PUBLISHER: Grand View Research | PRODUCT CODE: 1575107
PUBLISHER: Grand View Research | PRODUCT CODE: 1575107
The global real-time monitoring solutions for cold chain market size was valued at USD 12,427.8 million in 2023 and is expected to grow at a CAGR of 23.1% from 2024 to 2030. The rising demand for global real-time monitoring solutions in the cold chain market is driven by the need for greater control and efficiency in temperature-sensitive supply chains, particularly in industries such as pharmaceuticals, food and beverages, and chemicals. With stricter regulations on product safety, companies are increasingly adopting these solutions to ensure compliance with international standards.
Additionally, the growing trend of online retail, particularly for groceries and pharmaceuticals, is amplifying the need for precise cold chain management. Companies delivering fresh food, dairy, frozen products, and medicines must guarantee that their goods remain within ideal temperature conditions from dispatch to doorstep. Real-time monitoring solutions allow companies to provide end-to-end visibility into cold chain logistics, helping mitigate the risks of spoilage, reducing waste, and enhancing customer satisfaction through reliable delivery of fresh goods.
The integration of IoT (Internet of Things) devices in cold chain logistics is further driving demand for real-time monitoring solutions. IoT sensors placed within storage units and transport vehicles can continuously track environmental conditions and transmit data in real-time to centralized monitoring platforms. This ensures uninterrupted monitoring and reporting, providing companies with the ability to act immediately if parameters deviate from safe levels. The advent of AI and machine learning is also helping companies predict potential risks in the cold chain, optimize routes, and manage fleet operations more efficiently.
However, real-time monitoring solutions for the cold chain market face several restraints that limit their widespread adoption and implementation. Implementing real-time monitoring solutions requires significant upfront costs, including expenses related to hardware, software, and installation. For small and medium-sized enterprises (SMEs), these costs can be a substantial barrier, as they may lack the financial resources to invest in advanced technology compared to larger organizations.
Global Real-time Monitoring Solutions For Cold Chain Market Report Segmentation
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global real-time monitoring solutions for cold chain market report based on component, application, and region: