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. The desire to improve operational effectiveness and safety in the shipping sector, as well as growing worries about the loss of food and medical supplies due to temperature variations, are a few other major factors propelling the expansion of the smart container market.

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"Hardware will support the Smart Container Market's highest size during the projection period."

Since a wide range of hardware components at various price points are utilised to carry out container monitoring and tracking applications, the smart container market for hardware components used in smart container solutions is anticipated to have the biggest market size. For efficient network monitoring, smart container solutions need a lot of sensors and other hardware parts, some of which can be relatively expensive.

The pharmaceutical industry will experience the largest CAGR growth in the smart container market from 2019 to 2024.

The pharmaceutical vertical's Smart Container Market is anticipated to see the greatest CAGR over the forecast period. This rapid growth is mostly the result of growing worries about preventing losses during the shipping of pharmaceutical supplies. The pharmaceutical industry's demand for efficient monitoring systems for vaccine transportation activities will drive the market for smart containers.

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In 2018, "Europe accounted for the largest proportion of the Smart Container Market."

According to the European Community Shipowners' Associations (ECSA), European shipowners run shipping services all over the world and own over 40% of the world's merchant fleet. Europe ranks second in terms of container port volumes, according to the United Nations Conference on Trade and Development (UNCTAD). It made up 16% of the volume of all container ports worldwide in 2017. Europe has the biggest market share for smart containers among all regions as a result of three key driving forces. Europe dominated the Smart Container Market in 2018 and is predicted to do so again during the forecast period. This is primarily because major shipping firms like Maersk, CMA CGM, Hamburg Sud, and MSC are present in Europe and have a need for smart shipping container solutions.

Key Players

Orbcomm (US), Smart Containers Group AG (Switzerland), Traxens (France), Globe Tracker (Denmark), and Nexiot AG are significant players 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).

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