The global IoT for cold chain monitoring market was worth USD 5.5 billion in 2022 and is expected to grow at a CAGR of 13.9% from 2023 to 2033, reaching USD 6.2 billion in 2023 and US$ 23.1 billion by 2033.
The perishable supply chain has been transformed by the Internet of Things (IoT). The introduction of smarter cold chain systems has provided managers with real-time temperature and location data, as well as the ability to remotely control logistics. Because of the growing demand for real-time and remote monitoring of critical shipment parameters, IoT cold chain monitoring has become very popular in the transportation of medicines.
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The increasing adoption for cold chain warehousing during the COVID-19 pandemic boosted the IoT for cold chain monitoring industry. During the global lockdown, there was an upsurge in demand for packaged food and beverages. Food companies are increasingly using IoT for cold chain monitoring solutions to monitor food products and extend their shelf life.
Key Takeaways from the Market Study
- Until 2020, IoT for cold chain monitoring sales in the United States increased by more than 8% year on year to reach USD 2.9 billion.
- The United States was expected to remain highly profitable, accounting for 24.8% of the global market share through 2022.
- Over the next few decades, the market in the United Kingdom is expected to grow at a CAGR of 15.1%.
- During the forecast period, China is expected to record an incremental opportunity worth US$ 1.6 billion.
- Over the next few decades, the Chinese market is expected to grow at a CAGR of 15.2%.
“Urban development for decent quality planning, growing adoption for temperature-sensitive stimulants, and an increasing emphasis on effectiveness in supply chains are among the most significant factors driving the global IoT cold chain control industry’s progression,” says an FMI analyst.
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Competitive Landscape
Key players in the global IoT for cold chain monitoring market include Huawei Technologies, Aeris Communication, HC Technologies, SenseGiz Inc, Zebra Technologies, TE Connectivity, Moschip Technologies Limited, Laird Connectivity, Roambee Corporation, Cisco Systems, Inc. Recent developments among key players are
- SenseGiz Inc. provides enterprise and industrial IoT products for sensor-based monitoring, security, and real-time asset tracking applications.
- Roambee Corporation entered into a partnership act with Rogers in August 2020 to enable businesses to leverage Internet of Things technologies, culminating in smarter, more agile supply chains and integrated operations.
- Laird Connectivity launched the Sentrius BT610 IoT sensor in December 2020, which is based on Laird Connectivity’s expertise in developing the longest-range sensors.
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the Global Application transformation market presenting a historical analysis from 2018 to 2022 and forecast statistics for the period of 2023 to 2033.
The study reveals essential insights on the basis by Component (Hardware, IoT Software/Platform for Cold Chain Monitoring, Services), Enterprise Size (SMEs, Large Enterprises), Industry (Healthcare & Pharma, Retail & CPG, Food & Beverages, Chemicals) & Region (North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America)
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Key Segments Profiled in the IoT for Cold Chain Monitoring Market Report
By Component:
- Hardware
- IoT Temperature/Humidity Sensors
- Data Logger
- Others
- Software
- Services
- Integration & Installation
- Consulting
- Support & Maintenance
By Enterprise Size:
- SMEs
- Large Enterprises
By Industry:
- Healthcare & Pharma
- Retail & CPG
- Food & Beverage
- Chemicals
- Others
By Region:
- North America
- Europe
- Asia-Pacific
- Middle East & Africa
- Latin America
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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