DUBLIN, Dec. 17, 2019 /PRNewswire/ -- The "Smart Container Market by Offering (Hardware, Software, and Services), Technology (GPS, Cellular, BLE, LoRa WAN), Vertical (Food & Beverages, Pharmaceuticals, Chemicals, Oil & Gas), and Geography - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The smart container market was valued at 1,835 million in 2018 and is projected to reach USD 5,740 million by 2024; it is expected to grow at a CAGR of 16.9% during the forecast period.

Increase in the adoption of IoT devices by major shipping companies to drive the growth of the smart container market

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.

Competitive Landscape

Major players in the smart container market are Orbcomm (US), Smart Containers Group AG (Switzerland), Traxens (France), Globe Tracker (Denmark), and Nexiot AG (Switzerland). Other players operating in smart container market include Phillips Connect Technologies (Division of Phillips Industries) (US), SeaLand (Maersk) (Denmark), Robert Bosch Manufacturing Solutions (Robert Bosch GmbH) (Germany), Ambrosus (Switzerland), and ZillionSource Technologies Co., Ltd. (Cisco) (China)

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights 4.1 Attractive Opportunities for Growth of Smart Container Market4.2 Market, By Vertical4.3 Market, By Offering4.4 Market, By Technology4.5 Market, By Geography

5 Market Overview 5.1 Introduction5.2 Market Dynamics5.2.1 Drivers5.2.1.1 Need for Enhancing Operational Efficiency and Safety in Container Shipping Industry5.2.1.2 Rise in Concerns Regarding Wastage of Food and Medical Products Due to Temperature Deviation5.2.1.3 Increase in Adoption of IoT Devices By Major Shipping Companies5.2.2 Restraints5.2.2.1 Concerns Regarding Security and Privacy5.2.2.2 High Cost of Implementation5.2.3 Opportunities5.2.3.1 Focus of Shipping Industry on Sustainability and Environment5.2.3.2 Increase in Investments in Container Management Technologies5.2.4 Challenges5.2.4.1 Interoperability Issues Due to Lack of Uniform Communication Standards5.3 Industry Trends5.3.1 Value Chain Analysis5.3.1.1 Electronic and Component Manufacturers5.3.1.2 Connectivity Technology Developers5.3.1.3 Hardware and Software Providers5.3.1.4 System Integration and Service Providers5.3.2 Key Trends5.3.2.1 Digital Transformation in Supply Chain5.3.2.2 Connected Ports/Smart Shipping

6 Smart Container Market, By Offering 6.1 Introduction6.2 Hardware6.2.1 Sensors6.2.1.1 Temperature Sensors6.2.1.1.1 Temperature Sensors to Hold the Major Size of the Sensor Market During the Forecast Period6.2.1.2 Pressure Sensors6.2.1.2.1 Pressure to Be Adopted for Various Applications Across Oil & Gas, Chemicals, and Food & Beverages Verticals6.2.1.3 Humidity Sensors6.2.1.3.1 Humidity Sensors to Witness Highest CAGR in Smart Container Sensors Market During Forecast Period6.2.1.4 Gas Sensors6.2.1.4.1 Rise in the Adoption Level of Gas Sensors in Smart Container Solutions for Oil & Gas, and Chemical Verticals6.2.1.5 Other Sensors6.2.1.5.1 Other Sensors Include Major Sensors Like Optical, Magnetic, Shock Detection, Leakage Detection, and Position Sensors6.2.2 Connectivity Devices6.2.2.1 Connectivity Devices to Exhibit Highest CAGR in Smart Container Hardware Market During Forecast Period6.2.3 Telematics and Telemetry Devices6.2.3.1 Telematics and Telemetry Devices Provide Better Logistics Management Capabilities6.3 Software6.3.1 APAC Smart Container Software Market to Exhibit Highest Growth During Forecast Period6.4 Services6.4.1 Europe to Dominate Smart Container Services Market During Forecast Period

7 Smart Container Market, By Technology 7.1 Introduction7.2 Global Positioning System (GPS)7.2.1 GPS to Hold Major Size of Smart Container Technology Market During Forecast Period7.3 Cellular7.3.1 Cellular Technology is One of the Easiest Ways to Detect and Define Location of Containers7.4 Lora Wan (Long Range Wide Area Network)7.4.1 Lora Wan Reach Sensors Monitoring the Assets Inside Containers Due to Its Deep Indoor Penetration Feature7.5 Bluetooth Low Energy (BLE)7.5.1 BLE is Considered as Future of Consumer Engagement in Supply Chain Operations7.6 Others7.6.1 Benefits Offered By Alternative Technologies to Slow Down Market for Wi-Fi in Coming Years

8 Smart Container Market, By Vertical 8.1 Introduction8.2 Food & Beverages8.2.1 Europe to Hold Major Share of Smart Container Market for Food & Beverages Vertical During Forecast Period8.3 Pharmaceutical8.3.1 APAC to Witness Highest CAGR in Smart Container Market for Pharmaceutical Vertical During Forecast Period8.4 Oil & Gas8.4.1 US to Account for Major Share in North American Smart Container Market for Oil and Gas Vertical During Forecast Period8.5 Chemicals8.5.1 APAC to Exhibit Highest Growth Rate in Smart Container Market for Chemical Vertical During Forecast Period8.6 Others8.6.1 Germany to Hold Major Share of European Smart Container Market for Other Verticals During Forecast Period

9 Geographic Analysis 9.1 Introduction9.2 North America9.3 Europe9.4 APAC9.5 Rest of the World (RoW)

10 Competitive Landscape 10.1 Overview10.2 Ranking Analysis: Smart Container Market Players10.3 Competitive Leadership Mapping10.3.1 Visionary Leaders10.3.2 Innovators10.3.3 Dynamic Differentiators10.3.4 Emerging Companies10.4 Competitive Situations and Trends10.4.1 Product Launches and Developments10.4.2 Agreements, Partnerships, Collaborations, and Contracts10.4.3 Mergers & Acquisitions

11 Company Profiles 11.1 Introduction11.2 Key Players11.2.1 Orbcomm11.2.2 Smart Containers Group AG11.2.3 Traxens11.2.4 Globe Tracker11.2.5 Nexiot AG11.2.6 Phillips Connect Technologies (Division of Phillips Industries)11.2.7 Sealand (Maersk)11.2.8 Robert Bosch Manufacturing Solutions (Robert Bosch GmbH)11.2.9 Ambrosus11.2.10 Zillionsource Technologies Co. Ltd. (CISCO)11.3 Right to Win11.4 Key Innovators11.4.1 Loginno11.4.2 Savvy Telematic Systems AG11.4.3 Berlinger & Co.11.4.4 Shenzhen CIMC Technology Co. Ltd.11.5 Other Players11.5.1 Identec Solutions AG11.5.2 ZIM Integrated Shipping Services11.5.3 Securesystem11.5.4 International Business Machines Corporation (IBM)11.5.5 Emerson11.5.6 Sensitech Inc11.5.7 AT&T Inc.11.5.8 Smartsense (Digi International Inc.)11.5.9 Sensortransport Inc.11.5.10 Monnit Corporation11.5.11 Shenzhen Joint Technology Co. Ltd.

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Global Smart Container Market Set to Reach $5.74 Billion by 2024 - Asia-Pacific Expected to Grow at the Highest CAGR - PRNewswire