The report "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", is estimated to grow from USD 2.6 billion in 2019 and projected to reach USD 5.7 billion by 2024; it is expected to grow at a CAGR of 16.9% from 2019 to 2024. 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 significant 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.
Key Market Players
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 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)
ORBCOMM (US) holds the leading position in the smart container market. The company has a strong product portfolio for the market that enables the company to maintain its leading position in the market. Its revenue grew substantially between 2016 and 2018 due to its aggressive marketing and expansion activities. The company focuses on growth strategies such as contracts, acquisitions, and partnerships. For instance, in October 2017, it acquired Blue Tree Systems Limited, which solidified ORBCOMM’s transportation portfolio by adding truck in-cab and refrigerated fleet vehicle solutions to its industry-leading cargo solutions.
With the rise in need for monitoring solutions by various cargo shipping companies for the container transportation process, the company could focus on developing mobile-based applications to provide real-time updates to all the stakeholders involved in the supply chain. Currently, the company depends extensively on the US market. To maintain its leadership in the smart container market, the company could find consistent revenue pockets in Europe and APAC, which are likely to offer exciting opportunities.
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