Cold Chain Monitoring Market Key Players, Trends, Growth Opportunities and Industry Forecast till 2023
“The factors that are playing a major role in the growth of cold chain monitoring market are the high demand for generic drugs, the rising government initiative on issuing policies affecting supply chain efficiency of developing pharma sector in North America and Europe, and the growing demand for the high-quality food.�
Global cold chain monitoring market is expected to grow at a significant CAGR in the upcoming period as the scope and its applications are rising enormously across the globe. Cold chain monitoring is a supply chain logistics solution that helps in effective tracking of pharmaceutical & healthcare products, perishable products, and food items with expected freshness. The factors that are playing a major role in the growth of cold chain monitoring market are the high demand for generic drugs, the rising government initiative on issuing policies affecting supply chain efficiency of developing pharma sector in North America and Europe, and the growing demand for the high-quality food. However, the high cost of implementation may restrain the overall market in the years to come. The market is segmented based on component, application, logistics and region. Software and hardware are the components that could be explored in the market in the forecast period. Software sector comprises cloud and on-premises. Whereas, the hardware sector comprise networking devices, sensors & data loggers, telematics & telemetry devices, and RFID devices. The hardware sector accounted for the significant share of the market and is estimated to lead the overall market in the years to come. The reason could be for monitoring effective network. Based on the logistics, transportation, storage, and others could classify cold chain monitoring in the forecast period. The transportation sector accounted for the significant share of cold chain monitoring market and is estimated to lead the overall market in the years to come. The reason could be the rising distribution network of the cold chain.