The smart container system market is estimated to reach USD $5.7 Billion by 2024 at a CAGR of 16.9%
The most significant factor driving the growth of this market is the rise in the adoption of IoT connected devices by major shipping companies. This trend is gaining momentum, as a large amount of data is collected during the entire transportation process, from which various important insights can be extracted. With these insights, issues can be pinpointed, downtime can be reduced, and procedures can be streamlined, thereby improving operational efficiency in the maritime industry. A few other major factors driving the growth of the smart container market are the need for enhancing operational efficiency and safety in the shipping industry and growing concerns regarding the wastage of food and medical products due to temperature deviation.
Software market for smart container market is expected to grow at the highest CAGR during the forecast period.
Smart container software, also known as middleware or location engine, interface between the location-based data and the final analysis of that data into useful information for enhanced container monitoring. The smart container software market is expected to grow at the highest CAGR during the forecast period. This growth is driven by the demand for software-based smart solutions to improve the analytics support, which provides actionable insights to transporters about delays and help in rerouting maneuvers to increase efficiency.
Sensors to hold a major share of the smart container hardware market during the forecast period.
The smart container hardware market for sensors held the largest share in 2018; due to the increase in demand for monitoring devices in supply chain processes, wherein any small deviation in the environmental parameter can degrade the operational performance of shipping companies in different stages of the supply chain. With the information extracted from different monitoring sensors, logistic decision-makers benefit from getting a more unobstructed view of the supply chain, thereby improving the efficiency of the shipping of containers.
Smart container market in APAC expected to grow at the highest CAGR during the forecast period
Various goods are being imported in this region, including fuels, lubricants, food products, beverages, and pharmaceutical products. Along with the rising population rate, there has been an increase in the economic growth of emerging countries in APAC, where products such as vaccines, food, and drinks have become more accessible for the local markets. Owing to such demands, smart container solutions have gained importance for container monitoring applications in this region. The smart container market in APAC is expected to witness the highest growth, mainly due to the rise in import and export of goods.