The global trade industry soared to a remarkable value of $32 trillion in 2022, signalling an upward trajectory in world trade. With this surge, the transportation of goods and resources across various freight models like rail, road, sea and air has escalated.
The backbone of global trade relies on the production and manufacturing of natural resources, particularly in mining, infrastructure and construction. As economic pressures increase worldwide, operating costs are ballooning throughout the supply chain, particularly in these capital-intensive sectors. It has never been more critical to integrate low-cost IoT solutions that can monitor and track critical assets, no matter the location.
In the context of on-land transit, 80% of loss incidents occur in 20% of locations that lack reliable terrestrial connectivity. When considering remote areas, the situation becomes even more alarming, with approximately 90% of the Earth lacking dependable IoT coverage.