With over 80% of world trade taking place across oceans, the container shipping market is the bedrock of global supply chains. Our dependence on it continues to grow, with the global container shipping market predicted to reach US$10.93 billion in 2025, up from US$7.9 billion in 2021. At the same time, ocean container freight costs have skyrocketed, due to the frequency and scale of disruptive global events. Haver Analytics reports that the cost of shipping a container increased seven-fold in the 18 months following March 2020.
In the short term, capacity constraints (and rising costs) caused by ship and container shortages, port congestion and personnel shortages, cannot be overcome quickly, nor easily. Instead, companies must find ways to use technology and new operational strategies to fare better during these turbulent times. Better operational visibility data for containers has become critical for enabling smarter, more efficient ways to manage container transportation.