Smart Container Market Prospect & Upcoming Trends and Oppotunities: MSC, ORBCOMM, Globe Tracker, Traxens

The smart container market is projected to grow from USD 3.9 billion in 2022 to USD 9.7 billion by 2027, CAGR of 19.6% during the forecast period.

Increasing focus on end-to-end supply chain visibility, high demand for monitoring and control of internal container conditions, and increasing adoption of IoT devices by shipping companies are the key factors expected to boost the growth of the smart container market in the next five years. However, the lack of interoperability among IoT devices and sensors is expected to be the key challenge for the growth of the market. Increasing adoption of GPS technology to improve tracking and visibility throughout the supply chain has led to higher demand for smart containers.

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There are rapid technological advancements in various fields. These technologies, such as IoT, connectivity, communication, AI, and big data analysis, also support various functions within the smart container market. For instance, communication technologies such as LoRaWan, LPWAN, and cellular communication technology (5G) have enabled long-distance communication to facilitate near real-time monitoring and control in smart containers. With the help of smart sensors, IoT devices are able to share data efficiently and process data faster. Similarly, the implementation of big data and AI has enabled superior predictions of estimated times of delivery, incidents, and delays through advanced data analysis, offering insights into every aspect of smart containers. It is expected that the new technologies will create significant opportunities and use cases for smart containers to enable market expansion.

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The smart container market is rapidly growing with advancements in technology. Many players offer hardware, software, and services based on different technologies in the smart container market. Companies are offering connectivity and communication through Bluetooth Low Energy (BLE), Wi-Fi, LoRaWAN, Cellular, and Zigbee, among others.

But as the adoption of technologies such as IoT, AI, cellular, and GPS is increasing, the support for smart containers is increasing in the region. Countries such as China, Japan, and South Korea are expected to emerge as the major adopters of smart containers in the region. These countries are also among the major importers in the food and beverages industry and, thus, the focus on improving the food and beverage shipping industry is higher in the region.

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Key Market Players:
Major players in the smart container market include MSC (Switzerland), Sealand - A Maersk Company (US), Globe Tracker (Denmark), Traxens (France), ORBCOMM (US), Shenzhen CIMC Technologies Co., Ltd. (China), and Berlinger & Co. AG (Switzerland).

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This release was published on openPR.