With a Compound Annual Growth Rate (CAGR) of 19.6% during the projected period, the Smart Container Market is anticipated to rise significantly from USD 3.9 billion in 2022 to USD 9.7 billion by 2027. The market is expected to increase as a result of rising demands for the digitalization of supply chain and logistics management, remote container monitoring and management needs, and growing Internet of Things (IoT) usage in container tracking and management. Furthermore, the development of 5G technology, which offers quicker and more dependable data transfer capabilities, is anticipated to be advantageous for the market for smart containers.

In recent years, the adoption of Internet of Things (IoT) devices has increased across a variety of industries. The creation of smart containers is one of the areas where IoT technology is having a big impact. These containers have a variety of sensors and other Internet of Things (IoT) gadgets that allow them to monitor and control different aspects of the shipping and logistics process. Companies can track container location, temperature, humidity, shock, and other characteristics in real-time with the use of these devices, enabling more effective and safe supply chain management. By enhancing shipping routes and decreasing the need for pointless container movement, smart containers can also aid in waste reduction and sustainability improvements.

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Smart Containers and the Push for Efficiency: How IoT Devices are Helping Companies Streamline Operations
Due to the many advantages they offer, including real-time tracking and monitoring of variables like location, temperature, humidity, shock, and more, smart containers are growing in popularity in the shipping and logistics sectors. In today's quick-paced and demanding consumer market, it is essential for shipping and logistics companies to be able to manage their supply chains more effectively and economically.

Smart containers can assist increase overall safety and security by spotting possible concerns and taking action before they turn into serious ones. Companies can prevent spoiling and damage to goods in transit, for instance, by monitoring temperature and humidity. This lowers the risk of losses and ensures that customers will receive high-quality items.

The shipping and logistics industry is under pressure to enhance its logistics operations and cut down on the amount of time it takes to deliver products, which is what is driving the adoption of smart containers. Smart containers help companies manage their supply chains more efficiently, which boosts productivity and lowers costs by giving precise and thorough information on the status of items in transit.

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The Role of IoT Technology and Smart Containers

Smart containers are becoming more popular as a result of the advancement of Internet of Things (IoT) technology's sensors and gadgets. Smart containers are anticipated to gain popularity as technology develops and advances, with the potential to have a substantial impact on the logistics and shipping sectors. They provide advantages like increased productivity, decreased waste and spoilage, and increased general customer satisfaction.

The use of smart containers is a prime example of the IoT technology's expanding significance in the shipping and logistics sectors. Smart containers are becoming more and more significant as businesses look for innovative methods to enhance their operations and satisfy evolving client expectations. Smart containers have apparent advantages for both consumers and shipping and logistics experts, and their usage is predicted to rise in the future years.

By offering, hardware segment to lead market during the forecast period

During the forecast period, the hardware category, which consists of sensors, networking devices, and telematics and telemetry devices, is anticipated to dominate the smart container market. For many applications, like detecting the surroundings and transmitting data to a centralised database, hardware components are necessary. The accuracy and dependability of hardware components are key factors for container monitoring applications. For dependable communication and to track the temperature, pressure, and humidity of environment-sensitive products, data loggers and gateways are utilised. Given the high number of hardware components put in a container and the fact that sensors are the most widely utilised electronic component in smart containers, the hardware segment is predicted to hold the biggest market share.

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By technology, BLE segment to register second-highest growth rate during the forecast period

In the market for smart containers, the Bluetooth Low Energy (BLE) technology sector is anticipated to develop at the second-fastest rate. BLE is a popular low-power connectivity protocol for Internet of Things (IoT) devices that need straightforward and effective communication. BLE is a good technology for smart containers because it was created with a focus on IoT devices that are small in size and need a long battery life. BLE is a recommended option for Internet of Things devices since it uses less power than continuous data transfer. Furthermore, BLE is a widely accepted and used standard that does not require the deployment of specialised compatible devices. The deployment of many IoT devices into smart containers makes BLE technology necessary for connectivity and communication between IoT devices, which drives the BLE technology segment's rapid growth. The market for smart containers is anticipated to increase rapidly as a result of the expansion of BLE technology.

Europe to hold the largest market share during the forecast period

During the forecast period, the European region is expected to account for the biggest share of the market for smart containers. The increased use of smart container technologies like IoT, AI, ML, Bluetooth Low Energy, and LoRaWAN is a result of the existence of key players who provide hardware solutions and IoT software platforms as well as the higher technology acceptance in the area. Through funding programmes like the EU Horizon 2020, the European area has also supported the development and implementation of breakthrough technology and transportation solutions. Smart containers have rapidly expanded and been adopted in the European region as a result of these causes.

Major vendors in the smart container market include MSC (US), Sealand – A Maersk Company (US), Globe Tracker (Denmark), Traxens (France), ORBCOMM (US), Shenzhen CIMC Technology Co., Ltd. (China), and Berlinger & Co. ApS (Switzerland).

News Covered:

https://www.globenewswire.com/news-release/2023/02/21/2611756/0/en/The-Rise-of-Smart-Containers-and-IoT-Devices.html

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