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Waterway Transportation Software Solutions - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

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  • 120 Pages
  • February 2024
  • Region: Global
  • Mordor Intelligence
  • ID: 4535755
The Waterway Transportation Software Solutions Market size is estimated at USD 96.29 billion in 2024, and is expected to reach USD 142.34 billion by 2029, growing at a CAGR of 8.13% during the forecast period (2024-2029).

Transportation plays a vital role in the development of any economy. With the rising trend of utilizing huge amounts of digital data building and the increased penetration of various cloud services in the shipping/marine industry, adopting advanced tracking, communication, and ship management technology is extensively driving the market's growth.

Key Highlights

  • The market studied is heavily driven by the increasing demand for global heavy freight transportation. The rise in the standards of transportation processes has boosted the market's growth. Additionally, the growing popularity of containerization and the increase in the number of new ports have influenced the development of the market studied. The introduction of containerization has brought about a dramatic shift in the industry.
  • The increasing partnerships in the waterborne trade have resulted in new markets, especially in the developing economies of Asia-Pacific and the Middle East & Africa. Developing countries like India and China are responsible for the demand shift, propelling the market's growth. In addition, developing various new sea routes and seaports across the globe provides growth opportunities for the market studied.
  • New vital technological developments, such as machine-to-machine (M2M) communication and containerization, have transformed the transportation industry with drastic changes in waterway transport. These technologies are significantly transforming the work patterns in shipping organizations. On the other hand, concerns related to various piracy incidents and ship accidents, which have made shipping companies opt for solutions, including managed services and audit software, are expected to create immense growth opportunities within the market scenario.
  • However, the rise in stringent emission laws and policies and the absence of awareness about the advantages offered by waterway transportation software and services could be a matter of concern that could limit the market's overall growth throughout the forecast period.
  • The COVID-19 pandemic significantly impacted the shipping and maritime industries. The setback resulted from halting all types of shipments by water during this quarantine (period of isolation), as the movement of such shipments by sea could spread the virus from one port to another. However, in the post-COVID-19 market scenario, the market is expected to witness significant growth opportunities since there lies a chance for industries to make much-needed critical operational improvements with considerable emphasis on enhancing waterway transportation solutions.

Waterway Transportation Software Solutions Market Trends

Establishment of New Ports in Developing Countries is Expected to Drive the Market

  • Port infrastructure is the prime foundation of port operations for servicing cargo, ships, and passengers passing throughout the port. Expanding port infrastructure requires various capital-intensive investments, long lead times, and long-term planning. Port infrastructure design needs to anticipate the multiple needs of the shipping, logistics, and transportation sectors. An increase in government investments in port infrastructures to ensure safe and efficient economic activities is expected to drive the market significantly.
  • With most of the global trade carried by ports, the sea is a critical gateway infrastructure that mainly connects an entire region and its inland transportation network to the worldwide market. Therefore, developing well-functioning, robust maritime transport infrastructure is a significant factor of economic growth for many emerging and developing countries. Public-private partnerships in ports have become vital to managing port operations more effectively and creating and building new port infrastructure, traditionally both exclusively government functions.
  • The market is witnessing various significant acquisitions, mergers, and investments by key market players as part of its strategy to improvise business and its overall presence to reach customers and meet and fulfill their requirements for a broad range of applications. For instance, in March 2023, Saigon Newport Corporation declared the official launch of Tan Cang Que Vo Dry Port (ICD) after more than two years of successful operation. Esteemed leaders from the Ministry of Transport, the Navy, and local authorities of Bac Ninh, Bac Giang Province, along with representatives from relevant ministries, 250 attendees from shipping lines, partners, import and export enterprises, logistics enterprises, associations, and specialized agencies, media agencies were present at the launch of Tan Cang Que Vo Dry Port (ICD) as a Dry Port and inland clearance point.
  • In September 2022, The International Maritime Organization (IMO) signed a strategic partnership agreement with the Commonwealth Secretariat, under which both organizations committed to strengthening the port and maritime sectors in selected developing countries through activities that would promote and facilitate the adoption of sustainable maritime transport systems and practices.
  • According to Cargotec Oyj, global container throughput is projected to keep increasing until 2025. In 2022, some 553 million TEUs worth of containers were processed in the Asia-Pacific region, and it was expected that it would likely reach a landmark of around 617 million TEUs worth of containers within the region, which in turn would create ample opportunities for the market to grow and expand.

