Nowadays, technology has also altered traditional bottles with technologically advanced bottles that are equipped with wireless communication capabilities that can be connected with various computing devices such as wearables or smartphones. Moreover, these technologically advanced bottles or say smart bottles have artificial memory that alerts by making a sound or display. These smart bottles are highly popular among the tech-savvy individuals and groups across the globe.
Currently the application of smart bottles is seen in pharmaceuticals, drinking water bottles, and in alcoholic beverages sector, however, incoming years with increasing innovation and technological advancement the smart bottles market is projected to grow drastically. Various plaeyrs in the market are introducing different variety of products that alerts the user by telling them when to use meds and when to drink water. For instance, an Israeli smart packaging innovator Water.io. has come up with smart caps that tell users when to take meds, refill water, and various other things.
The global smart bottles market is anticipated to grow significantly by rising at 14.3% of CAGR during the forecast tenure from 2016 to 2024. In 2016, the valuation of the market was estimated at US$88.6 mn, and is projected to reach US$258.8 mn by the end of 2024.
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North America Leading the Market with Technologically Advanced Manufacturing Capabilities
In the global smart bottles market, North America is expected to lead the market as the region has strong technologically advanced manufacturing units. Based on revenue contribution and rate of growth this region has staged its growth. Moreover, Asia Pacific is projected to be considered as a lucrative market for the growth of smart bottles in coming years. Growing e-commerce industry have created huge opportunities that have forced the manufactures to invest heavily in the Asia Pacific. Europe is also projected to rise at 13.8% of CAGR mainly because of high sales in U.K. and Germany. Furthermore, Italy and Spain are projected to witness high growth due to the presence of large number of smart bottle packaging manufacturers.