Smart Ports Global Market Report 2024

The smart ports market size has grown exponentially in recent years. It will grow from $2.14 billion in 2023 to $2.64 billion in 2024 at a compound annual growth rate (CAGR) of 23.3%. The expansion in the historical period can be ascribed to the expansion of global trade, trends in containerization, initiatives for environmental sustainability, the demand for enhanced security, and the adoption of automation for operational efficiency.

The smart ports market size is expected to see exponential growth in the next few years. It will grow to $5.8 billion in 2028 at a compound annual growth rate (CAGR) of 21.8%. The expansion in the projected timeframe can be linked to integration with IoT and connectivity, a focus on predictive analytics, and the integration of renewable energy. Key trends anticipated in the forecast period encompass smart container tracking and visibility, cybersecurity measures for port infrastructure, the adoption of digital twin technology for port planning, AI-powered traffic management, and the use of collaborative platforms for stakeholder engagement.

The smart port market is expected to experience growth, driven by encouragement and participation from governments worldwide through initiatives. Governments are promoting the adoption of technologies such as big data, artificial intelligence, and IoT in the ports sector to address climate change concerns and increase efficiency. For instance, the Port of Hamburg in Germany adopted IoT and smart port technologies to enhance logistics efficiencies. Government initiatives are playing a crucial role in driving the growth of the smart ports market.

The rising demand for cargo transportation through ships is expected to drive the growth of the smart ports market. Smart ports enhance efficiency and streamline operations through technologies such as IoT, automation, and data analytics. According to the U.S. Department of Transportation's Bureau of Transportation Statistics, long-term projections show a fifty percent growth in U.S. freight activity to 28.7 billion tons, doubling in value. The rising demand for cargo transportation is a key factor driving the growth of the smart ports market.

The adoption of smart technologies is a significant trend, transforming traditional port operations. Abu Dhabi Ports introduced a digital service in April 2021 to manage slipways efficiently, reducing congestion during peak times. This adoption of smart technologies enhances the end-to-end process of port management, improving overall efficiency.

Major companies are concentrating on innovative products such as the Smart Port as a Service platform. In March 2022, Awake.AI, a Finland-based maritime logistics company, launched a Smart Port as a Service platform for real-time situational awareness, planning, shared communication, and smarter decision-making in port operations. This cloud-based application enhances operational efficiencies through the use of edge, AI, and 5G technologies.

In January 2022, ABB, a Swedish multinational corporation based in Switzerland, operating in smart ports, acquired InCharge Energy. This acquisition is set to broaden ABB's e-mobility division in the North American customer base market by providing fleet electrification and digital services. InCharge Energy, a U.S.-based company, focuses on electrifying transportation fleets.

Major companies operating in the smart ports market report are Microsoft Corporation, Mitsui & Co. Ltd., Robert Bosch GmbH, Hitachi Ltd., GE Digital, Accenture PLC, IBM Corporation, Cisco Systems Inc., Denso Corporation, Huawei Technologies Co. Ltd., SAP SE, ABB Ltd., Ericsson AB, Atos SE, Wipro Limited, IIC Technologies Corporation, Dassault Systèmes S.A., Konecranes PLC, TÜV SÜD AG, Trelleborg AB, Abu Dhabi Ports Company, Kalypso, Ramboll Group A/S, China Merchants Port Holdings Company, LG CNS Co. Ltd., C-PORT, Awake.AI Inc., DHL Supply Chain, DNV GL AS, Ikusi Redes de Telecomunicaciones S.L., NEC Corporation, NTT DATA Corporation, Oracle Corporation, PORT OF ROTTERDAM AUTHORITY, Royal HaskoningDHV NV, Siemens AG, Yokogawa Electric Corporation.

Asia-Pacific was the largest region in the smart ports market in 2023 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the smart ports market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the smart ports market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of ports in smart ports are seaports and inland ports. Seaports are protected areas along the sea where the loading and unloading of cargo from ships occurs. Smart digital technologies, such as smart sensors and the Internet of Things, assist in the effective handling of cargo. Smart ports encompass elements such as terminal automation, cargo handling, port community systems, traffic management systems, smart port infrastructure, safety, and security, utilizing technologies such as IoT, blockchain, process automation, and artificial intelligence.

The smart ports market research report is one of a series of new reports that provides smart ports market statistics, including smart ports industry global market size, regional shares, competitors with a smart ports market share, detailed smart ports market segments, market trends and opportunities, and any further data you may need to thrive in the smart ports industry. This smart ports market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The smart ports market includes revenues earned by entities by increasing a port's efficiency, improving performance and economic competitiveness. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.