New York, United States , July 12, 2024 (GLOBE NEWSWIRE) -- The Global Smart Port Market Size is to Grow from USD 1.85 Billion in 2023 to USD 16.1 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 24.16% during the projected period.
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A smart port is an automatically generated port that utilizes cutting-edge technologies such as blockchain, artificial intelligence (AI), and the Internet of Things (IoT) to enhance performance. Because of the rapidly increasing trading volume, it is now imperative to use state-of-the-art technology to enhance internal efficiency and operating operations. Smart ports can improve sustainable development even though they make use of the technologies previously mentioned. They can also maintain economic competitiveness, save costs, and streamline procedures. During the forecast period, growing environmental concerns are expected to drive global market expansion. Smart ports offer some benefits over traditional ports, including reduced human disturbances, cheaper operating costs, more intelligent decision-making, and more reliable performance. Production increases as a result of all these benefits, creating the opportunity for a forward-thinking vision of Port 4.0. The environment is constantly changing, thus it could be challenging to stop data from missing or mismatched in ports.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Smart Port Market Size, Share, and COVID-19 Impact Analysis, By Port Type (Seaport and Inland Port), By Technology (IoT, Blockchain, Process Automation, and Artificial Intelligence), By Elements (Terminal Automation, PCS, and Smart Port Infrastructure), By Throughput Capacity (Extensively Busy Ports, Moderately Busy Ports, and Scarcely Busy Ports), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The seaport segment is anticipated to hold the greatest share of the global smart port market during the projected timeframe.
On the basis of port type, the global smart port market is classified into seaborn and inland port. Among these, the seaport segment is anticipated to hold the greatest share of the global smart port market during the projected timeframe. Seaports manage a sizable amount of freight and passenger flow, ranging from modest to enormous.
The process automation segment is anticipated to grow at the fastest pace in the global smart port market during the projected timeframe.
On the basis of technology, the global smart port market is segmented into IoT, blockchain, process automation, and artificial intelligence. Among these, the process automation segment is anticipated to grow at the fastest pace in the global smart port market during the projected timeframe. Process automation offers dock operators tremendous development possibilities as a stand-alone solution.
The smart port infrastructure segment is predicted to grow at the highest pace in the smart port market during the estimated period.
On the basis of elements, the global smart port market is divided into terminal automation, PCS, and smart port infrastructure. Among these, the smart port infrastructure segment is predicted to grow at the highest pace in the smart port market during the estimated period. For smooth port application, smart port infrastructure must be built to increase port efficiency and reduce operating expenses.
The extensively busy ports segment is predicted to grow at the highest pace in the smart port market during the estimated period.
On the basis of throughput capacity, the global smart port market is divided into extensively busy ports, moderately busy ports, and scarcely busy ports. Among these, the extensively busy ports segment is predicted to grow at the highest pace in the smart port market during the estimated period. Certain regions, such as China, Singapore, and South Korea, are home to some of the busiest ports in the world, which are crucial for trade. These ports have made significant investments in features such as community systems, smart infrastructure, safety and security, and cargo handling.
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Asia Pacific is expected to hold the largest share of the global smart port market over the forecast period.
Asia Pacific is expected to hold the largest share of the global smart port market over the forecast period. The region contains the greatest percentage of major ports with sizable throughput capacity worldwide. The four main countries that have been recognized as major trading hubs with substantial amounts of commercial activity are Singapore, South Korea, Japan, and China. The aforementioned factors, along with the comparatively lower cost of technologies, especially from countries like China and Taiwan, have ensured strong growth in the region.
Europe is predicted to grow at the fastest pace in the global smart port market during the projected timeframe. Despite their small size, European ports manage a substantial volume of cargo. Furthermore, European ports can no longer compete only on port size because smaller, less capacious ports handle an equal amount of traffic as larger ones. Consequently, even modestly or little trafficked ports are gradually transitioning to intelligent operations.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Smart Port Market include Wipro, Navis, Ramboll Group, Kalmar, TCS, Trelleborg, Royal Haskoning, Port of Rotterdam, IBM, Microsoft, General Electric, Accenture, Siemens, ABB, Abu Dhabi Ports, and others.
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Recent Developments
- In April 2021, a new computerized slipway gateway has been launched, according to Abu Dhabi Maritime. Users of personal watercraft, such as jet skis, and recreational boats, found it easier to find and retrieve important information.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the Global Smart Port Market based on the below-mentioned segments:
Global Smart Port Market, By Port Type
- Seaport
- Inland Port
Global Smart Port Market, By Technology
- IoT
- Blockchain
- Process Automation
- Artificial Intelligence
Global Smart Port Market, By Elements
- Terminal Automation
- PCS
- Smart Port Infrastructure
Global Smart Port Market, By Throughput Capacity
- Extensively Busy Ports
- Moderately Busy Ports
- Scarcely Busy Ports
Global Smart Port Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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