“Global Container Tracking Market to reach a market value of USD 19.1 Billion by 2031 growing at a CAGR of 7.9%”
The Global Container Tracking Market size is expected to reach $19.1 billion by 2031, rising at a market growth of 7.9% CAGR during the forecast period.
Meticulous monitoring is necessary during the transportation of pharmaceutical products, medical devices, and other healthcare goods in order to ensure product safety and adherence to regulatory standards. Thus, the healthcare industry segment acquired 15.6% revenue share in the market 2023. Precise monitoring is especially imperative for temperature-sensitive pharmaceuticals across the entire supply chain in order to avert degradation and guarantee effectiveness. Companies such as Pfizer and Johnson & Johnson rely on sophisticated tracking systems to maintain the integrity of their products from manufacturing to delivery.
Businesses today are placing a high priority on achieving end-to-end visibility across their supply chains. This comprehensive visibility is crucial for enhancing operational efficiency, cutting costs, and boosting customer satisfaction. By providing real-time information on the whereabouts and condition of shipments, container tracking systems are crucial to achieving this degree of openness.
Additionally, the advent of new markets and the proliferation of international trade have brought about significant transformations in the landscape of global trade. This increase in international commerce has substantially increased the quantity of goods being transported across national boundaries.
However, implementing a container tracking system necessitates a substantial initial investment in various components such as hardware, software, and infrastructure. This investment can be particularly daunting for many businesses, especially small and medium-sized enterprises (SMEs), posing a significant barrier to adoption. Hence, the high initial investment required can be a major barrier to adoption for many companies.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
On the basis of technology type, the market is classified into RFID, GPS, cellular, and satellite. The RFID segment recorded 29.5% revenue share in the market in 2023. RFID technology is particularly useful for tracking containers within specific areas such as ports, warehouses, and distribution centers.
By mode of transportation, the market is divided into maritime, land, and air. The maritime segment witnessed 72.5% revenue share in the market in 2023. A substantial proportion of international merchandise is conveyed through maritime routes, functioning as the backbone of international commerce.
Based on end-user, the market is segmented into food & beverage, consumer goods, vehicle transport, healthcare industry, industrial products, and others. The consumer goods segment procured 26.2% revenue share in the market in 2023. Increased demand for more timely and dependable deliveries and the exponential expansion of e-commerce has prompted the implementation of container tracking technologies in this industry.
Based on offering, the market is characterized into hardware, software, and services. The hardware segment procured 34.3% revenue share in the market in 2023. The extensive implementation of tracking devices, including RFID tags and GPS trackers, which are critical for monitoring the whereabouts and state of containers, is the cause of this.
Free Valuable Insights: Global Container Tracking Market size to reach USD 19.1 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Europe segment witnessed 27.9% revenue share in the market in 2023. Europe is home to some of the world's busiest ports, such as Rotterdam, Antwerp, and Hamburg, critical global supply chain nodes.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 10.5 Billion |
| Market size forecast in 2031 | USD 19.1 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 7.9% from 2024 to 2031 |
| Number of Pages | 286 |
| Number of Tables | 480 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Technology Type, Mode of Transportation, Offering, End-User, Region |
| Country scope |
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| Companies Included | Orient Overseas Container Line Limited, A.P. Moller - Maersk A/S, Hapag-Lloyd AG, GoComet, DP World Logistics FZE (SeaRates), Project44, CMA CGM Group, E2open Parent Holdings, Inc. (INTTRA), Cosco Shipping Lines Co., Ltd., Evergreen Marine, Corporation (Evergreen Group) |
By Technology Type
By Mode of Transportation
By Offering
By End-User
By Geography
This Market size is expected to reach $19.1 billion by 2031.
Rapid advances in technologies are driving the Market in coming years, however, Requirement for high initial investment restraints the growth of the Market.
Orient Overseas Container Line Limited, A.P. Moller - Maersk A/S, Hapag-Lloyd AG, GoComet, DP World Logistics FZE (SeaRates), Project44, CMA CGM Group, E2open Parent Holdings, Inc. (INTTRA), Cosco Shipping Lines Co., Ltd., Evergreen Marine, Corporation (Evergreen Group)
The expected CAGR of this Market is 7.9% from 2023 to 2031.
The GPS segment is leading the Market by Technology Type in 2023; thereby, achieving a market value of $6.8 billion by 2031.
The Asia Pacific region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $6.9 billion by 2031.
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