The global smart port market is anticipated to value USD 13.98 billion until 2027. It is also expected to register a CAGR of 32.4% over the forecasted years, 2020 to 2027. The increasing need for reducing operational costs and enhance the throughput capacity of ports is estimated to trigger the market growth for smart ports.
The extensively busy throughput capacity segment accounted for the highest share in 2019 due to the increasing number of port operations due to the increasing international trade. On the other hand, the moderately busy ports are expected to gain traction in the upcoming years on account of factors like considerable investments, lower number of operations, and lesser complexity.
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The seaports segment held the largest share of more than 66.5% across the global smart ports market in 2019 owing to their ability to handle a large quantity of cargo and passenger traffic. The inland port segment is also anticipated to witness substantial growth in the upcoming years on account of increasing container traffic across inland water bodies like rivers and streams.
In 2019, Asia Pacific dominated the global market due to the presence of many ports near water bodies having higher throughput capacity. On the other hand, Europe is expected to witness the highest CAGR over the forecasted period, 2020 to 2027 on account of more number of smaller ports across this region that can handle large quantities of cargo.
The market for smart port includes key players such as Trelleborg AB, Accenture, ABB, IBM, Navis, Awake.AI, and HASKONINGDHV. They are implementing strategies like acquisitions, mergers, and collaborations to enhance the global reach. Also, technological advances and product development is being undertaken by these players for improving their market share.
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Further key findings from the report suggest:
• The moderately busy ports are anticipated to witness highest demand from 2020 to 2027.
• In 2019, the seaports segment held the largest share of more than 66.5% across the global market.
• Asia Pacific dominated the global smart port market in 2019.
• The key players in this market areTrelleborg AB, Accenture, ABB, IBM, Navis, Awake.AI, and HASKONINGDHV.
Million Insights has segmented the global smart port market on the basis of technology, throughput capacity, port type, and region:
Smart Port Technology Outlook (Revenue, USD Million, 2016 – 2027)
• Process Automation
• Internet of Things (IoT)
• Artificial Intelligence (AI)
Smart Port Throughput Capacity Outlook (Revenue, USD Million, 2016 – 2027)
• Extensively Busy
• Moderately Busy
• Scarcely Busy
Smart Port Type Industry Outlook (Revenue, USD Million, 2016 – 2027)
• Inland Port
Smart Port Regional Outlook (Revenue, USD Million, 2016 – 2027)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• South Korea
• Latin America
• The Middle East & Africa
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