Global Cold Chain Track and Monitor Telematics Revenue to Exceed US$700 Billion by 2027
The last two years have seen massive disruptions across supply chains, highlighting the critical role cold chain technologies play in supply systems for food, pharma, and chemicals. Given the importance placed on data for efficacy and traceability, cold chain adoption will continue to increase at a CAGR of 16.6% between 2021 and 2027. According to new research from global technology intelligence firm ABI Research, worldwide cold chain track and monitor telematics revenue will exceed US$700 billion by 2027.
“Real-time visibility is the key in detecting temperature deviations which damage product shipments. As the cost of IoT sensors fall, there will be a wider adoption and improved supply chain visibility. Devices will increasingly be integrated into goods and assets. Instead of requiring trackers or loggers to be manually placed within each shipment or consignment, there is growing interest in integrating devices to packaging or even onto cartons and vials,” explains Susan Beardslee, Principal Analyst, Supply Chain Management and Logistics.
Integration of hardware and software technology isn’t fully realized but is increasingly critical. More and more vendors are developing complete hardware and software cold chain solutions in-house. Notable providers include Zebra’s Cold Chain Portfolio, Wiliot’s IoT Pixel, and start-up SenseGeni’s disposable tags.
“Technology suppliers are successfully supporting manufacturers and logistic companies to further digitize their cold chain operations, as continuing supply chain challenges have highlighted the need for end-to-end collaboration,” Beardslee concludes.
These findings are from ABI Research’s Evolving Technology Solutions for Cold Chain Logistics application analysis report. This report is part of the company’s Supply Chain Management & Logistics research service, which includes research, data, and analyst insights. Based on extensive primary interviews, Application Analysis reports present in-depth analysis on key market trends and factors for a specific application, which could focus on an individual market or geography.
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