The global container tracking and security market is expected to grow at a CAGR of 21.02% from 2015-2019, according to a new report from research firm Technavio.
About the Report
The recent increases in the number of thefts, robberies and terrorist attacks have led to high adoption of container tracking and security solutions. The security features include installation of closed circuit cameras at entry and exit points, RFID scanners for pallets and electronic access to cargo.
According to the latest report by Technavio, high operational costs and low profitability have forced shipping companies to pool their resources and share container and vessel space to minimize costs. A vessel-sharing agreement allows two or more shipping companies to jointly deploy a vessel on stipulated international sea trade routes.
“In October 2014, the market witnessed an alliance known as 2M between two of the leading shipping companies, Maersk and Mediterranean Shipping, to enter a 10-year vessel-sharing agreement on the Asia-Europe reefer trade route, in order to help cut costs for both companies,” says Faisal Ghaus, Vice President of Technavio.
Market Scope and Calculation of Market Size
The report covers the present scenario and growth prospects for the global container security and tracking market from 2015-2019. To calculate the market size, the report considers revenue generated from the sales of shipping container tracking and security products like hardware and software.
Key Information Covered in the Report:
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Key Vendors:
- Cubic Corp.
- IBM Corp.
- Intelleflex Corp.
- Motorola Solutions Inc.
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Market Growth Drivers:
- Rising concern for safety and security of cargo
- For a full detailed list, view our report.
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Market Challenges:
- High operational costs
- For a full detailed list, view our report.
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Market Trends:
- Introduction of vessel-sharing agreement
- For a full detailed list, view our report.
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Media & Marketing Executive
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media@technavio.com
