Smart Port Market Size Worth $13.98 Billion By 2027 | CAGR: 32.4%: Grand View Research, Inc.

Smart Port Market Size Worth $13.98 Billion By 2027 | CAGR: 32.4%: Grand View Research, Inc.

PR Newswire

SAN FRANCISCO, Sept. 16, 2020

SAN FRANCISCO, Sept. 16, 2020 /PRNewswire/ -- The global smart port market size is expected to reach USD 13.98 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 32.4% over the forecast period. The growing need to improve throughput across all types of ports coupled with the need to reduce the operational cost is the key factor driving the adoption of smart solutions at port facilities. Moreover, the growing need to gather real-time information on different port processes to help authorities take an informed decision has further contributed to the uptake of smart technologies such as Artificial Intelligence (AI), process automation, blockchain, and the Internet of Things (IoT) across port facilities.

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Key suggestions from the report:

Read 80 page research report with ToC on "Smart Port Market Size, Share & Trends Analysis Report By Technology (Process Automation, Blockchain, IoT, AI), By Throughput Capacity, By Port Type, By Region, And Segment Forecasts, 2020 - 2027'' at:

Port authorities have been the laggards in terms of technology adoption when compared to other industry verticals. However, the growing maritime trade worldwide has increased the operational challenges of the port authorities by manifolds. The authorities are increasingly focusing on boosting operational efficiency and terminal productivity while simultaneously minimizing the environmental footprint and securing sustainable growth. To attain operational excellence and efficiently manage the increasing number of operations at the ports, port authorities worldwide have either implemented or are preparing to implement at least one of the combination of several technologies at their facilities.

In recent years, there has been a substantial increase in the amount of maritime trade across the globe. According to the Organization for Economic Co-operation and Development (OECD), the global container handling at ports is predicted to grow four times the current levels by 2030. Despite there being an imminent need to deploy advanced technologies and automate operations, lack of IT infrastructure, especially across several emerging economies poses a major challenge. However, increasing investments in IT infrastructure development and growing awareness among port authorities regarding the benefits associated with the deployment of next-generation technologies like 5G are collectively expected to aid the transition toward smart operations.

Grand View Research has segmented the global smart port market on the basis of technology, throughput capacity, port type, and region:

List of Key Players of Smart Port Market

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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