The smart container market is valued at 3.9 billion dollars in 2022 and is expected to reach 9.7 billion dollars by 2027, at a CAGR of 19.6%, according to a new report by MarketsandMarkets™.
Increasing focus on end-to-end supply chain visibility, higher demand for monitoring and control of internal container conditions and increasing adoption of IoT devices by shipping companies are among the key factors expected to drive the growth of the smart container market in the next five years. The higher demand from the food and beverages industry is expected to increase smart container adoption globally.
By offering, hardware segment to lead market during the forecast period
Among all the hardware components, sensors are the most used electronic components in smart containers. As the number of hardware components installed in a container is large, in addition to the high cost of these devices, the hardware segment is estimated to have the largest market share.
By technology, BLE segment to register second-highest growth rate during the forecast period
Bluetooth Low Energy (BLE) is one of the most widely applicable low-power connectivity standards. As smart container involves the deployment of many IoT devices, BLE technology becomes essential for communication and connectivity between IoT devices, resulting in a high growth rate of the BLE technology segment.