Categories: Market Research

Smart Ports Market Forecast 2024-2033: Growth Rate, Drivers, And Trends|Microsoft Corporation, Mitsui & Co Ltd., Robert Bosch GmbH, Hitachi Ltd., GE Digital

The Smart Ports Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Smart Ports Global Market Report 2024, The smart ports market size has grown exponentially in recent years. It will grow from $2.14 billion in 2023 to $2.64 billion in 2024 at a compound annual growth rate (CAGR) of 23.3%. The growth in the historic period can be attributed to global trade expansion, containerization trends, environmental sustainability initiatives, demand for enhanced security, automation for operational efficiency.

The smart ports market size is expected to see exponential growth in the next few years. It will grow to $5.8 billion in 2028 at a compound annual growth rate (CAGR) of 21.8%. The growth in the forecast period can be attributed to integration with IoT and connectivity, focus on predictive analytics, renewable energy integration. Major trends in the forecast period include smart container tracking and visibility, cybersecurity measures for port infrastructure, digital twin technology for port planning, AI-powered traffic management, collaborative platforms for stakeholder engagement.

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 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 (IoT) in the ports sector. For example, the Port of Hamburg in Germany adopted the Internet of Things and other smart port technologies by using data sources to feed to a single platform to increase logistics efficiencies. Therefore, the increasing number of government initiatives drives the smart ports market growth.

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The smart ports market covered in this report is segmented –

1) By Port Type: Seaport, Inland Port
2) By Element: Terminal Automation And Cargo Handling, Port Community System (PCS), Traffic Management System (TMS), Smart Port Infrastructure, Smart Safety And Security
3) By Technology: Internet Of things (IoT), Blockchain, Process Automation, Artificial Intelligence

Major companies in the smart port market are focusing on innovative products such as the Smart Port as a Service platform to boost operational efficiencies in ports through the use of edge, AI, and 5G technologies. A Smart Port as a Service platform is a technologically advanced cloud-based application that leverages innovative technologies and data-driven solutions to enhance port operations, safety, and sustainability. For example, in March 2022, Awake.AI, a Finland-based maritime logistics company, launched a Smart Port as a Service platform, a modern all-in-one cloud-based application for real-time situational awareness, planning, shared communication, and smarter decision-making for all port operations. It provides benefits such as better use of existing capacity, reduced port area emissions, accurate real-time prediction of arrivals and departures, optimized port calls driven by AI and computer-vision insights, and time and cost savings.

The smart ports market report table of contents includes: