The cold chain tracking and monitoring market is poised for rapid growth in the coming years, with projections reaching $12bn in 2028 at a CAGR of 13.7%, according to Business Research.

Drivers include the expanding ecommerce landscape in food and pharmaceuticals, rising complexity in supply chains, a burgeoning pharmaceutical industry, sustainability initiatives, and pandemic-driven shifts in healthcare logistics.

The Business Research report says the global cold chain tracking and monitoring market has witnessed rapid growth in recent years, with an anticipated market size of $7.19bn in 2024, reflecting a CAGR of 15.1%. This upwards trajectory is attributed to the globalisation of supply chains, adherence to stringent regulatory standards, the surge in demand for perishable goods, and a heightened focus on food safety.

The cold chain tracking and monitoring market, was valued at $6.24bn in 2023.

The forecasted period is characterised by transformative trends, including a focus on environmental sustainability, heightened concerns about data security, an uptick in collaborations and partnerships, and an increased emphasis on real-time visibility and analytics.

The surge in ecommerce and online shopping, driven by evolving consumer preferences, is expected to be a significant growth driver. Online grocery shopping, in particular, has led to an increased need for cold chain services to maintain the quality and freshness of perishable goods from fulfilment centres to customers’ doors.

The hardware market dominated the cold chain tracking and monitoring market in 2023, accounting for 65.3% ($4.1bn). Going forward, the software segment is expected to be the fastest-growing, with a CAGR of 13.8% from 2023 to 2028.

In 2023, North America led the cold chain tracking and monitoring market, capturing 35.1% ($2.2bn), followed by Asia Pacific, Western Europe and other regions. The fastest-growing regions are projected to be Asia-Pacific and Western Europe, with CAGRs of 14.5% and 13.4%, respectively.

The report (www.thebusinessresearchcompany.com/report/cold-chain-tracking-and-monitoring-global-market-report) provides detailed analyses of cold chain tracking and monitoring market segments, regional trends, and technological advancements.