SAN FRANCISCO, Sept. 16, 2020 /PRNewswire/ -- The
global smart port market size is expected to reach
USD 13.98 billion by 2027,
according to a new report by Grand View Research, Inc.,
expanding at a CAGR of 32.4% over the forecast
period. The growing need to improve throughput across all types of
ports coupled with the need to reduce the operational cost is the
key factor driving the adoption of smart solutions at port
facilities. Moreover, the growing need to gather real-time
information on different port processes to help authorities take an
informed decision has further contributed to the uptake of smart
technologies such as Artificial Intelligence (AI), process
automation, blockchain, and the Internet of Things (IoT)
across port facilities.
Key suggestions from the report:
- The market is majorly driven by the growing need to curb
operational expenses and embrace efficient, data-driven
decision-making processes
- The process automation segment held the largest share,
contributing to over 35% of the global market revenue in 2019. The
increasing efforts of the authorities to reduce human involvement
in port operations by automating several repetitive processes are
anticipated to drive the growth
- Moderately busy ports that handle 5 to 18 million TEU on
average are expected to register the highest CAGR of 33.9% over the
forecast period. Substantial investment capacity combined with a
relatively smaller number of operations and hence lesser complexity
involved in technology integration and adoption remains the major
factor driving growth in the segment
- The seaport segment is anticipated to witness the highest
CAGR over the forecast period due to the relatively greater number
of operations handled at these ports
- Asia Pacific accounted for
the largest revenue share in 2019 followed by Europe. The high adoption rate of smart
technology is majorly due to the presence of a major and large
number of ports with high-throughput capacity in the
region
Read 80 page research report with ToC on "Smart Port Market
Size, Share & Trends Analysis Report By Technology (Process
Automation, Blockchain, IoT, AI), By Throughput Capacity, By Port
Type, By Region, And Segment Forecasts, 2020 - 2027'' at:
https://www.grandviewresearch.com/industry-analysis/smart-port-market
Port authorities have been the laggards in terms of technology
adoption when compared to other industry verticals. However, the
growing maritime trade worldwide has increased the operational
challenges of the port authorities by manifolds. The authorities
are increasingly focusing on boosting operational efficiency and
terminal productivity while simultaneously minimizing the
environmental footprint and securing sustainable growth. To attain
operational excellence and efficiently manage the increasing number
of operations at the ports, port authorities worldwide have either
implemented or are preparing to implement at least one of the
combination of several technologies at their facilities.
In recent years, there has been a substantial increase in the
amount of maritime trade across the globe. According to the
Organization for Economic Co-operation and Development (OECD), the
global container handling at ports is predicted to grow four times
the current levels by 2030. Despite there being an imminent need to
deploy advanced technologies and automate operations, lack of IT
infrastructure, especially across several emerging economies poses
a major challenge. However, increasing investments in IT
infrastructure development and growing awareness among port
authorities regarding the benefits associated with the deployment
of next-generation technologies like 5G are collectively expected
to aid the transition toward smart operations.
Grand View Research 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
- Blockchain
- 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)
-
- CBD Pet Regional Outlook (Revenue, USD Million, 2016 -
2027)
-
- North America
-
- Europe
-
- Germany
- France
- The U.K.
- Italy
- Asia Pacific
-
- China
- Japan
- India
- South Korea
- Australia
- Latin America
-
- Middle East & Africa
List of Key Players of Smart Port Market
- ROYALHASKONINGDHV
- ABB
- TrelleborgAB
- Accenture
- PORTOFROTTERDAM
- RambollGroupA/S
- AbuDhabiPorts
- IBM
- Navis
- Awake.AI
Find more research reports on Next Generation
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69.4% from 2019 to 2025.
- Narrowband-IoT Market – The global narrowband-IoT (NB-IoT)
market size was valued at USD 578.0
million in 2018 and is expected to register a CAGR of 34.9%
from 2019 to 2025.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting
company, provides syndicated as well as customized research reports
and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425
analysts and consultants, adding more than 1200 market research
reports to its vast database each year. These reports offer
in-depth analysis on 46 industries across 25 major countries
worldwide. With the help of an interactive market intelligence
platform, Grand View Research helps Fortune 500 companies and
renowned academic institutes understand the global and regional
business environment and gauge the opportunities that lie
ahead.
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Grand View Research, Inc.
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