LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global container security and tracking market to grow at a CAGR of over 21% during the forecast period, according to their latest market research report.
The introduction of blockchain technology in container shipping industry is one of the major trends being witnessed in the global container security and tracking market 2018-2022. The blockchain technology is a digital platform, which serves as a distributed transaction ledger. The technology assists several stakeholders in maintaining identical copies of the data transferred on multiple computer-controlled systems.
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According to Technavio analysts, one of the key factors contributing to the growth of the global container security and tracking market is the growing containerized seaborne trade:
Global container security and tracking market: Growing containerized seaborne trade
The world economy depends on the global trade, which significantly influences the global seaborne trade. According to a research, the global GDP growth registered in 2017 was 3.1%. It is expected to remain the same in 2018. Increasing trade activities and economic output will boost the global seaborne trade that involves the use of containers for the transportation of goods.
According to a senior analyst at Technavio for research on transportation and distribution, “The demand for containerized trade increased substantially during 2011-2016 for ensuring the unitization and high security of cargo during seaborne transit. It is expected to increase further with the growing seaborne trade. Increased use of containers in seaborne trade has boosted the demand for container tracking and security system.”
Global container security and tracking market: Segmentation analysis
The global container security and tracking market research report provides market segmentation by technology (RFID and RTLS) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two major technology segments, the RFID segment held the largest market share in 2017, contributing to over 78% of the market. This segment will dominate the global market throughout the forecast period.
The Americas held the largest share of the market in 2017, accounting for close to 44% share. It was followed by EMEA and APAC respectively. The high market share of the Americas is owing to the presence of several manufacturing industries in countries such as the US, Canada, and Mexico.
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Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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