PUBLISHER: The Business Research Company | PRODUCT CODE: 1428073
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428073
Cold chain tracking and monitoring involves overseeing and managing the temperature-controlled supply chain. These systems play a crucial role in preserving product quality, reducing waste, complying with regulations, and ensuring the safety and efficacy of products reaching the end customer.
Two primary categories of cold chain tracking and monitoring systems exist such as software and hardware. Software comprises data sets, programs, and instructions enabling a computer system to perform specific operations or functions. These solutions find application in storage and transportation across various sectors such as healthcare, pharmaceuticals, food and beverage, chemicals, among others.
The cold chain tracking and monitoring market research report is one of a series of new reports from The Business Research Company that provides cold chain tracking and monitoring market statistics, including cold chain tracking and monitoring industry global market size, regional shares, competitors with a cold chain tracking and monitoring market share, detailed cold chain tracking and monitoring market segments, market trends and opportunities, and any further data you may need to thrive in the cold chain tracking and monitoring industry. This cold chain tracking and monitoring market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The cold chain tracking and monitoring market size has grown rapidly in recent years. It will grow from $6.24 billion in 2023 to $7.19 billion in 2024 at a compound annual growth rate (CAGR) of 15.1%. The growth observed in the historical period can be ascribed to several factors, including the globalization of supply chains, the implementation of rigorous regulatory standards, an increased demand for perishable goods, and a heightened focus on ensuring food safety measures.
The cold chain tracking and monitoring market size is expected to see rapid growth in the next few years. It will grow to $12 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%. The projected expansion during the forecast period is linked to several factors, including the rise of e-commerce in the food and pharmaceutical sectors, the heightened intricacy within supply chains, the continual growth of the pharmaceutical industry, a heightened emphasis on sustainability and environmental considerations, and the transformative effects of the pandemic on healthcare logistics. Key trends anticipated during this period encompass a strong focus on environmental sustainability, heightened concerns regarding data security, increased collaborations and partnerships among stakeholders, as well as the prioritization of real-time visibility and analytics within the industry.
The cold chain tracking and monitoring market is poised for growth due to the escalating demand for food and beverages. This sector encompasses the vast array of goods involved in the production, processing, distribution, and consumption of food and drink. The implementation of comprehensive cold chain tracking and production processes within the food and beverage industry ensures that products reach consumers in a safe, fresh, and high-quality condition. Notably, global food and beverage sales, as reported by Common Thread Collective, a US-based e-commerce growth agency, surged from $435.3 billion in 2021 to $506 billion in April 2022. Projections indicate a further increase to $857 billion by 2025. Consequently, the rising demand for food and beverages is a driving force behind the expansion of the cold chain tracking and monitoring market.
The cold chain tracking and monitoring market is anticipated to experience growth propelled by the increasing consumer demand for transparency. This demand refers to the rising expectation among consumers to have easily accessible and clear information about the products and services they purchase. Employing cold chain technologies allows businesses to provide consumers with visibility into the entire supply chain process, ensuring transparency in the handling, transportation, and storage of temperature-sensitive products. For instance, a survey conducted by SupplyChainBrain in April 2021 revealed that 94% of consumers prefer a brand offering comprehensive supply-chain transparency, with 39% expressing a higher likelihood of loyalty and a willingness to switch to a brand providing greater transparency. Therefore, the escalating consumer demand for transparency is expected to be a driving factor for the cold chain tracking and monitoring market.
A prominent trend gaining traction in the cold chain tracking and monitoring market is the adoption of technology innovations. Major companies in this market are embracing new technologies to maintain their competitive positions. In May 2023, Tridentify, a Sweden-based MedTech company, introduced a real-time cold chain monitoring system, revolutionizing the industry. This cutting-edge technology provides a comprehensive view of the stability and remaining shelf life of pharmaceutical items in real-time. Equipped with advanced sensors and machine-learning algorithms, this monitoring system enables businesses to make data-driven decisions by delivering an accurate and real-time assessment of consignments. The innovative solution from Tridentify allows businesses to monitor their operations and shipment stability effectively, marking a significant advancement in the cold chain tracking and monitoring market.
Prominent players in the cold chain tracking and monitoring market are actively engaged in the development of innovative products, particularly cloud-based software solutions tailored for outbound shipments. This strategic focus aims to enhance supply chain efficiency, accuracy, and visibility in response to the growing demand for advanced technologies in the distribution of temperature-sensitive goods. The term 'cloud-based software solution for outbound shipments' refers to a system that operates and stores data in the cloud, providing a comprehensive platform for overseeing and managing shipment processes. Notably, in November 2023, Sensitech Inc., a US-based provider of supply chain visibility solutions, introduced a groundbreaking feature within the SensiWatch platform dedicated to monitoring outbound shipments. This advancement marks a significant step forward in cold chain monitoring, extending real-time cargo protection to the final stage of outbound operations. The result is the assurance of delivering high-quality perishable goods, supported by a comprehensive and easily deployable cloud-based solution. Leveraging Sensitech IoT sensors, this solution enables real-time cargo monitoring from distribution centers to retail establishments and restaurants. Overcoming previous limitations in cold-chain monitoring, it provides complete visibility into the last mile, empowering transportation managers to address root-cause issues affecting the quality of perishables, including food and medicine.
In January 2022, FourKites Inc., a US-based supply chain intelligence platform company, made a strategic acquisition by purchasing NIC GmbH for an undisclosed amount. This move positions FourKites and NIC to establish Europe's largest multimodal carrier network, offering international shippers a comprehensive platform for end-to-end supply chain insight. The acquisition is expected to accelerate the deployment of carrier-specific technologies for secure real-time visibility. NIC GmbH, based in Germany, specializes in cold supply chain visibility and monitoring, further contributing to the expansion of capabilities within the combined entity.
Major companies operating in the cold chain tracking and monitoring market report are Carrier Global Corporation, Emerson Electric Co., AmeriCold Logistics LLC, Lineage Logistics LLC, Digi International Inc., ORBCOMM Inc., Cryoport Inc., Controlant AGM, Sensitech Inc., SpotSee Holdings LLC, ELPRO-BUCHS AG, Berlinger & Co AG, Hanwell Solutions Ltd., Tippmann Group, Cryopak Industries Inc., Savi Technology Inc., Rotronic AG, Maven Systems Pvt. Ltd., Klinge Corporation, Monnit Corporation, LogTag Recorders Ltd., Testo SE & Co. KGaA, Verigo, SecureRF Corporation, BT9 Ltd., Zest Labs Inc., Blulog, Gemini Data Loggers UK Ltd., Intelleflex Corporation, Infratab Inc.
North America was the largest region in the cold chain tracking and monitoring market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cold chain tracking and monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the cold chain tracking and monitoring market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The cold chain tracking and monitoring market includes revenues earned by entities through temperature monitoring, data logging, and analysis, tracking, cold chain consulting, auditing, and risk management. The market value includes the value of related goods sold by the service provider or included within the service offering. The cold chain tracking and monitoring market also includes sales of thermometers, temperature monitoring sheets, GPS trackers, sensors, and tags which are used in providing services. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Cold Chain Tracking And Monitoring Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on cold chain tracking and monitoring market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for cold chain tracking and monitoring ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The cold chain tracking and monitoring market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.