The global smart ports market is projected to grow at a CAGR of 25% from 2019 to 2024 The global smart ports market is projected to reach USD 5.3 billion by 2024 from an estimated USD 1.7 billion in 2019, at a CAGR of 25.0% during the forecast period. This growth can be attributed to factors such as increasing global trade activities, and an urgent need to cut down on redundant & additional expenses in port operations. However, the fact remains that the market is in its nascent stages and has a long way to go until port operations become entirely automatic.
The blockchain segment is expected to be the fastest growing market from 2019 to 2024 Based on technology, blockchain is estimated to be the fastest growing segment during the forecast period, as this is the primary process that ensures smooth data handling and management.Blockchain is the ideal technology for parties that have to collaborate but are also competitors (to a certain extent).
Blockchain enables control over the information as well as protects the privacy of the user. Thus, Blockchain gets around this problem, allowing information to be shared in a secure way that cannot be manipulated.
The smart port infrastructure segment, by elements, is expected to be the largest market from 2019 to 2024 The smart port infrastructure segment is expected to be the largest and the fastest growing segment.The infrastructure allows automating the port’s operations completely.
Besides automating infrastructure, some green technologies and practices ensure zero emissions, replacing diesel with electricity and low emission fuels.A management center controls all processes.
From there, it is possible to track a container and its movement.They can also control which device is going to move it, when and how.
In this way, it is possible to multi-task operations at the same time and can eliminate hundreds of truck trips and make the entire supply chain much more efficient.
Asia Pacific: The largest smart ports market The Asia Pacific region is projected to be the largest smart ports market by 2024.Countries such as China, Singapore, Hong Kong, Japan, and South Korea are among the major countries that are considered as the leading industrial center and trade points generating a large amount of trade activity.
Over the past few years, this region has witnessed rapid economic development. Also, the growth of industrial automation in this region increased the adoption of smart technologies in port activities, which, in turn, drives the smart ports market growth.
Breakdown of Primaries: In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows: • By Company Type: Tier I- 60%, Tier II- 20%, and Tier III- 20% • By Designation: C-Level- 55%, Director Level- 30%, and Others- 15%
By Region: North America- 15%, Europe- 20%, Asia Pacific- 25%, the Middle East & Africa- 25%, and South America- 10% Note: Others includes sales managers, marketing managers, product managers, and product engineers. The tier of the companies is defined based on their total revenue as of 2017. Tier 1: USD 1 billion, Tier 2: From USD 1 billion to USD 500 million, and Tier 3: The global smart ports market is dominated by a few major players that have a wide regional presence. The leading players in the smart ports market are Royal Haskoning (The Netherlands), IBM (USA), ABB (Switzerland), Trelleborg AB (Sweden), Port of Rotterdam (The Netherlands), Abu Dhabi Ports (UAE).
Research Coverage: The report defines, describes, and forecasts the global smart ports market, by technology, elements, throughput capacity, port type, and region.It also offers a detailed qualitative and quantitative analysis of the market.
The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges.It also covers various important aspects of the market.
These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the smart ports market.
Why Buy this Report? 1. The report identifies and addresses the key market segments of smart ports, which would help various stakeholders such as service providers, regulators, vendors, and industrial personnel to review the growth in demand. 2. The report helps smart ports solution providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges. 3. The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.
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