The new report by Expert Market Research titled, ‘Global Smart Ports Market Share, Report, Forecast 2023-2028’, gives an in-depth analysis of the global small ports market, assessing the market based on its segments like technology, element, throughput capacity, port type and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 1.5 Billion
- Forecast CAGR (2023-2028): 24.7%
- Forecast Market Size (2028): USD 6.4 Billion
The fast rise of commerce, particularly in emerging nations, has resulted in greater use of smart ports to improve efficiency and productivity, which is propelling the worldwide smart ports market forward. Factors such as increased government initiatives, cloud-based software deployment, and technological advancements support the industry’s growth. Furthermore, the industry is likely to benefit from a rise in mega-ports over the projection period.
Industry Definition and Major Segments
The global smart ports market can be divided based on segments like technology, elements, throughput capacity, port types, and regions.
Based on technology, the market is divided into:
- Process Automation
- Internet of Things
- Artificial Intelligence
- Blockchain
- Others
Based on element, the market is bifurcated into:
- Terminal Automation and Cargo Handling
- Port Community System
- Traffic Management System
- Smart Port Infrastructure
- Smart Safety and Security
Based on throughput capacity the market is divided into:
- Extensively Busy
- Moderately Busy
- Scarcely Busy
Based on port type, the market is segmented into:
- Seaport
- Inland Port
- Others
Based on major regions, the market is divided into:
- North America
- Latin America
- Europe
- The Middle East and Africa
- The Asia Pacific
Market Trends
The process automation category, among other technologies, is expected to dominate the worldwide smart ports market, accounting for the highest proportion. Furthermore, due to expanding industrialisation, rapidly developing emerging economies within the region, and strong development in trade activity in countries like Singapore and Hong Kong in recent years, the Asia Pacific area is predicted to grow faster over the projected period.
Key Market Players
The major players in the market are Wipro Limited, IBM, Accenture, ABB, Ramboll Group A/S, Ikusi Velatia and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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