“The smart port market is projected to grow at a CAGR of 23.9% from 2021 to 2026.”     

The smart port market is projected to reach USD 5.1 billion by 2026 from an estimated USD 1.7 billion in 2021, at a CAGR of 23.9% during the forecast period. Increasing government participation and encouragement for smart port infrastructure development and upgradation and expansion of existing ports are expected to offer lucrative opportunities for the smart port market during the forecast period.  However, the high initial investment required for port development and technological complexity in the integration and development of various systems present challenges in this market.

“The extensively busy ports segment, by throughput capacity, is expected to be the largest market from 2021 to 2026.”

Based on throughput capacity, the smart ports market has been segmented into extensively busy ports, moderately busy ports, and scarcely busy ports. The extensively busy ports is expected to be the largest market from 2021 to 2026. Extensively busy ports handle a capacity of more than 18 million TEU per year. Some of the extensively busy ports are in China, Singapore, and South Korea, as they act as a major corridor for trade.

“The internet of things,  by technology, is expected to be the fastest-growing market from 2021 to 2026.”

The smart ports market by technology has been segmented into process automation, IoT, artificial intelligence (AI), and blockchain. The internet of things is expected to be the fastest-growing market from 2021 to 2026.  The Ports implementing digitalization have been actively adopting IoT for their operations. The IoT platform is based on 3 major parameters, which include smart port infrastructure, intelligent traffic flows, and intelligent trade flows. It has helped ports in traffic management, controlling pollution, and road safety. IoT has transformed the traditional way in which any seaport works. With the deployment of IoT, the physical aspect of any process is being connected to the internet, which helps in real-time sharing of data and remote access.

“Asia Pacific: The fastest-growing region in the smart port market.”   

Asia Pacific is expected to grow at the highest CAGR during the forecast period. This scope of the regional market includes China, Singapore, Japan, Hong Kong, South Korea, and Rest of Asia Pacific. This region dominates the global maritime trade. The Asia Pacific maritime information market is currently witnessing healthy growth. The ports in the region have grown in tandem with the economic development of most countries and cities, reflecting the region’s recent rapid economic growth. Asia Pacific is one of the fastest-growing economies in the world due to numerous factors such as international divisional manufacturing, global supply chains, low production cost and each country’s export-led development policies. This has translated into the increasing volume of cargo moving from this region. As major cargo transportation happens through sea routes, owing to which the number of ports in Asia is increasing every year, and the existing ports are witnessing expansion.

“The seaport segment, by port type, is expected to be the fastest-growing market from 2021 to 2026.”

Based on port type, the smart ports market has been segmented into seaport and inland ports. The seaport segment is expected to be the largest market from 2021 to 2026. Different types of applications, such as loading, unloading, and transshipment of cargo to and from the vessels; storage and warehousing of merchandise on land and stevedoring to and from vessels; and complementary services to shipping carriers, are performed on seaports. They also offer the facilities of berthing or anchoring ships their classification is based on location, depth, and ship sizes. A seaport exhibits immense potential related to cost-effectiveness as it handles cargo in a large volume.

“The smart port infrastructure,  by element, is expected to be the largest market from 2021 to 2026.”

The smart port infrastructure segment of the smart ports market, by element, accounts for the highest market share among all the other segments because it is the most intensive aspect of developing any port into a smart port. With the rise in global trade, it has been observed that the size of vessel and cargo volumes have increased, which has impacted the seaports in terms of managing the operations. Ports are therefore increasing the adoption of smart solutions that will help optimize operations, promote efficiency, and reduce logistics costs without requiring major investment in new infrastructure and equipment. Hence, increasing trade via ports around the world has created a need for investments in the modernization of port infrastructure.

Breakdown of Primaries:

In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:

• By Company Type: Tier 1- 65%, Tier 2- 24%, and Tier 3- 11%
• By Designation: C-Level- 30%, D-Level- 25%, and Others- 45%
• By Region: Asia Pacific- 33%, North America- 27%, Europe- 20%, Middle East & Africa – 8%, and South America-12%

Note: “Others” include sales managers, engineers, and regional managers

The tiers of the companies are defined based on their total revenue as of 2019: Tier 1: >USD 1 billion, Tier 2: USD 500 million–1 billion, and Tier 3: < USD 500 million

The smart port market is dominated by a few major players that have an extensive regional presence. The leading players in the smart port market are IBM (US), ABB (Switzerland), General Electric (US ), Accenture (Ireland), Siemens (Germany).

Study Coverage:

The report defines, describes, and forecasts the smart port market, by element, port type, throughput capacity and technology. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the smart port market, which include the analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the smart port market.

Key Benefits of Buying the Report

• The report identifies and addresses the key technologies and elements, which would help smart port technology/service providers review the growth in demand.
• The report helps understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
• The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.