1. The smart container market is projected to grow from USD 3.9 billion in 2022 to USD 9.7 billion by 2027, at a CAGR of 19.6% during the forecast period. Increasing focus on end-to-end supply chain visibility, high demand for monitoring and control of internal container conditions, and increasing adoption of IoT devices by shipping companies are the key factors expected to drive the growth of the smart container market in the next five years.
2. The global e-commerce logistics market is expected to grow from $476.34 billion in 2021 to $568.85 billion in 2022 at a compound annual growth rate (CAGR) of 19.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term.
HARDWARE SEGMENT HOLD HIGHEST MARKET SHARE
1. One of the key elements in the smart containers are the hardware equipment such as connectivity devices, sensors, and telemetry and telematics devices that are extensively used for various applications ranging from sensing the environment to relaying data to a centralized database for further evaluation.For smart container hardware, accuracy, and reliability of monitoring several applications are critical parameters.
2. Devices such as data loggers and gateways are used throughout the container movement for reliable connectivity and monitoring of temperature, pressure, and humidity within the container to maintain appropriate conditions for food, pharmaceuticals, chemicals, and other environment-sensitive products.Among all the hardware components, sensors are the most used electronic components in smart containers.
3. As several parameters are monitored in containers, the number of hardware components installed is large. Additionally, the cost of these devices is high, resulting in the hardware segment to hold the largest market share in the smart container market by offering.
PHARMACEUTICAL LOGISTICS TO ACCOUNT FOR LARGEST MARKET SHARE
1. Pharmaceutical logistics is highly sensitive to time and quality assurances.Products in the pharmaceutical industry demand temperature-controlled storage and distribution, along with strict regulatory control.
2. Pharmaceutical supply chains are very demanding as various shippers are required to maintain cold chain practices in addition to avoiding theft during transport.They also employ special provisions to move specialized pharmaceutical products.
3. As a result, the industry aims to deliver critical products to customers in a secure manner and at a competitive operational cost.Smart containers have emerged as the most reliable and efficient form of shipping sensitive pharmaceutical products.
4. Smart containers offer various benefits to the pharmaceutical industry such as improved adherence to pharmaceutical regulations; improved location tracking; near real-time temperature, humidity, and pressure monitoring; and heightened security. Owing to their benefits, the pharmaceutical industry is rapidly employing smart containers.
NORTH AMERICA TO OFFER SECOND-HIGHEST GROWTH OPPORTUNIES FOR SMART CONTAINER MARKET
1. North America is one of the key markets for smart containers.The region is the largest exporter of food and beverage products, which have a high demand for smart container solutions during transit.
2. North America witnesses some of the highest technology adoption rates, leading to the faster implementation of new technologies such as those offered by smart containers. The presence of key players, such as ORBCOMM Inc. (US), Phillips Connect (US), Sealand – A Maersk Company (US), and ZillionSource Technologies (US), creates growth opportunities for the market in the region. As the competition increases, the number of market players is also expected to increase in the North American region.
E-COMMERCE & UKRAINE-RUSSIA WAR IMPACT
1. The global e-commerce logistics market is expected to grow from $476.34 billion in 2021 to $568.85 billion in 2022 at a compound annual growth rate (CAGR) of 19.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting manyevery markets across the globe. The e-commerce logistics market is expected to grow to $1163.56 billion in 2026 at a CAGR of 19.6%.
2. The e-commerce logistics market consists of sales of e-commerce logistics services by entities (organizations, sole traders, and partnerships) that are used to deliver products to online businesses or customers. E-commerce logistics refers to the process of providing shipping services to online businesses, and it involves inventory management, warehousing, packaging, labeling, billing, shipping, payment collection, return, and exchange of delivered products.
3. The main types of e-commerce logistics are transportation, warehousing, and value-added services.Transportation refers to the movement of goods and people from place to place and the various means by which such movement is accomplished.
4. The main types of e-commerce logistics are transportation, warehousing, and value-added services.Transportation refers to the movement of goods and people from place to place and the various means by which such movement is accomplished. The end-users involved are B2B and B2C.
GROWTH OF DIGITAL TECHNOLOGY
1. The growth of digital technology is expected to propel the growth of the e-commerce logistics market going forward.Digital technology refers to all electronic tools, automated systems, technological equipment, and resources that generate processes or store data.
2. The proliferation of digital technology has influenced consumer decisions, resulting in a vast volume of e-commerce, which in turn increased the use of e-commerce logistics to ship e-commerce products. For instance, in January 2021, according to technology statistics and facts shared by Zippy Electric, a US-based online content platform for electric vehicles, there were 4.6 billion active internet users globally, encompassing 59% of the world’s population.
3. Over 570 websites are produced every minute, for a total of nearly 1.8 billion web pages. Google receives up to 1.2 trillion searches per year and more than 3.5 billion queries every day. Therefore, the growth of digital technology is driving the e-commerce logistics market.
4. Technological advancement is a key trend gaining popularity in the E-commerce logistics market.Major companies are integrating novel technologies such as Blockchain, automation, and patented technologies to provide insights, increase consumer experience, and secure operations.
5. Blockchain and automation technologies decrease the cost and time for delivery.For instance, in June 2021, Whitebox, a US-based brand-focused e-commerce management platform, launched Omnifi, a business intelligence technology.
6. The patented solution addresses the issue of fragmented data across sales channels by bringing together marketing, sales, and logistics. Omnifi is the first solution of its type to provide brands and retailers with a unified view of their customers across digital channels, resulting in a single source for all of their e-commerce demands.
7. In September 2021, A.P. Moller-Maersk, a Denmark-based integrated transport and logistics organization, acquired HUUB for an undisclosed amount. With this acquisition, Maersk enables the opportunity to make Portugal a strategic tech hub to attract the best talent and compete with other big companies. HUUB is a Portuguese-based company operating in e-commerce logistics.
Source:
https://www.globenewswire.com/news-release/2022/12/02/2566761/0/en/The-smart-container-market-is-projected-to-grow-from-USD-3-9-billion-in-2022-to-USD-9-7-billion-by-2027-at-a-CAGR-of-19-6.html
https://www.globenewswire.com/news-release/2022/12/01/2565799/0/en/E-Commerce-Logistics-Global-Market-Report-2022-Ukraine-Russia-War-Impact.html
