DUBLIN--(BUSINESS WIRE)--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% from 2019 to 2024.
Smart ports implement digitalization and application of the Internet of Things (IoT) in the daily port activities to enhance the level of operations and the overall efficiency of the ports. Seaports are competing with the large Transport & Logistics (T&L) players when it comes to developing insight-driven solutions and IoT applications.
However, as it is a huge platform, the scope of development is massive. The key factors driving the smart ports market is the utilization of digitalization and the IoT to cut down on the existing redundant costs and increase the overall efficiency of port operation. Also, the ports are expected to comply with the current environmental norms and ensure proper waste disposal and treatment.
The report segments the market, by region, into Asia Pacific, Europe, North America, the Middle East & Africa, and South America. Asia Pacific was the largest smart ports market in 2018 because of the increased global trade, resulting in an increase in the throughput capacity of these ports.
Europe is expected to be the fastest-growing smart ports market, followed by Asia Pacific. The smart ports market in countries such as China, Germany, and the Netherlands is expected to grow at the fastest rate, globally, during the forecast period.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Smart Ports Market During the Forecast Period
4.2 Smart Ports Market, By Region
4.3 Smart Ports Market, By Technology
4.4 Smart Ports Market, By Element
4.4.1 Smart Ports Market, By Traffic Management System (TMS)
4.4.2 Smart Ports Market, By Smart Port Infrastructure
4.5 Smart Ports Market, By Throughput Capacity
4.6 Smart Ports Market, By Port Type
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Curbing Operational Expenses
5.2.1.2 Growing Needs for Real-Time Information
5.2.1.3 Rising Environmental Concerns
5.2.2 Restraints
5.2.2.1 Privacy and Security Concerns
5.2.2.2 Limited Availability of Skilled Staff
5.2.3 Opportunities
5.2.3.1 Port Upgrades Through Retrofitting
5.2.3.2 Supportive Government Initiatives Toward Smart Infrastructure/Port
5.2.3.3 Big Data Analytics, IoT, and AI to Transform Port Operations
5.2.4 Challenges
5.2.4.1 Complexity in Integration of Different Systems
5.2.4.2 High Initial Investments
6 Smart Ports Market, By Element
6.1 Introduction
6.2 Terminal Automation & Cargo Handling
6.2.1 Lower Labor Cost and Improved Work Consistency are Expected to Drive the Terminal Automation & Cargo Handling Segment During the Forecast Period
6.3 Port Community System
6.3.1 Rising Need for Single Window Environment is Expected to Drive the PCS Segment During the Forecast Period
6.4 Traffic Management System
6.4.1 Need to Reduce the Tat for Its Ships & Port Vehicles Will Drive the Demand for the TMS Segment During the Forecast Period
6.5 Smart Port Infrastructure
6.5.1 Increase in Trade Via Ports has Created A Need for Investment in Modernizing Port Infrastructure
6.6 Smart Safety & Security
6.6.1 Need for High Safety and Technology Innovation is Expected to Drive the Smart Safety & Security Segment During the Forecast Period
7 Smart Ports Market, By Throughput Capacity
7.1 Introduction
7.2 Extensively Busy (More Than 18 Million Teu)
7.2.1 Increasing Sea Trade From Countries Such as China, Singapore, and South Korea
7.3 Moderately Busy (5-18 Million Teu)
7.3.1 High Adoption Rate of Smart Technologies in Europe & North America
7.4 Scarcely Busy (Less Than 5 Million Teu)
7.4.1 Rising Need for Process Automation & Digitalization
8 Smart Ports Market, By Technology
8.1 Introduction
8.2 Process Automation
8.2.1 Reducing Labor Cost and Improving Operational Efficiency
8.3 Internet of Things
8.3.1 Increasing Need for Traffic Management and Digitalization of the Existing Port Operations
8.4 Artificial Intelligence
8.4.1 Predictive Maintenance, Quality Control, Field Services, and Material Movement are Key Applications of Ai at Ports
8.5 Blockchain
8.5.1 Need for Transparency and Security for Transactions is Expected to Drive Blockchain During the Forecast Period
9 Smart Ports Market, By Port Type
9.1 Introduction
9.2 Seaport
9.2.1 Need for Operational Efficiency Due to Massive Cargo Handling is the Key Driver of the Smart Ports Market
9.3 Inland Port
9.3.1 Need for Intermodal Facilities to Enhance Supply Chain Logistics for Inland Ports is the Key Driver of the Smart Ports Market
10 Smart Ports Market, By Region
Company Profiles
- 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/9s5hcl
