Smart Port Market: Global Analysis Trends, Share, Size, Growth, Opportunity and Forecast 2020 - 2027
Smart Ports Market |
A smart port is an automated port that uses data analytics to make informed business choices and efficiently operate operations. The idea is to apply smart technology to improve the efficiency, performance, and economic competitiveness of a port.
With increased vessel size, traffic at ports, and cargo quantities, global trade is growing at a rapid rate. As a result, the workload at shipyards and ports has grown. According to the United Nations Comtrade (UN Comtrade), the United States' overall trade in 2018 was over US$ 949 billion, the most in the world. With such burgeoning trade, operational efficiency and a simplified process are essential. In order to improve the operational efficiency of ordinary port activities, smart ports use unique and cutting-edge technology such as AI and IoT. It lowers logistical costs while increasing efficiency. As a result, these factors are projected to fuel the worldwide Smart Ports Market expansion throughout the forecast period.
Market Segmentation:
By Throughput
- Extensively busy (above 18 million teu)
- Moderately busy (5-18 million teu)
- Scarcely busy (below 5million teu)
By Technology
- Internet of things (IoT)
- Blockchain
- Process automation
- Artificial intelligence
By Port type
- Sea Ports
- Cargo ports
The government regulations and legislative requirements against illegal waste discharge and handling in neighbouring port lands, as well as the growing demand for effective data-driven decision-making technology that can affect the ports' overall efficiency and contribute to the reduction of unnecessary costs, are the primary factors driving the growth of the smart ports industry.
The key players operating in the global smart ports market are ROYAL HASKONINGDHV, Awake.AI, ABB, Navis, Trelleborg AB, IBM Corporation, PORT OF ROTTERDAM, Accenture, Abu Dhabi Ports, and Ramboll Group A/S.
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