Smart Container Market Expected to Reach $24.1 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Smart Container Market, by Offering Technology, Industry Vertical. " The smart container market was valued at $4 billion in 2022, and is estimated to reach $24.1 billion by 2032, growing at a CAGR of 19.8% from 2023 to 2032.

A smart container is a technologically advanced shipping or storage unit equipped with integrated sensors, communication devices, and data analytics capabilities. These containers leverage Internet of Things (IoT) technology to provide real-time monitoring and communication, allowing stakeholders to track and manage critical parameters such as location, temperature, humidity, and security features. The data generated by smart containers enables informed decision-making, enhances supply chain visibility, and promotes efficient inventory management.  Smart container market growth projections contribute to enhanced security in the transportation of goods with the ability to actively detect and report unauthorized access. 

The rise in the utilization of Internet of Things (IoT) devices is a key driver propelling the advancement of the Smart Reefer Container Smart containers, equipped with integrated IoT devices, have become essential components of contemporary supply chain management as industries increasingly undergo digital transformation. These IoT devices, encompassing sensors and communication tools embedded in smart containers, enable the real-time monitoring of vital parameters such as location, temperature, and security features. The data generated by these devices is utilized to improve supply chain visibility, streamline operational processes, and ensure the secure transportation of goods. The increase in dependence on IoT in logistics empowers stakeholders with access to precise, timely information, leading to enhanced decision-making and responsiveness. Therefore, the adoption of IoT devices emerges as a driving factor, fostering efficiency, transparency, and innovation within the smart container ecosystem. 

However, the high risk of cyber threat for Smartcontainers can act as a restraint on the growth of the smart container industry. These containers become susceptible to potential cyber-attacks with the increase in connectivity and reliance on digital technologies. The integration of Internet of Things (IoT) devices, sensors, and communication tools in smart containers creates openings for malicious activities. Cybersecurity risks, encompassing hacking, unauthorized access, and data breaches, have the potential to compromise the integrity of the data collected and transmitted by these containers, leading to possible disruptions in the supply chain. Given the valuable and sensitive information within smart containers, such as cargo details and transportation routes, has become attractive targets for cybercriminals.  It is crucial to tackle these cybersecurity challenges to uphold the dependability and security of smart container systems, fostering secure and resilient operations in the growing interconnected logistics and transportation sector.  

Moreover, continuous advancements in Internet of Things (IoT) and connectivity technologies represent a significant opportunity for the smart container mark. Smart containers can benefit from improved sensor capabilities, enhanced communication protocols, and more reliable connectivity options as IoT evolves. This progress enables smarter and more responsive containers, allowing for seamless real-time monitoring of diverse parameters such as location, temperature, humidity, and security features. Improved connectivity infrastructure, including 5G networks, satellite communication, and low-power, wide-area networks (LPWAN), can provide more robust and widespread coverage, ensuring that smart containers can transmit and receive data in various environments and locations. 

The smart container market segmentation on the basis of offering, technology, industry vertical, and region. On the basis of offering, the market is divided into hardware, software, and services. On the basis of technology, the market is categorized into GPS (Global Positioning System), Cellular, LoRa WAN (Long Range Wide Area Network), and Bluetooth Low Energy. On the basis of industry vertical, the market is classified into food & beverage, pharmaceutical, oil & gas, chemicals, and others. 

On the basis of region, smart container market analysis across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), Latin America (Brazil, Argentina, and Rest of Latin America), and Middle East and Africa (UAE, Saudi Arabia, Qatar, South Africa, and Rest of Middle East and Africa).  

Competitive analysis and profiles of the major Smart container market trends players, such as ORBCOMM Inc., SkyCell AG, Traxens, Phillips Connect Technologies, Globe Tracker, Robert Bosch GmbH, Nexiot AG, MSC (Mediterranean Shipping Company), Shenzhen joint Technology Co., Ltd., A.P. Moller - Maersk are provided in this report. Product launch and acquisition business strategies were adopted by the major Smartcontainers market players in 2022. 

KEY FINDINGS OF THE STUDY 

• The smart container market size is expected to grow significantly in the coming years, driven by the rise in the utilization of Internet of Things (IoT) devices. 

• The smart container market share is expected to be driven by the smart container market demand in the food & beverage sector. 

•  The market is highly competitive, with several major players competing for market share. The competition is expected to intensify in the coming years as new players enter the market. 

•  The Asia-Pacific region is expected to be a major market for smart container market owing to an increase in adoption of advanced technologies in the region. 

The key players profiled in the smart container market, such as ORBCOMM Inc., SkyCell AG, Traxens, Phillips Connect Technologies, Globe Tracker, Robert Bosch GmbH, Nexiot AG, MSC (Mediterranean Shipping Company), Shenzhen joint Technology Co., Ltd., A.P. Moller - Maersk are provided in this report. Product launch and acquisition business strategies were adopted by the major market players in 2022.