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LONDON, Jan. 24, 2024 (GLOBE NEWSWIRE) — As per The Business Research Company’s research on the cold chain tracking and monitoring market, the global cold chain tracking and monitoring market has witnessed rapid growth in recent years, with an anticipated market size of $7.19 billion in 2024, reflecting an impressive compound annual growth rate (CAGR) of 15.1%. This upward trajectory is attributed to the globalization of supply chains, adherence to stringent regulatory standards, the surge in demand for perishable goods, and a heightened focus on food safety.
Historic Growth (2023): The cold chain tracking and monitoring market, valued at $6.24 billion in 2023, is set to grow to $7.19 billion in 2024, showcasing a remarkable CAGR of 15.1%. This growth is underpinned by the dynamics of a globalized supply chain, stringent regulatory standards, increased demand for perishable goods, and an intensified focus on ensuring food safety.
Future Outlook (2028): The cold chain tracking and monitoring market is poised for rapid growth in the coming years, with projections reaching $12 billion in 2028 at a CAGR of 13.7%. Key drivers include the expanding e-commerce landscape in food and pharmaceuticals, rising complexity in supply chains, a burgeoning pharmaceutical industry, sustainability initiatives, and pandemic-driven shifts in healthcare logistics.
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Anticipated Trends (2024-2028): The forecasted period is characterized by transformative trends, including a focus on environmental sustainability, heightened concerns about data security, an uptick in collaborations and partnerships, and an increased emphasis on real-time visibility and analytics.
E-commerce Boom: The surge in e-commerce and online shopping, driven by evolving consumer preferences, is expected to be a significant growth driver. Online grocery shopping, in particular, has led to an increased need for cold chain services to maintain the quality and freshness of perishable goods from fulfillment centers to customers’ doors.
Segmentation Overview: The report segments the cold chain tracking and monitoring market into three main categories:
- System: Software, Hardware.
- Solution: Storage, Transportation.
- End User: Healthcare, Pharmaceuticals, Food and Beverages, Chemicals, Other End Users.
Segment Insights: The hardware market dominated the cold chain tracking and monitoring market in 2023, accounting for 65.3% ($4,077.9 million). Going forward, the software segment is expected to be the fastest-growing, with a CAGR of 13.8% during 2023-2028.
Regional Analysis: In 2023, North America led the cold chain tracking and monitoring market, capturing 35.1% ($2,188.2 million), followed by Asia Pacific, Western Europe, and other regions. The fastest-growing regions are projected to be Asia-Pacific and Western Europe, with CAGRs of 14.5% and 13.4%, respectively.
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In conclusion, businesses in the cold chain tracking and monitoring industry can leverage the insights provided in this comprehensive report to make informed decisions, identify emerging opportunities, and position themselves strategically in a rapidly evolving market. With detailed analyses of cold chain tracking and monitoring market segments, regional trends, and technological advancements, the report serves as a valuable resource for organizations seeking to capitalize on the growth prospects within the cold chain tracking and monitoring industry.
Cold Chain Tracking And Monitoring Global Market Report 2024 by The Business Research Company provides insights on the cold chain tracking and monitoring market size, cold chain tracking and monitoring market segments, cold chain tracking and monitoring market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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