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Smart Pallet Sensors Market - Insights
Smart pallets are plastic or wooden pallets equipped with sensors for tracking products, which are in the supply chain. The smart pallets can measure the humidity and temperature inside the packages when placed upon the smart pallet. This plays an important role during the transportation of food and beverages, and healthcare products. In addition, smart pallet sensors can continuously communicate with the central management system, which helps organizations to track the package effectively and optimize the supply chain.
The global smart pallet sensors market is expected to exhibit a CAGR of 4.2% over the forecast period (2019–2027). This is owing to increasing demand for optimizing the supply chain and tracking all the products that are transported, which in turn reduces the operational cost and product spoilage during the transportation.
However, data security concerns regarding the consignment is a major factor restraining growth of the market. Smart pallet sensors contain sensitive data related to customers' information and all other details of the consignment. A security breach can cause huge loss to a particular organization.
Figure 1. Global Smart Pallet Sensors Market Share (%), by Region, 2018
Source: Coherent Market Insights, 2018-19
North America is estimated to account for largest market share in the global smart pallet sensors market in 2019 and is expected to retain its dominance over the forecast period. This is owing to increasing manufacturing and presence of large consumer electronic product manufacturers such as Apple Inc and Dell, which requires high-level tracking of all their products during transportation. For instance, according to Coherent Market Insights’ analysis, in 2019, the revenue of consumer electronics in North America region reached around US$ 300 billion, which is expected to increase over the forecast period. This creates lucrative opportunity for smart pallet sensor manufacturers in North America.
Moreover, Asia Pacific region is expected to exhibit highest growth rate over the forecast period, owing to increasing e-commerce industry shipments in the region. Shipment tracking plays a key role in the e-commerce industry, for timely delivery of the package and for handling sensitive packages during transportation. For instance, according to the Economic and Social Commission for Asia and the Pacific, in 2015, the global e-commerce industry for the B2C e-commerce market was valued at US$ 2.3 trillion, which is expected to increase over the forecast period.
Figure 2. Global Smart Pallet Sensors Market Share (%), By Application, 2018
Source: Coherent Market Insights, 2018-19
Among application, the security management segment is expected to exhibit a considerable growth rate over the forecast period, owing to increasing demand for package tracking in various end-use industries such as manufacturing, food & beverages, retail, and e-commerce. Security management will enable organizations to work smarter and faster with efficiency and it helps to reduce the cut down on unwanted steps for handling product security and enhance customer experience with timely delivery of package.
Moreover, smart pallet sensors are majorly used in retail industries for inventory control and smart shelving of products, which will help in locating the products in the warehouse, reduce theft, and avoid unwanted replacements. Furthermore, smart pallet sensors can monitor, collect, and aggregate real-time temperature, proximity, and movement data. In addition, smart pallet sensors also detect the change in temperature of the product, which is loaded on the pallet, which in turn helps organizations to manage the quality of the product and reduce spoilage of products.
Some of the major players operating in the global smart pallet sensors market include ADLINK Technology Inc., Ahrma Group, Ambrosus, Chainvu, Ennomotive, Lightning Technologies LLC., LogTrade, Metiora, NFC Group, RM2., TronicsZone, and others.