Global Smart Ports Market by Types Applications, and Regions, Market Size, Share and Trends, Forecasts 2020–2026

Global Smart Ports Market is valued to reach USD 5.06 Billion by 2024, and is expected to grow at CAGR of 24.5% over the forecast period 2020–2026. Increasing usage of cloud computing and Big data to curb carbon emissions, increase operational efficiency and reducing operating costs are the key factors driving the growth of the global market.

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Smart ports use automation and innovative technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), and Big Data to enhance the performance. Ports are one of the most important logistics centers across the globe. According to figures from the World Trade Organization (WTO) more than 80% of the world’s freight is transported using this method.

Market Trends, Drivers, Restraints, and Opportunities:

Increasing global trade has resulted in the increase in vessel sizes and cargo volumes, placing extra pressure on ship decks and yards. Ports are; therefore, shifting interest in smart solutions that can help them optimize internal operations, boost efficiency, and reduce logistics expenses.
High initial investments and lack of trained personnel are major restraints in the growth of the market.
Implementation of IoT on ports is helping shipping businesses to develop superior models by providing services such as subscriptions, apps, and XaaS.