SMART PORTS MARKET ANALYSIS

Smart Ports MarketSize and Trends

Market Overview

A smart port refers to an automated port that utilizes innovative technologies namely the Internet of Things (IoT), artificial intelligence (AI), and Blockchain to augment its performance. Since the volume of trade is rising significantly, adopting such novel technologies have become critical, in order to improve internal efficiency and operations. Smart ports can also improve environmental sustainability as it incorporates the aforementioned technologies. Besides, smart ports can remain economically competitive, streamline workflow, and reduce costs.

The global Smart Ports Market was accounted for US$ 1,793.8 Mn in terms of value in 2019 and is expected to grow at CAGR of 27.7% for the period 2020-2027.

Statistics:

Asia Pacific held dominant position in the global Smart Ports market in 2019, accounting for 34.7% share in terms of value, followed by Europe and North America respectively

Figure 1: Global Smart Ports Market Share (%) in terms of Value, By Region, 2019

Figure 2: Global Smart Ports Market Value (US$ Mn), 2017 - 2027

The global Smart Ports market was valued at US$ 1,793.8 Mn in 2019 and is forecast to reach a value of US$ 5,235.7 Mn by 2027 at a CAGR of 27.7% between 2020 and 2027.

Market Trends

Rising investments to revamp infrastructure in the U.S.

The U.S. government is focused on revamping the existing infrastructure of ports and planning to build data-driven solutions. Therefore, the government is expected to invest a significant amount of funds in ports in the near future. For instance, in June 2019, the U.S. Department of Transportation (DOT) announced to invest US$ 292.7 billion in new Port Infrastructure Development Program.