Container tracking market to reach $14.63b by 2029

Thanks to the surge of global trade and globalisation, and fleet optimisation, amongst others.

The container tracking market size is projected to hit $14.63b by 2029, reflecting a compound annual growth rate of 7.8%.

According to The Business Research Company, this expected expansion can be associated to an increased concentration on sustainability, the surge of global trade and globalisation, attention towards enhancing fleet optimisation and efficiency, a rise in trade volumes, and infrastructure advancement.

“Key trends predicted during this period encompass expanded applications of blockchain, advanced data analytics and visualisation, self-operating vehicles and drones, consolidation with supply chain platforms, and a focus on environmental sustainability,” the company said.

The upward trend in cargo theft is projected to boost the expansion of the container tracking market. The surge in economic pressures has led to increased criminal activities and the evolution of theft techniques, which are now surpassing existing security precautions.

Moreover, the boom in e-commerce has enlarged both the quantity and worth of goods transported, making cargo more appealing to thieves. Container tracking serves as a deterrent to cargo theft by providing real-time location and status updates, enabling immediate intervention if any unauthorised motion is tracked.

According to the company, the market’s leading firms are focusing on advanced solutions like dry container tracking.

Dry container tracking is a system that monitors and controls conventional shipping containers that carry items which do not require specific conditions like refrigeration or a controlled environment.

“This new concentration is all about refining logistics efficiency, strengthening security, and providing immediate visibility,” the company noted.