$5.3 Bn Smart Ports Market - Global Forecast to 2024: Big Data Analytics, IoT, and AI to Transform Port Operations
DUBLIN, Aug. 2, 2019 /PRNewswire/ -- The "Smart Ports Market by Technology (IoT, Blockchain, Process Automation, Artificial Intelligence (AI)), Elements (Terminal Automation, PCS, Smart Port Infrastructure, and Others), Throughput Capacity, Port Type, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
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
The global smart ports market is projected to grow at a CAGR of 25% from 2019 to 2024
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.
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).
Market Dynamics
Drivers
- Curbing Operational Expenses
- Growing Needs for Real-Time Information
- Rising Environmental Concerns
Restraints
- Privacy and Security Concerns
- Limited Availability of Skilled Staff
Opportunities
- Port Upgrades Through Retrofitting
- Supportive Government Initiatives Toward Smart Infrastructure/Port
- Big Data Analytics, IoT, and AI to Transform Port Operations
Challenges
- Complexity in Integration of Different Systems
- High Initial Investments
Companies Mentioned
- ABB
- Abu Dhabi Ports
- Accenture
- General Electric
- IBM
- Ikusi Velatia
- Port Solutions
- Port of Rotterdam
- Ramboll Group
- Royal Haskoning
- Scientific Enterprises
- Trelleborg
- Wipro
For more information about this report visit https://www.researchandmarkets.com/r/bdhv8s
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets
Share this article