Smart container market poised for rapid growth: report

The global smart container market is expected to grow more than fourfold by 2032, reaching US$18.58 billion, according to a report from SNS Insider.

The market was valued at US$4.17 billion in 2023 and is projected to grow at a compound annual rate of 18.06 per cent through 2032. The growth is being driven by the integration of Internet of Things (IoT) and sensor technologies, which enable real-time monitoring of cargo conditions such as temperature, humidity, location and security.

Artificial intelligence and machine learning are also contributing by improving tracking accuracy and enabling predictive analytics, particularly for temperature-sensitive goods like food and pharmaceuticals.

North America led the market in 2023, accounting for 40 per cent of global revenue, while the Asia-Pacific region is expected to see the fastest growth, fuelled by rising e-commerce and investment in cold chain logistics.

Hardware components, such as GPS systems and RFID tags, made up 69 per cent of market revenue in 2023. The software segment, however, is forecast to expand most rapidly due to increased demand for data analytics and automation.

In the U.S., the smart container market stood at US$1.14 billion in 2023 and is projected to reach US$4.21 billion by 2032.