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2020 and 2021 were tumultuous years for the logistics industry, with its effects naturally rippling through multiple sectors. The COVID-19 pandemic has created a climate of uncertainly for the freight forwarding industry and a perfect storm of challenges, including skyrocketing freight rates due to capacity crunches in supply chain networks; escalating demand for consumer goods and e-commerce; mounting port congestion and port closures; increasing container shortages due, in part, to abandoned cargo; and continuing factors such as illness among port and terminal operators, bad weather, and the Suez Canal being blocked for nearly a week.

Freight Forwarders play a crucial role in the entire logistics industry. The role of Freight Forwarders in the modern world is simple but significant. Apart from arranging carriers to move cargo forward, they have a strategic advisory role in terms of documentation, planning, providing local services and execution of cargo movement. Complex, demanding, and the most competitive business scenario in the logistics industry is pushing freight forwarders to set benchmarks for growth. Increased cargo processing time, low level of automation, and complex paperwork and revenue leakage are some of the key challenges faced by Freight Forwarders in the current times.

Over the past 4 months, the world is engulfed with COVID-19 pandemic. As a result, Logistics industry and more specifically maritime trade is the first casualty of this domino effect that started in China. Import Export of essentials and medical supplies are still on across the borders. Yet, maritime trade in all nations are haunted by staff shortage due to disease spreading risks exists.

While some say the growth of 5G technology has taken a backseat due to the COVID-19 pandemic, industry experts believe 5G has a larger role to play. And visibly, the impact is already realized. The 5G in the Logistics market is all said to have a valuation of US$1 trillion by 2028. Ultra-reliable networks, faster processing, and improved operational efficiency are some of the key takeaways for the Maritime industry. Therefore, the scope of growth with 5G for the Logistics industry is much larger than predicted. While the impact and benefits the industry can leverage out of 5G are enormous, let us explore some of them.

Software as a Service, or SaaS, emerged as a trend post-2010, and it has been growing exponentially since then. SaaS as an industry is worth US$193 billion; over the past seven years, it has grown nearly 500 per cent. Driving this humongous demand is the need for inexpensive software products that will be available on demand.