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Cargo theft is a $35 billion industry. Meet the 4 biggest players in logistics tech helping to solve the problem.
Cargo theft is a $35 billion industry. Meet the 4 biggest players in logistics tech helping to solve the problem.
Vishnu RajamanickamDec 28, 2022, 01:10 IST
Cargo theft costs the US economy billions a year.Rebecca Cook/Reuters
Stealing cargo is a $15 billion to $35 billion industry.
Insider compiled the four biggest players creating tech to track freight and prevent theft.
Cargo theft, where goods are stolen in transport, is a $15 billion to $35 billion industry. While it's been an unfortunate byproduct of trade for years, with stakeholders constantly looking to stem losses by beefing up security and adding checks and measures, media footage of thieves breaking into slow-moving trains and raiding cargo containers has many consumers and businesses concerned about the safety and stability of supply chains.
Name-brand companies like Amazon, FedEx, and UPS are predominantly bearing the brunt of these costs. It's no surprise then that tech companies are cropping up to tackle the challenge. Here's a look at some of the top players based on market share and innovation in the logistics-tracking space.
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PowerFleet
Steve Towe, the CEO of PowerFleet.Courtesy of PowerFleet
Tive
Krenar Komoni, the CEO of Tive.Courtesy of Tive
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TruckX
Tapan Chaudhari, the president of TruckX.Courtesy of TruckX
LocatorX
Scott Fletcher, the president and CEO of LocatorX.Courtesy of LocatorX