Western Europe Increasing Dominance in the Global Smart Ports Market
The global smart ports market is expected to witness a CAGR of ~18% to reach ~$2 billion by 2025
Bangalore, India, July 15, 2019: With its recently published study “Global Smart Ports Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025”, Infoholic Research forecasts that the global smart ports market will continue to grow owing to need for reducing cost and increasing efficiency at ports. Also, growth in trade worldwide has led to an increase in the size of freighter ships for accommodating more cargo. With the size of freighter ships getting high, ports must adapt their planning based on the requirement, which is easier if digitalization is implemented. Some of the major smart ports (including underway projects) are Port of Rotterdam, Port of Hamburg, Port of Singapore, Port of Shanghai, Port of Los Angeles, Port of San Diego, and Port of Shenzhen.
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Smart ports play a crucial role in smart city implementation since it provides synergy with the smart city ecosystem and helps the comprehensive digital transformation of the city. Both smart ports and smart cities are driven by smart technologies including IoT, AI, and blockchain. This trend is expected to continue during the forecast period 2019–2025, fueling the global smart ports market growth at a CAGR of ~18% to reach ~$2 billion by 2025.
One of the major advantages of implementing smart ports is increased efficiency. Smart ports can increase the port capacity by more than 50% using the same resources used by traditional ports. Smart ports can also enhance the port terminal services and help in optimizing the storage and in loading and unloading of cargos.
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One of the major challenges in the market is the growing cybersecurity threats. Smart ports manage a huge amount of vital information regarding the inventory of many companies in the world. Since a data breach can ruin the reputation of the port and the terminal operators many of them are abstaining from implementing smart ports. Information regarding many goods stored in the ports is vital for countries and companies and requires a robust security system for protecting it. Also, ports will have to share data among each other for improving certain insights. Tight security over data may hamper this process. Hence the ports should attain an intermediate stage where data can be shared when they require while blocking the data from reaching unauthenticated sources.
“Smart ports are the major enablers for autonomous ships. Autonomous ships will require seamless data transmission between the ports. Digitalized port with predictive capability is inevitable for autonomous ships for entering the port and estimating factors including height clearances” said Arjun Das, Senior Research Analyst, Infoholic Research
Key insights of the report include:
- Smart Ports Market Segmentation By Ports
- Sea Ports
- Cargo Ports
- Smart Ports Market Segmentation By Components
- Smart Ports Market Segmentation By Throughput
- High Throughput Ports
- Low Throughput Ports
- Smart Ports Market Segmentation By Region
- North America
Industry outlook: Market trends, drivers, restraints, and opportunities