North America is Expected to Hold the largest Market Share

  • North America is one of the most significant markets for technology-based solutions. It is further expected to be a strong player in the global economy, primarily in developing and implementing new technologies. The industrial sector is growing steadily, in line with the increasing influence of the internet, regarding the sales of industrial goods.
  • The expansion of US oil production and changes in the location of oil production have increased the use of various transportation modes to move the oil to refineries and terminals. Although pipelines continued to be one of the predominant modes for carrying oil, the prominence of water transportation has been increasing substantially in recent years.
  • Some of the crucial technologies that are altering the North American marine industry are the rise in the trend of digitalization, the growing trend of Industry 4.0, the increase in the overall usage of various advanced technologies like AI (artificial intelligence), cloud computing, big data, cyber security, internet of things (IoT), digital twin, blockchain, machine learning, and robotics.
  • Moreover, reduced trade barriers have increased the need for information on transportation infrastructure and services within various countries in North America, such as Canada and the United States. Two key initiatives, the Canada-US Free Trade Agreement and the subsequent North American Free Trade Agreement, were significant indicators for the liberalization of trade in goods and services between these countries, creating ample growth opportunities for the market to grow and expand throughout the forecast period.
  • Furthermore, the market is witnessing significant acquisitions, mergers, and government investments. For instance, in December 2022, Gov. John Bel Edwards declared a historic public-private partnership between Louisiana, the Port of New Orleans, and two global maritime industry leaders to build a USD 1.8 billion state-of-the-art container facility on the Lower Mississippi River. The new Louisiana International Terminal (LIT) in St. Bernard Parish would be able to serve vessels of all sizes, dramatically increasing Louisiana's import and export capacity. This is expected to create ample growth opportunities for the forecast period.

Waterway Transportation Software Solutions Industry Overview

The competitive rivalry among the players in the market is high due to the presence of some key players like SAP SE, Cognizant, Accenture PLC, Bass Software Ltd, and many more. Continuous investments in research and development have thus allowed the companies to innovate their products and introduce new products in the market, which, in turn, has allowed them to gain a competitive advantage over other players.

In March 2023, Union Minister for Shipping Ports and Waterways and Ayush virtually introduced the Real-time Performance Monitoring Dashboard of MoPSW 'Sagar Manthan.' It is primarily a digital platform with all the integrated data related to the ministry and other subsidiaries. This dashboard would transform the workings of various departments by improving well-coordinated real-time information.

In December 2022, Lagos State governor, Mr. Babajide Sanwo-Olu, commissioned the newly installed Waterways Monitoring and Data Management Centre (WMDMC) at the Five Cowrie Terminal, the headquarters of the State Waterways Authority (LASWA) in Falomo, Ikoyi. Commuters using Lagos State's water transport services following the commissioning are in for a fresh safety experience, with the activation of modern monitoring gadgets and infrastructure to enhance security across the State's waterways transportation network.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

This product will be delivered within 2 business days.

Table of Contents

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
4.1 Market Overview
4.2 Value Chain / Supply Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Buyers/Consumers
4.3.2 Bargaining Power of Suppliers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5.1 Market Drivers
5.1.1 Increasing Volume of Cargo
5.1.2 Establishment of New Ports in Developing Countries
5.2 Market Restraints
5.2.1 Stringent Emission Laws and Policies
6.1 By Deployment
6.1.1 On-premise
6.1.2 Cloud
6.1.3 Hybrid
6.2 By End-user Vertical
6.2.1 Retail
6.2.2 Oil and Gas
6.2.3 Manufacturing and Industrial
6.2.4 Aerospace and Defense
6.2.5 Chemical
6.2.6 Construction
6.2.7 Healthcare
6.2.8 Food and Beverage
6.2.9 Other End-user Verticals
6.3 By Geography
6.3.1 North America
6.3.2 Europe
6.3.3 Asia-Pacific
6.3.4 Latin America
6.3.5 Middle East & Africa
7.1 Company Profiles
7.1.1 SAP SE
7.1.2 Cognizant Technology Solutions Corp
7.1.3 Accenture PLC
7.1.4 Veson Nautical Corporation
7.1.5 DNV GL (GL Maritime Software GmbH
7.1.6 Aljex Software Inc.
7.1.7 Descartes Systems Group
7.1.8 HighJump Software Inc.
7.1.9 Trans-i Technologies Inc.
7.1.10 Bass Software Ltd.

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • SAP SE
  • Cognizant Technology Solutions Corp
  • Accenture PLC
  • Veson Nautical Corporation
  • DNV GL (GL Maritime Software GmbH
  • Aljex Software Inc.
  • Descartes Systems Group
  • HighJump Software Inc.
  • Trans-i Technologies Inc.
  • Bass Software Ltd.