Revenues generated by products used in food cold chain track and trace practices are forecast to surpass $7 billion annually in 2032 as the adoption of cold chain telematics solutions for refrigerated trucks and containers in the food and beverage industry is set to grow extensively over the coming years, according to a study from ABI Research.
These revenues will consist of both hardware sales and recurring monthly software-as-a-service (SaaS) payments. Together, those technologies can enable real-time monitoring of metrics such as temperature and humidity of ambient temperature of refrigerated trucks and food items during transit.
“Retailers are taking numerous initiatives such as streamlining last-mile delivery processes, employing cold chain telematics solutions in refrigerated trucks and containers, and adopting traceability solutions like Radio Frequency Identification (RFID) and Ambient Internet of Things (IoT). The ability to track temperature, humidity, and location throughout the supply chain not only helps retailers adhere to regulatory requirements but also boosts customer confidence in product quality,” Adhish Luitel, Supply Chain Management & Logistics Principal Analyst at ABI Research, said in a release.
Companies that are positioned to benefit from that jump in future demand include Avery Dennison, Motive, Samsara, Blue Yonder, Wiliot, and Powerfleet, the report said.
“The outlook for deployment of cold chain monitoring solutions looks encouraging among food and beverage supply chains,” Luitel said. “Continuous advancements are expected to further precision and efficiency, enabling more use cases. As more data points get leveraged, we can anticipate a much wider integration of Artificial Intelligence (AI) applications as well. This can build more proactive food procurement and distribution systems that could address potential issues.”
