$5.3 Bn Smart Ports Market - Global Forecast to 2024: Big Data Analytics, IoT, and AI to Transform Port Operations

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Aug 02, 2019, 08:15 ET

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

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