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According to the market research analyst at Technavio, the global IT spending in cold chain logistics market will grow steadily and post a CAGR of around 8% by 2020. The increasing wastage of temperature sensitive food, vaccine, and other products will lead to an augmented demand for an effective management system for temperature sensitive products. The majority of the cold chain storage lack adequate temperature management systems and do not maintain the desired temperature level as per regulatory guidelines, which leads to increased wastage of temperature-sensitive drugs and vaccines. Also, food wastage causes critical damage to the environment due to inadequate waste disposal methodologies. This has compelled manufacturers to invest in technologies, such as smart refrigerator system powered by IoT (internet of things), analytics, and cloud computing solutions. Also, perishable logistics are specifically designed to manage the temperature sensitive products in fluctuating climatic conditions and will drive this market’s growth during the estimated period.
The recent emergence of IoT will help in the growth of the market. The installation of smart connected devices and sensors in cold storage facilities and movable containers captures will send real-time temperature data to the SCM (supply chain management) management team. With the help of IoT technology, high variations in temperature can be detected at early stages due to system malfunctions and firms can take necessary steps to avoid damage to the products stored in cold storage facilities. IoT-enabled devices and applications will be implemented to track the movement of refrigerated containers also known as reefer on cargo ships.
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by technology spending
PART 07: Geographical segmentation
PART 08: Market drivers
PART 09: Impact of drivers
PART 10: Market challenges
PART 11: Impact of drivers and challenges
PART 12: Market trends
PART 13: Vendor landscape
PART 14: Key vendor analysis
PART 15: Appendix
PART 16: Explore Technavio
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