The global smart ports market is estimated to grow at a CAGR of nearly 26.0% during the forecast period. The rising investment in port construction and maintenance activities is supporting to drive the adoption of advanced digitalization tools, including artificial intelligence, IoT, blockchain, and process automation solutions. These solutions allow port operators to optimally manage supply chain by tracking containers. Cargo traceability and monitoring are major elements for smart logistics and encourage safety and security of freight transport. The optimum use of smart technologies allows to share information between different stakeholders which in turn, supports early detection and shortens response times.
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The government across the countries are focusing on accelerating their port infrastructure coupled with the increasing need for maritime transportation. In June 2019, The US Department of Transportation (DOT) launched Port Infrastructure Development Program in which $292.7 million is provided in funding to reinforce, advance, and improve the US maritime systems and gateway ports. This program intends to support public coastal ports while improving the reliability, safety, and efficiency of movement of goods into, out of, and within a port. Further, as per the European Sea Ports Organisation (ESPO), European seaports needs a substantial investment of nearly $52 billion during the period, 2018 – 2027.
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The need for investments in European seaports is significantly led by the faster development of the logistics industry and environmental requirements. The increasing global trade operations has led the need for investment in ports which thereby will enable the integration of advanced digital technologies in ports to increase the safety of ports and reduce operational costs. The digital platforms can be used by port authorities, shipping companies, terminals, agents, and other service providers, which supports them to effectively plan, execute and monitor the whole activities.
Several companies are focusing on advanced technologies and tools to modernize ports. For instance, in February 2019, Ericsson and China Unicom, a telecom operator, declared the development of 5G smart harbor at the Qingdao port in China. With the field trial, the major findings were reported that nearly 70% of labor costs of a harbor can be reduced with the use of 5G automation upgrade, rather than conventional harbors using a completely automated solution. 5G smart ports could support to meet the increasing demand for logistics. This will enable to reduce the transit time of goods and idle times for ships, which in turn supports to cut down emissions.
Additionally, in August 2019, the Port of Rotterdam Authority introduced its new company, PortXchange Products BV. The launch of this new company is intended to provide Pronto platform, a digital shipping app to ports across the globe. This will enable the company to create new strategic partnerships with ports, terminals, and shipping companies towards the installation of smart digital solutions, including Pronto in ports globally. This in turn will allow Port of Rotterdam to become the smartest port across the globe. This increasing trend towards the implementation of smart solutions across ports to better manage and track containers as well as reduce operational costs and human errors will likely drive the global smart ports market during the forecast period.
Global Smart Ports Market- Segmentation
By Port Type
- Cargo Ports
- Sea Ports
By Throughput Capacity
- Extensively busy (above 18 million Teu)
- Moderately busy (5-18 million Teu)
- Scarcely busy (below 5 million Teu)
By Technology
- Internet of Things (IoT)
- Blockchain
- Artificial Intelligence (AI)
- Process Automation
Global Smart Ports Market– Segment by Region
North America
- US
- Canada
Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East and Africa
Company Profiles
- ABB Ltd.
- Abu Dhabi Ports
- Accenture plc
- Cisco Systems, Inc.
- Envision Enterprise Solutions Pvt. Ltd.
- General Electric Co.
- IBM Corp.
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