LONDON, June 21, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company's research report on the smart ports market, the adoption of smart technologies is a key trend gaining popularity in the smart port market. The implementation of technologies such as the Internet of Things (IoT), artificial intelligence (AI), blockchain, and big data has changed the way smart ports operate in comparison to traditional ports. For example, in April 2021, Abu Dhabi Ports introduced a new digital service to smoothen the management of Abu Dhabi's slipways, which are ramps for moving boats and other watercraft to and from the water to ease congestion at peak times. Thus, the revolutionization of smart ports market by technology has made the end-to-end process of port management efficient.
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The global smart ports market size is expected to grow from $1.43 billion in 2021 to $1.78 billion in 2022 at a compound annual growth rate (CAGR) of 24.3%. The global smart port market size is expected to grow to $4.37 billion in 2026 at a CAGR of 25.1%.
The encouragement and participation from governments all over the world in the form of initiatives will propel the growth of the smart port market. Growing concerns about climate change have pushed governments across the world to adopt sustainable development projects to reduce their carbon footprint and increase efficiency. To implement digitization, governments are encouraging the adoption of technologies such as big data, artificial intelligence, and the Internet of Things in the ports sector. For example, the Port of Hamburg in Germany adopted IoT and other smart port technologies by using data sources to feed into a single platform to increase logistics efficiencies. Therefore, the increasing number of government initiatives drives the smart ports market.
Major players in the smart ports market are Wipro Limited, IBM Corporation, Accenture, ABB, Ramboll Group A/S, Abu Dhabi Ports, Awake.AI, PORT OF ROTTERDAM, Royal Haskoning, Trelleborg AB, Ikusi Redes de Telecomunicaciones, S.L., Navis, China Merchants Port Holdings Company, GENERAL ELECTRIC, and Siemens.
The global smart ports market is segmented by port type into seaport, inland port; by element into terminal automation and cargo handling, Port Community System (PCS), Traffic Management System (TMS), smart port infrastructure, smart safety and security; by technology into internet of things (IoT), blockchain, process automation, artificial intelligence.
Asia-Pacific was the largest region in the smart ports market size in 2021 and is also expected to be the fastest-growing region during the forecast period. The regions covered in the global smart port market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Smart Ports Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide smart ports market overviews, smart ports market analyze and forecast market size and growth for the whole market, smart ports market segments and geographies, smart ports market trends, smart ports market drivers, smart ports market restraints, smart ports market leading competitors' revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors' approaches.
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