A major part of the world’s logistic and supply chain consist of shipping containers. Millions of shipping containers are utilized for overseas transport of essential commodities and food supplies around the globe. Tracking of the commodities stored and being transported through shipping containers is the utmost priority of all shipping companies operating in the world. Better shipping containers and tracking and monitoring provides more insights and information regarding the safety and restraints about maritime transport. Better tracking and monitoring of each transported and received shipping container helps obtain a real-time scenario, which enables companies to make better decisions regarding supply chain from front to back-end. Smart shipping containers would not only provide high level of transparency and high degree of customer services, but also allow for optimization of the supply chain, restrains, and loopholes. Presently, most smart shipping containers are connected with IoT (Internet of Things) and smart sensors technology, which carry out specific functions related to data gathering and emergency control.
Smart shipping containers are an integral part of the complex shipping management systems, which is utilized to track the movement of marine cargo around the globe. Each smart container has been tagged with a unique barcode for scanning at entry and exit of the container from the docking point. Transportation management systems (TMS), in combination with cutting edge software and communication networks, monitor shipping routes, times, and logistics. Each smart shipping container is expected to provide valuable live data feeds to the control centers attributed to modern GPS and cellular modem technology, which helps significantly to improve transportation management around the globe. Logistic management would be able to track goods throughout their journey with the help of smart containers equipped with modern tracking, control, and monitoring sensors. This is likely to improve marine cargo logistics, as most misrouted or lost containers could be found easily.
Smart sensors installed in transport containers also provides detailed information on container temperature, humidity, pressure, and container movement, which is anticipated to save a lot of money during the course of the container movement from one place to other. Smart sensors react to minute changes regarding the environment inside the container, and they respond immediately toward any change, by informing or by sending an alarm to the central monitoring facility located remotely from the smart container. The problem can be diagnosed remotely, and it also provides the exact location and ample amount of time to the crew members to fix the problem inside the container.
A majority of the capital loss during the marine logistic operations around the globe is accounted by spoilt goods inside the container. Damage to goods inside the container is likely to result in loss of revenue to the logistic companies. Usage of smart sensors in shipping containers is projected to help reduce the losses incurred by loss and damage of goods. Additionally, smart shipping containers also reduce regular in-person checkup, which is further anticipated to help create a safe and healthy work environment for the shipping inspection crew. Most shipping companies are presently inclined toward employing smart shipping containers to mitigate the losses due to loss of cargo and damaged/spoilt goods and to ensure the security of the cargo. Significant capital is lost by shipping companies every year to pirated cargo. Usage of smart shipping containers is likely to save billions of dollars for shipping companies around the globe. Ensuring cargo security by the combination of IoT and TMS is estimated to improve the overall shipping scenario throughout the global shipping and logistic supply chain. Major restraints of the smart shipping cargo market are the high cost structure and capital investment for smart containers, and a lack of awareness toward modern shipping technology among small shippers.
Key global players operating in the smart shipping containers market include GE Shipping, Maersk Shipping, Freight Filter, iContainers, Freightos, and CargoSphere. Global players that employ modern IoT technology for freight management and tracking include Flexport, ShipBob, Shipwise, Transporteca, and VeriTread. Adoption of TMS solutions with a combination of IoT and smart sensors is increasing rapidly around the globe. Better security, logistical data control, connectivity, pressure and temperature monitoring, and remote management is likely to drive the market for smart shipping containers. Rising revenue loss, misplacement, and damage to container goods in the shipping industry across the globe provide immense potential for the smart shipping container market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.