Innovations in Sensor Integration, SaaS, and AI Facilitate Cold Chain Telematics Market Growth to Exceed US$2.5 Billion by 2032
Real-time sensor integration, advanced analytics reporting, and AI-powered visibility driving adoption in food, chemicals, and pharma industries
NEW YORK, June 11, 2024 /PRNewswire/ -- Adoption of cold chain telematics solutions for refrigerated trucks and containers is set to grow extensively over the coming years across various verticals. This growth in adoption stems from technological innovations, leading to more advanced use cases that cater to efficient Cold Chain Management. According to global technology intelligence firm ABI Research, global cold chain telematics revenues are expected to surpass US$2.5 billion in 2032. These revenues will consist of hardware sales as well as recurring monthly Software-as-a-Service (SaaS) revenues. Software services, combined with hardware, can enable real-time monitoring of metrics such as ambient temperature and humidity monitoring of refrigerated trucks and/or containers during travel and transit.
"Innovations in cold chain telematics have revolutionized the supply chain landscape by providing real-time monitoring and enhanced data analytics. This has led to increased adoptions in the food and beverage, chemical, and pharmaceutical industries as supply chains look to ensure product integrity and adhere to regulatory compliance. The capability to track temperature, humidity, and location throughout the supply chain reduces spoilage and boosts customer confidence in product quality," explains Adhish Luitel, Supply Chain Management & Logistics Principal Analyst at ABI Research.
Integrating sensors within refrigerated transport units such as trucks and containers has also been a major enabler in increased adoption. The enhanced monitoring capabilities have improved supply chain visibility across various verticals where cold chain monitoring is crucial. Some key telematics vendors in this space include Samsara, Sensitech, Geotab, Verizon Connect, Powerfleet, Motive, Orbcomm, and Cooltrax.
"The future outlook of the adoption of cold chain telematics solutions looks very promising, with continuous advancements expected to further precision and efficiency, enabling more use cases. As technology improves, we can anticipate a much wider integration of AI and IoT applications. This can build smarter and more proactive cold chain systems that could preemptively address potential issues," concludes Luitel.
These findings are from ABI Research's Cold Chain Monitoring market data 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, Market Data reports present an in-depth analysis of key market trends and factors for a specific technology.
About ABI Research
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SOURCE ABI Research
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