LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the NVOCC aggregator market in Europe predicts the market to grow to approximately 4.1 billion USD by 2022.
The report segments the NVOCC aggregator market in Europe by end-user (retail industry and manufacturing industry) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the NVOCC aggregator market in Europe, according to Technavio transportation and logistics researchers:
- Increase in free trade agreements with European countries: a major market driver
- Introduction of cloud computing: emerging market trend
- In 2017, the retail industry sector held the largest share of the market
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Increase in free trade agreements with European countries: a major market driver
The increase in free trade agreements with European countries is one of the major factors driving the NVOCC aggregator market in Europe. Europe is an attractive business market because of the ease of accessibility to modern transportation and communication systems. The straightforward manner of the trade regime in European countries offers an opportunity to European companies to trade outside Europe. Major trade agreements in Europe are driven by the EU, which comprises of 27 states. The rise in trade agreements and the number of free trade agreements will drive exports and imports in countries in Europe.
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Introduction of cloud computing: emerging market trend
The NVOCC aggregator market in Europe is facing a major challenge because of the presence of many vendors in the market. Amid the increased number of consolidations and acquisitions taking place in the market, small and medium-sized NVOCC aggregators are finding it difficult to remain competitive in the market. Thus, new IT solutions are extensively being used by NVOCC aggregators to increase the security, efficiency, and reliability of maritime operations by reducing operational costs. Therefore, the latest technology that has widely come into existence in NVOCC companies is cloud computing.
According to a senior analyst at Technavio for research on transportation and distribution, “Cloud computing assists NVOCC aggregators in optimizing the utilization of information resources. It reduces the cost by helping operators to render services at a comparatively lower price while maintaining the ensured level of quality. Many services that can be provided by cloud computing as the SaaS model for shipping industries are fleet management, documentation management, maintenance management, and reporting the status of ships or fleet.”
Global market opportunities
In 2017, the rest of Europe dominated the market, with a share of more than 54%, followed by the Netherlands and Germany respectively. The Netherlands has a high market share due to the presence of two major seaports in Western Europe, including the Port of Rotterdam and the Port of Amsterdam. On an average, the Netherlands accounts for around 54% all shipping trade in Western Europe annually.
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