The dying era of the supply chain is controlled by the Internet of Things (IoT). The launch of cold chain systems, which is a smarter technology, has helped the leads and managers with the real-time location and temperature, along with the capability to remotely monitor the logistics. IoT cold chain monitoring technology has emerged popular in the transportation of vaccines, medicines, frozen foods, and so on due to the rising demand for remote and real-time surveillance of important shipment parameters. This key factor is propelling the growth in the global IoT for cold chain monitoring market.
COVID-19 pandemic has had a positive impact on the IoT market owing to the rising demand for cold chain monitoring. There has been a high demand for the packed food and beverages during the pandemic lockdown. Thus, the food manufacturers and producers have increasingly adopted the cold chain management software to monitor and improve the shelf-life of food.
Another important function of IoT for cold chain monitoring is keeping a log of temperature changes, which has become much simplified than doing it manually, as it allows 24×7 data monitoring. Resultantly, the demand for the global IoT for the cold chain monitoring market is foreseen to gain traction in the coming years.
The global IoT for cold chain monitoring market is segmented into components, organization size, end-user, and region. In terms of components, the market is divided into services, IoT software, and hardware. On the basis of organization size, the global market is classified into large enterprises and SMEs. Based on end-users, the global IoT for the cold chain monitoring market is categorized into pharma & healthcare, food & beverages, retail & consumer packaged goods (CPG), chemicals, and others.
Geographically, North America is anticipated to lead the global IoT for the cold chain monitoring market within the forecast period. This is attributed to the increasing number of key players in the region, especially the US, which provides high revenue among the countries in the region. The demand for dairy products, frozen foods, and chilled products is propelling regional growth. Besides increasing demand for medicines and vaccines in the US, the global IoT for cold chain monitoring market is also foreseen to witness the steep growth graph.
HC Technologies, Huawei Technologies, Aeris Communication, TE Connectivity, SenseGiz Inc., Zebra Technologies, Roambee Corporation, Moschip Technologies Limited, and Laird Connectivity, among others, are the leading companies in the global IoT for cold chain monitoring market. The players are extensively indulging in mergers and acquisitions along with heavy investment over new technology to sustain and improve their market position.
Recently, a venture capital Reefknot, backed by Temasek has made significant investments in Roambee to expand its reach in Asia and around the globe. Roambee uses IoT and AI to give real-time location monitoring of in-field assets and shipments.