Smart Container Market Size, Scope, Growth Opportunities, Trends by Manufacturers and Forecast to 2024


The Smart Container Market is anticipated to increase from USD 2.6 billion in 2019 to USD 5.7 billion by 2024, growing at a CAGR of 16.9% over that time. The increase in IoT-connected device adoption by large shipping businesses is the main driver fueling the expansion of this industry. As more data is gathered across the entire transportation process and valuable insights can be drawn from it, this approach is gaining traction. With the help of these insights, the maritime industry's operational efficiency can be increased by identifying problems early, cutting downtime, and streamlining processes. Other important reasons influencing the growth of the smart container market include the desire to improve operational effectiveness and safety in the shipping sector and growing worries about the loss of food and medical supplies due to temperature variations.

On the other hand, the expansion of the market for smart containers is being constrained by elements like worries about security and privacy and the high cost of installation. The primary potential for the growth of the smart container market, however, come from the shipping industry's emphasis on environmental sustainability and rising investments in container management technologies. Market interoperability problems brought on by the absence of consistent communication standards are proving to be problematic.

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To expand in the smart container market, the providers of smart container solutions have employed tactics such product launches and developments, agreements, partnerships, collaborations, contracts, and joint ventures. For instance, in February 2019, Connected Holdings, a market-leading North American provider of IoT (Internet of Things) intelligent services, was acquired by Phillips Connect Technologies. With this acquisition, the business would have access to Connected Holdings' experience in industrial IoT engineering to enhance its container management products.

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

In 2018, ORBCOMM (US) held the top spot in the market for smart containers. For remote container monitoring, it offers a number of products, including ReeferConnect, VesselConnect, and CargoWatch Secure. The company enables the containers equipped with GPS/GSM modem devices to report on their condition while they are in transit by using the onboard GSM infrastructure powered by Vobal Technologies. Additionally, ORBCOMM provides a range of components, including cutting-edge hardware, satellite and cellular connectivity, and other elements necessary for creating complete IoT and M2M systems.

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The company maintains its dominant position in the market because to its robust product portfolio for the smart container market. Its strong marketing and expansion efforts between 2016 and 2018 contributed to a significant increase in revenue. The business focuses on growth tactics like agreements, purchases, and alliances. For instance, in October 2017, it purchased Blue Tree Systems Limited, which strengthened ORBCOMM's transportation portfolio by enhancing its market-leading cargo solutions with truck in-cab and refrigerated fleet vehicle solutions.

In 2018, the Smart Container Market's second-place finisher was the Swiss company Smart Containers Group. To increase transparency and efficiency in the supply chain process, Smart Containers develops and offers containers outfitted with temperature-controlled systems based on blockchain technology. Modern container technology and IoT sensors that can be included into a logistics ecosystem are combined in its smart container solutions.

In order to meet international criteria for the delivery of high-value pharmaceutical products and food, the company regularly participates in this market and expands its business by creating smart container solutions. In order to address the rising demand for direct-to-patient delivery, the company also intends to introduce smart containers in various sizes. It uses partnerships and collaborations primarily as part of its growth initiatives. For instance, the business formed a partnership with Cargolux in October 2017 to more effectively deliver pharmaceutical supplies using the latter's smart containers. With this agreement, the business gains access to a large customer base and raises its market share for smart containers.

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