A recent publication has been released by QY Research, titled “Global IT Spending In Cold Chain Logistics Market Size, Status and Forecast 2019-2025”, which is committed to delivering unbiased details of the market. The report provides a high level of accuracy and detailed valuation of the market. It is uses a systematic research methodology to provide the readers analysis of the collected data from indirect as well as direct sources. The predicted patterns have been considered around the geography where the IT spending in cold chain logistics market is rapidly growing.
According to the report, the global IT spending in cold chain logistics market will touch the valuation at US$9947.54 mn by 2025 from US$4475.15 mn in 2018. The market is likely to register a CAGR of 12.18% throughout the forecast period.
Global IT Spending in Cold Chain Logistics Market: Trends and Opportunities
The global IT spending in cold chain logistics market is growing at a rapid pace due to rising wastage of vaccinations, sensitive food, and other products due to soaring temperatures. Volatility of temperatures has led to the demand for an effective management system for temperature-sensitive products. Majority of the cold chain storage lacks adequate temperature management systems and do not maintain the desired temperature levels according to the regulatory guidelines. This led to increasing the wastage temperature in the vaccines and others drugs, which is a serious concern for healthcare facilities.
The food wastage also causes serious damage to the environment because of inadequate waste disposal methods. This has pushed the manufacturers to invest in the latest technologies such as IoT (Internet of Things), smart refrigerators, and cloud computing. In addition, perishable logistics are also specially designed to manage the temperature-sensitive products for measuring the fluctuations in climatic conditions.
Moreover, the sensor technologies are broadly being implemented in the supply chain management services to monitor and track the fluctuations in temperature. These technologies are being adopted by supply chain organizations across the globe. The cold chain technologies are spending in smart sensor technologies to construct intelligent solutions. Therefore, the growing adoption of sensor technologies has been increasing significantly and will boost the market in the coming years.
Global IT Spending In Cold Chain Logistics Market: Segment Analysis
The global IT spending in cold chain logistics market is segmented into by applications and product type. The application segment includes food and beverages, pharma and healthcare, and others. The product type includes services, hardware, and software.
Global IT Spending In Cold Chain Logistics Market: Regional Outlook
North America is expected to grab a remarkable market share in the global IT spending in cold chain logistics market due to growing innovative technologies. Asia Pacific is also likely to grow the IT spending in cold chain logistics market due to increasing research and development activities and stringent government regulations.
Global IT Spending In Cold Chain Logistics Market: Key Players
The top players operating in the global IT in spending cold chain logistics market Sensitech, Accenture, Rotronic, AT&T, Vitria, SAP, ORBCOMM, SAP, Telit, IBM, Testo, Infosys, Gemalto, Siemens, Emerson, TCS, and Tech Mahindra.
Global IT Spending in Cold Chain Logistics Market: Competitive Landscape
Companies are adopting the strategies of new product development, innovative technologies, mergers, and acquisitions to remain competitive in the market. The key players are focusing on the SWOT analysis and Porter’s Five Force model to analyze the detailed market status of the IT spending in cold chain logistics market.