Smart tech explosion

A new report by MarketsandMarkets, which looks at smart technologies including AI, the IoT and blockchain technology, says the market will be worth US$5.1 Billion by 2026.

It deduces that the need to reduce carbon emissions from the maritime industry and the growing adoption of Industry 4.0 to enhance port efficiency are the key factors driving the growth of the smart ports market.

Smart potential

‘Smart Ports Market by Technology …Throughput Capacity, Port Type, and Region – Global Forecast to 2026’ (https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=165784113) estimates that the market will grow from US$1.7 billion in 2021 to US$5.1 billion by 2026 at a CAGR of 23.9% during the forecast period.

Ports are increasing the adoption of smart solutions that will help optimise operations, promote efficiency and reduce logistics costs without requiring major investment in new infrastructure and equipment.

The growing adoption of smart technology to improve port efficiency is expected to offer profitable opportunities for the market during the forecast period.

The report includes the profiles of some of the top players in the smart ports market, including IBM (US), General Electric (US), Port of Rotterdam (Netherlands), and Royal Haskoning (Netherlands).

These leading players are adopting various strategies to increase their share in the smart ports market.

It also analyses the market by region, namely North America, South America, Europe, Asia Pacific, Middle East and Africa. Asia Pacific is expected to grow at the highest CAGR during the forecast period.

MarketsandMarkets provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.