IoT For Cold Chain Monitoring Market is Expected to Reach a Valuation of 17.8 Bn by 2031 | Report by FMI

The increasing demand of real time data is encouraging the cold chain companies to adopt cloud technology for collecting, analyzing and sharing of the data where and when needed. This, according to a new study by Future Market Insights (FMI), will push the overall valuation of the IoT for cold chain monitoring market to US$ 4.79 Bn in 2021.

IoT technologies can utilize data that exists within the physical environment to unlock the business value across the cold chain in the form of brand equity, reduced waste, and return on investments. The web-based platform leverages real-time information from the manufacturing, production, storage and distribution stages to help companies monitor and manage asset health, temperature, work flow, vehicle location, and environmental data.

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IoT offers a multitude of benefits and has been adopted across diverse industries for cold chain monitoring. According to FMI, healthcare & pharma segment is estimated to register a CAGR of 16.1% during the forecast period as the medicines and drugs are highly temperature sensitive and need to be stored and transported at consistent temperature levels so the supply chain operators are opting for IoT for cold chain monitoring solution for storing and transporting pharma products. A key point to consider here is that large enterprises will account for a dominant share of 55.2% of the market in 2021

Key Takeaways: IoT for Cold Chain Monitoring Market

The global IoT for cold chain monitoring market is estimated to register a CAGR of 13.6% during the forecast period of 2021-2031
The U.S. will continue leading the market, accounting for 86.7% of North America in 2021
The U.K. will remain a key market in Europe, exhibiting 10.8% Y-o-Y growth in 2021
Demand from Germany and France will continue increasing through 2031
While growth exhibited by Japan and South Korea is expected to increase at accelerated pace, over half of East Asia market will be accounted by China through the forecast period

COVID-19 Impact Analysis on IoT for Cold Chain Monitoring Market

As the world is struggling with the COVID-19 pandemic, cold storage companies are working for ensuring that there are enough fresh products to buy. Due to COVID-19 the adoption of IoT sensors for cold chain monitoring is increasing has the sensors help to collect, analyze light, humidity and temperature as well as send notification with location details if any issue arises.

Cold chain management has emerged as a crucial factor during the pandemic. As governments and other entities has started COVID-19 vaccines distribution the demand is increased for cold chain monitoring. Cold chain management maintains the necessary refrigeration levels of temperature-sensitive coronavirus vaccine across manufacturing, transportation, storage, and distribution process.

However, the IoT for cold chain monitoring market is estimated to grow around 10% to 12% Y-o-Y from 2019 to 2020.

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Adoption of IoT Technology is Driving the Market Growth

IoT adoption is increasing in response to the increasing awareness regarding the use of IoT in business and benefits of using IoT technologies is increasing. In emerging countries, the governments are announcing the plan to set up an IoT institute for developing IoT in automation, robotics, healthcare and other industries as the smartphone usage is increasing and there is availability of strong network of fourth generation broadband and data centers. Adoption of IoT will increase in various industries for different purposes such as adoption of IoT in cold chain monitoring will help the companies to monitor and manage the products and prevent them from damage.

Who is Winning?

Some of the leading players operating in the market are TE Connectivity, Huawei Technologies, Zebra Technologies, Aeris, Laird Connectivity, Roambee Corporation, MosChip Technologies Limited. SenseGiz Inc, HC Technologies, Dycodex.

These companies have been focusing on innovations to gain competitive advantage. For instance, in 2017 Orbcomm unveiled a state-of-the-art cold chain monitoring solution, which it called PT 6000.

More Valuable Insights on IoT for Cold Chain Monitoring Market

FMI's report on the IoT for Cold Chain Monitoring market is segmented into four major sections such as component (hardware, IoT software/platform for cold chain monitoring, services), enterprise size (SMEs, large enterprises), industry (healthcare & pharma, retail & CPG, food & beverages, chemicals, and others) and region(North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa) to help readers understand and lucrative evaluate opportunities in the IoT for cold chain monitoring market.

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Key Segments Covered of the IoT for Cold Chain Monitoring Market

Component

Hardware
IoT Software/Platform for Cold Chain Monitoring
Services

Enterprise Size

SMEs
Large Enterprises

Industry

Healthcare & Pharma
Retail & CPG
Food & Beverages
Chemicals
Others

Region

North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East & Africa (MEA)

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.