IoT for Cold Chain Monitoring Market is segmented By Component (Hardware, IoT Software/Platform for Cold Chain Monitoring, and Services), By Organization Size (Large Enterprises and Small and Medium-Sized Enterprises), and By End-User (Retail & Consumer Packaged Goods (CPG), Healthcare & Pharma, Food & Beverages, Chemicals, and Others) and Region (United States, Canada, Mexico, South America, France, Germany, Italy, Spain, United Kingdom, Russia, China, India, Philippines, Malaysia, Australia, Austria, South Korea, Middle East, Japan, South Africa, Rest of World)
IoT for Cold Chain Monitoring Market size was estimated at $4.26 billion in 2020 and is expected to reach $10.46 billion by 2028, growing at a CAGR of 13.71% during the forecast period of 2021 to 2028.
Cold chain monitoring is a term referring to the use of internet of things (IoT) technology to continuously monitor temperature-sensitive goods as they are transported through a "cold chain"—that is, a supply chain of perishable and/or temperature-sensitive goods such as pharmaceutical products, biologic drugs, food and meals, and beverages. The Internet of Things (IoT) is revolutionizing the distribution network for perishable goods. The advancement of better cold chain systems has provided managers with real-time data on temperature and location, as well as the capacity to oversee logistics remotely. As a consequence of the growing requirement for real-time and remote monitoring of critical shipment characteristics, IoT cold chain monitoring is becoming increasingly popular in the transportation of medications, frozen food, vaccines, and other items.
With the growth of the digital economy, IoT technology has advanced from a futuristic concept to a tactical tool for logistical businesses to utilize in their supply chains. Sensors and IoT technologies are changing traditional asset tracking into supply chains that may generate a greater return on investment for logistics organizations. These IoT-enabled sensors provide real-time information on asset/fleet geolocation, fleet mobility speed, temperature conditions, and other critical data sets for the food sector.
Moreover, the sensors assist associated parties in precisely monitoring food safety data points, guaranteeing effective cold chain management. This data facilitates compliance with national and international legislation. Likewise, disparate food laws and regulations across areas, one of which is the Food and Drug Safety Act, have been identified as exerting substantial pressure on supply chains to collect additional data and enhance transparency.
IoT for Cold Chain Monitoring Market Growth and Trend
The cold chain tracking and monitoring market is expected to grow in the coming years as a result of its focus on quality product sensitivity, the growth of the retail industry, the growth of refrigerated storage facilities, improvements in policies and regulations, and the growth of the pharma industry. However, the absence of standardization and high personnel costs hinder market surveillance of the cold chain and market expansion. Additionally, RFID solutions for cold chain tracking commercial applications and research into cold chain software advancements present attractive opportunities for major businesses.
The growing desire for better quality planning, the increasing need for temperature-sensitive drugs, and the increasing emphasis on supply chain efficiency are some of the major factors fueling the expansion of the global industry for cold chain control. However, high deployment costs may limit the market for cold chain monitorings development. Cold chain logistics easy accessibility in developed nations is creating possibilities in the market for cold chain monitoring.
The increased need for cold chain storage during the COVID-19 outbreak benefited the market for IoT for cold chain monitoring. Throughout the prolonged period of lockdown witnessed globally, an increase in demand for packaged food and beverage goods was seen. Food businesses are increasingly utilizing the Internet of Things for cold chain monitoring systems to monitor and extend the shelf life of their products. As IoT-enabled temperature monitoring enables round-the-clock monitoring of items, temperature tracking has become significantly easier than it was previously. As an outcome, the need for data cold chain monitoring increased significantly during the pandemic.
IoT for Cold Chain Monitoring Market Segmentation
The IoT for cold chain monitoring market is segmented by component, organization size, and end-user. Based on component, the market consists of hardware, IoT software/platform for cold chain monitoring, and services. By organization size, the market is divided into small and medium enterprises (SME) and large enterprises. Based on end-user, the market is divided into Retail & Consumer Packaged Goods (CPG), healthcare & pharma, food & beverages, chemicals, and others.
IoT for Cold Chain Monitoring Market Country Analysis
The Asia Pacific is likely to appear as the regions fastest-growing market, creating enormous growth prospects for businesses considering long-term investments. India and China, as emerging nations, are likely to contribute to the regional markets expansion. North America is likely to expand rapidly in the foreseeable future. Due to the existence of large cold chain monitoring solution providers in the United States, the area has the potential to generate significant income throughout the projected period. In the United States, demand for chilled, frozen, and dairy goods has surged, expanding the market for IoT for cold chain monitoring. In the United Kingdom, the need for IoT-based cold chain monitoring is increasing as a consequence of the rise of online shopping for groceries, which has led to an increase in the number of refrigerated stores.
IoT for Cold Chain Monitoring Market Share and Competition
The major players operating in the global IoT for cold chain monitoring market are Huawei Technologies, HC Technologies, Aeris Communication, SenseGiz Inc., TE Connectivity, Zebra Technologies, Moschip Technologies Limited, Roambee Corporation, and Laird Connectivity.
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Industry Segmentation and Revenue Breakdown
Component Analysis (Revenue, USD Million, 2021 - 2028)
• IoT Software/Platform for Cold Chain Monitoring
Organization Size Analysis (Revenue, USD Million, 2021 - 2028)
• Large Enterprises
• Small and Medium-Sized Enterprises
End-User Analysis (Revenue, USD Million, 2021 - 2028)
• Retail & Consumer Packaged Goods (CPG)
• Healthcare & Pharma
• Food & Beverages
Region Analysis (Revenue, USD Million, 2021 – 2028)
• North America
o United States
• South America
o United Kingdom
• Asia Pacific
o South Korea
• Middle East
o GCC C ountries
o South Korea
• South Africa
• Rest of World
IoT for Cold Chain Monitoring Market Companies
• Huawei Technologies
• HC Technologies
• Aeris Communication
• SenseGiz Inc.
• TE Connectivity
• Zebra Technologies
• Moschip Technologies Limited
• Roambee Corporation
• Laird Connectivity.
• United States IoT for Cold Chain Monitoring Industry Research Report
• Europe IoT for Cold Chain Monitoring Industry Research Report
• Asia Pacific IoT for Cold Chain Monitoring Industry Research Report
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