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Smart Container Market Worth $5.7 Billion by 2024 - Exclusive Report by MarketsandMarkets™CHICAGO, Dec. 6, 2019 /PRNewswire/ -- According to the new market research report "Smart Container Market by Offering (Hardware, Software, and Services), Technology (GPS, Cellular, BLE, LoRa WAN), Vertical (Food & Beverages, Pharmaceuticals, Chemicals, Oil & Gas), and Geography - Global Forecast to 2024", published by MarketsandMarkets™, the Smart Container Market is estimated to grow from USD 2.6 billion in 2019 and projected to reach USD 5.7 billion by 2024; it is expected to grow at a CAGR of 16.9% from 2019 to 2024. The most significant factor driving the growth of this market is the rise in the adoption of IoT connected devices by major shipping companies. This trend is gaining momentum, as a large amount of data is collected during the entire transportation process, from which various important insights can be extracted. With these insights, issues can be pinpointed, downtime can be reduced, and procedures can be streamlined, thereby improving operational efficiency in the maritime industry. A few other significant factors driving the growth of the smart container market are the need for enhancing operational efficiency and safety in the shipping industry and growing concerns regarding the wastage of food and medical products due to temperature deviation.  Ask for PDF Brochure: "Hardware to hold the largest size of the smart container market during the forecast period." The smart container market for hardware components used in smart container solutions is expected to hold the largest market size since a wide variety of hardware components with varying prices are deployed to conduct container monitoring and tracking applications. Smart container solutions require a lot of sensors and other hardware components for effective network monitoring, and a few of these hardware components can be comparatively expensive. "Smart container market for pharmaceutical vertical to grow at the highest CAGR from 2019 to 2024." The smart container market for the pharmaceutical vertical is expected to grow at the highest CAGR during the forecast period. This high growth is mainly due to the rising concerns of avoiding the losses caused during the transportation of pharmaceutical products. The need for effective monitoring solutions for vaccin transportation activities to maintain the potency of vaccines would drive the smart container market for the pharmaceutical industry. "Europe held the major share of the smart container market in 2018." According to the European Community Shipowners' Associations (ECSA), European shipowners control over 40% of the worlds merchant fleet and operate shipping services around the world. According to the United Nations Conference on Trade and Development (UNCTAD), Europe is the second-largest region in terms of container port volumes. In 2017, it accounted for 16% of the total world container port volumes. Due to these major driving factors, the smart container market share of Europe is the highest among all regions. Europe held major market share in 2018 and is expected to continue dominating the smart container market during the forecast period. This is mainly due to the presence of major shipping companies in Europe, such as Maersk, CMA CGM, Hamburg Sud, and MSC, that demand for smart shipping container solutions. Browse in-depth TOC on "Smart Container Market" Enquiry Before Buying: Major players in the smart container market are Orbcomm (US), Smart Containers Group AG (Switzerland), Traxens (France), Globe Tracker (Denmark), and Nexiot AG (Switzerland). Other players operating in smart container market include Phillips Connect Technologies (Division of Phillips Industries) (US), SeaLand (Maersk) (Denmark), Robert Bosch Manufacturing Solutions (Robert Bosch GmbH) (Germany), Ambrosus (Switzerland), and ZillionSource Technologies Co., Ltd. (Cisco) (China) Please Explore Relevant Reports: Micro-Location Technology Market by Application (Asset Management, Proximity Marketing), Technology (BLE, UWB, Wi-Fi, RFID), Offering, Vertical (Retail and Hospitality, Healthcare, Industrial, Transportation, Sports), & Geography - Global Forecast to 2024 Cold Chain Monitoring Market by Component (Hardware (Sensors and Data Loggers) and Software), Application (Pharmaceuticals & Healthcare, Food & Beverages, and Chemicals), Logistics (Storage and Transportation), and Region - Global Forecast to 2023 About MarketsandMarkets™ MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve. 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