Global Smart Port Market by Technology (IoT, AI, Blockchain, Process Automation) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global smart port market was worth USD 1.69 billion in 2019. It is projected to grow at a compound annual rate (CAGR of 32.4%) between 2020 and 2027. The adoption of smart technologies by harbor authorities is driven by the need to reduce operational costs, collect real-time data, and make data-driven decision at ports. A variety of technologies are used to transform a port from a traditional one into a smart one, including Artificial intelligence (AI), Internet of Things(IoT), and process automation. These technologies can be used separately or together to transform the existing infrastructure into a digitalized one. Smart ports offer many advantages over traditional ports, including reduced human-related disruptions and lower operational costs, intelligent decision making, predictable performance, and less operational expenses. These benefits result in higher productivity, which is a key ingredient to Port 4.0's vision.

These benefits are not the only ones. Technological innovation and the resulting ease of technology integration are driving smart technologies adoption across all ports. Over the years, maritime transport has seen a significant increase in both national and international trade. Increasing preference for maritime transport has been due to lower transportation costs. Global trade has increased the demands on decks and shipyards. Increasing numbers of operations have forced harbor authorities to adopt smart technologies and solutions that automate many harbor operations.

The heavy economic burden imposed by the COVID-19 virus pandemic and subsequent lockdowns to stop the spread of the disease has weighed heavily on industries that are dependent on their workforce. The marine industry is no exception. The inability to recruit and retain the right workforce has forced harbor authorities to embrace automation. Therefore, the pandemic is seen as a catalyst for the development of smart ports.

Technology Insights

In 2019, the process automation segment was responsible for 34% of global revenue share. This segment is expected to grow at a significant rate over the forecast period. Ports are increasingly adopting could-based software for automating their processes. Port authorities are increasing the use of software-assisted robotics to automate redundant tasks such as ship invoicing and port gate operation. This is done in order to reduce human intervention and allow them to focus on more important operational tasks. The task or operation under consideration will determine the degree of automation. Sometimes, this may require the integration of multiple technologies and process automation software. Process automation is a standalone technology that offers tremendous growth opportunities to dock operators.

Other technologies include blockchain, HTML3_ IoT HTML3_ HTML4_, and AI. The Port generates an enormous amount of quantitative data as well as paperwork that is related to docking operations. Technology will simplify dock operations and save money in the long-term. Smart sensors allow harbor authorities to assess the performance of every asset in real time, take preventive maintenance steps whenever necessary, and reduce operating costs.

Insights on Throughput Capacity

With more than 49% of the market's revenue share in 2019, the segment with the most users accounted for the largest portion of the smart port market. This segment includes ports with a throughput capacity exceeding 18 million TEU. The main reason for the rise in the share of heavily busier ports is their capacity and the volume of operations processed. Authorities have been forced to implement automation to improve operational efficiency. These ports also generate substantial revenues that allow them to invest easily in automation.

Other segments include ports that are moderately and rarely busy. Ports with a throughput capacity between 5 and 18 million Twenty-footequivalent Units (TEU) can be classified as moderately busier. Ports that have a capacity below 5 million TEU are classified as a scarcely busy segment. The segment that is moderately busy will see the most adoption during the forecast period. Segment growth is expected to be driven by the large investment capacity and fewer operations, which means less complexity in technology integration.

Port Type Insights

Seaports dominated the market, accounting for more than 66.5% of 2019's revenue share. Port automation varies from one port to the next depending on many factors, including average port operations, capacity, size, and other factors. Port automation requires significant capital investment. This is an important determinant of technological adoption and implementation. The seaports can handle large amounts of passenger traffic as well as small- and medium-sized cargo. These ports require high-tech technologies to ensure efficient dock operations.

However, the inland port segment will see significant growth during the forecast period. Inland ports are located in the inland waterways, such as rivers and streams. They are also smaller than seaports. However, many inland ports in Europe, especially Europe, handle an increasing amount of container traffic. This has led to greater operations and the possibility for automation. This segment is expected to see reasonable growth over the next few years.

Regional Insights

Asia Pacific was the dominant market, accounting for 37% of global revenue share in 2019. This region is known for its large number of ports that have high throughput capacities, which makes it the most valuable in the world. The countries that are most recognized as being prime trading points for large trade volumes include South Korea, China, Japan, South Korea, Singapore, and South Korea. Strong growth has been achieved by the combination of the aforementioned factors and the availability technologies at a lower cost, particularly from China and Taiwan.

The highest CAGR is expected to be in Europe during the forecast period. Although smaller, European ports can handle large amounts of cargo. The European ports cannot compete on the basis of port size. Ports with smaller capacities can handle twice as many traffic than larger ports. Even ports that are not very busy and moderately busy are moving towards smart operations. In Germany, for example, the Port of Rotterdam partnered with IBM in order to install smart sensors along the 42-kilometer-long port.

Market Share Insights & Key Companies

There are several market players, which makes the market moderately fragmented. Market players are adopting a variety of strategies to increase their market share and gain an advantage over early movers. These include product development, strategic collaborations, mergers and acquisitions, as well as product development. Port of Rotterdam, for example, launched the OnTrack app in March 2019. This application provides real-time information on how rail freight is handled at terminals.

This introduction highlighted the company’s plan to increase its digital offerings for streamlining dock processes. The market players also engage in strategic collaborations to deploy the latest technologies at ports. In May 2019, Abu Dhabi Ports revealed that it had signed a partnership agreement to Dell Technologies. This partnership was intended to combine the expertise of both companies in order to integrate state-of–the-art technology into maritime operations. The following are some of the most prominent players in smart port markets:

• ROYAL HASKONINGDHV

• ABB

• Trelleborg AB

• Accenture

• PORT OF ROOTTERDAM

• Ramboll Group A/S

• Abu Dhabi Ports

• IBM

• Navigate

• Awake.AI

Up Market Research published a new report titled “Smart Port Market research report which is segmented by Technology (IoT, AI, Blockchain, Process Automation), By Players/Companies Accenture, Trelleborg AB, PORT OF ROTTERDAM, Ramboll Group A/S, IBM, ABB, ROYAL HASKONINGDHV, Navis, AwakeAI, Abu Dhabi Ports”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Smart Port Market Report Segments:

The market is segmented by Technology (IoT, AI, Blockchain, Process Automation).

Smart Port Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Smart Port Market

Overview of the regional outlook of the Smart Port Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Smart Port Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Smart Port Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. IoT

                2. AI

                3. Blockchain

                4. Process Automation

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Smart Port Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Smart Port Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.