According
to MarketsandMarkets’ forecast, the cold
chain monitoring market, in terms of
value, is expected to grow from USD 3.80 billion in 2018 to USD 6.46 billion by
2023, at a CAGR of 11.17% between 2018 and 2023. Major factors driving the
growth of the market are growing governmental focus on issuing policies
impacting the supply chain efficiency of fast-growing pharmaceuticals sector in
Europe and North America, increasing demand for temperature-sensitive drugs,
rising demand for better food quality and need to reduce food wastage, growing
demand for generic drugs owing to higher accessibility.
This
report covers the cold chain monitoring market based on component, application,
logistics, and region. The market for the software segment is expected to grow
at a higher CAGR between 2018 and 2023. The key reasons for this growth are
increasing adoption of cloud-based software across different verticals and
deployment of on-premises software solutions at storage facilities to enable
faster evaluation of localized data for quick action. Also, the software helps
in improving analytics support that provides actionable insights to
transporters about delays and rerouting maneuvers to increase the efficiency in
the transportation industry.
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The
market for the food & beverages application is expected to grow at the
highest CAGR between 2018 and 2023. Food quality and durability are directly
related to the effective maintenance of cold chain operations. The dependence
of the food & beverages industry on cold chain monitoring solutions has
been gradually increasing. The rising demand for high-quality food products has
resulted in the growth of the cold chain monitoring market for the food &
beverages application. The growing demand for meat and seafood owing to the
dietary changes of people in various countries is driving the use of cold chain
monitoring solutions in this application.
The
Americas is accounting for the largest share of the cold chain monitoring
market. The market in APAC is expected to grow at the highest CAGR between 2018
and 2023. The highest growth of the market in APAC can be attributed to the
high demand for quality food in urban areas, extensive government vaccination
drives being carried out in countries such as China and India, and major
investments in the cold chain industry in India and China. All these factors
are pushing the demand for cold chain monitoring solutions in APAC.
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