AI and IoT technologies to play key role in growth of smart ports market over next decade
James Thorpe
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According to new research published by Fact.MR, the smart ports market is expected to witness major growth with technologies such as AI and IoT set to be further integrated to help streamline operations.
The findings predict that over the next decade there will be a CAGR of 20.4%, putting the market value forecast at US $16b as industries look to automate processes as they strive for greater operational efficiency.
Factors such as the pandemic and global raw material shortages have put pressure on maritime logistics operations to run smoothly, growing collaboration between operators and businesses in the pursuit of secure supply, cost-efficiency, enhanced data visibility and limited disruption.
An Analyst at Fact.MR said: “[The] global smart ports market expected to grow significantly during the forecast period due to increasing need for port authorities to minimise operational costs, collect real time data and make data-driven decisions.”
According to the research, the Asia Pacific region had a 37% share of the global market in 2022 and, whilst this is unlikely to change between 2023-2033, the North America and Europe markets are set for major growth.
