges and systems, affecting supply chain
during 2024-2032. opportunities, where efficiency,” says Praveen Kishore,
Key factors contributing to market visibility (our ability Chief Transformation Officer, Bar
growth include the significant Code India.
expansion of e-commerce and online to see) and agility (our Bar Code India specialises in
retail, the implementation of supportive ability to respond) providing solutions related to barcoding,
government policies that encourage are crucial. RFID, and automated identification
logistics services adoption, and systems. The company offers a wide
emerging technological advancements, Nitish Rai range of products and services to
mentions the report. FreightFox businesses across various industries.
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