Smart Ports Market: Current Analysis and Forecast (2021-2027)
Ports around the globe have gone through a structural and functional evolution over the past decades. Currently, a wave of technological innovation & integration is encouraging industries and businesses to digitally transform and become more data, and insight-driven, the port industry is no exception. The first generation of ports were known as loading and unloading ports, then came second generation industrial ports. Logistic and supply chain ports which operated between 1980-2010, were labeled as third generation ports. Post 2010, smart ports came into operation. Smart ports are ports that autonomously process daily operations and optimize logistics flow, using new and advanced technologies. Technologies used for optimizing port operations includes AI, Big Data, IoT and Blockchain. For instance, China is promoting construction of smart port pilot projects at 11 ports at government level in four areas, including intelligent port operation, safety management improvement, logistics integration, and business model innovation.
Based on element the global Smart Ports market is bifurcated into Terminal Automation & Cargo Handling, Port Community System (PCS), Traffic Management System (TMS), Smart Port Infrastructure, Smart Safety & Security. In 2020, XX segment dominated the market, however, XX segment is expected to witness highest CAGR growth during the forecast period.
Based on technology the market is divided into IoT, Blockchain, Process Automation, Artificial Intelligence (AI). Currently, in 2020, XX segment dominated the market, however, XX segment is expected to witness highest CAGR growth during the forecast period.
Based on capacity, the market is bifurcated into ports handling above 18 million TEU, ports handling 5-18 million TEU and ports handling below 5 million TEU. Deployment of innovative digital technologies need huge upfront cost. Owing to huge initial cost requirement, large ports which handle containers in huge number dominates the market.
Based on port type, the market is bifurcated into seaport and inland ports. In 2020, XX segment dominated the market, however, XX segment is expected to witness highest CAGR growth during the forecast period.
For a better understanding of the market adoption, report provide detailed analysis for major region and countries including North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of APAC), and Rest of World.
Some of the major players operating in the market include General Electric, IBM Corp, Ramboll Group A/S, Royal Haskoning, Trelleborg, Siemens, Accenture , ABB Limited, Wipro Limited, Navis LLC.