According to a new report released by Allied Market Research, the smart ports market is valued at $2 billion in 2022 and is estimated to reach $15.5 billion by 2032.
This growth reflects a compound annual growth rate (CAGR) of 23.1 per cent from 2023 to 2032.
Based on technology, the Internet of Things (IoT) segment accounted for the largest share in 2022, contributing to nearly two-fifths of the global smart ports market revenue and is projected to rule the roost throughout the forecast timeframe.
IoT sensors are deployed on port equipment, such as cranes, trucks, and handling machinery, to monitor their performance, health, and usage. Real-time data helps in predictive maintenance, reducing downtime, and optimising equipment utilisation. These factors altogether may surge the adoption of IoT technology in the smart ports market.
However, the Artificial Intelligence (AI) segment would cite the fastest CAGR of 23.6 per cent from 2023 to 2032, according to the report.
Based on the throughput capacity, Allied Market Research’s report found that extensively busy segment accounted for the largest share in 2022, contributing to more than half of the global smart ports market revenue and is expected to retain its dominance by 2032.
Furthermore, in extensively busy smart ports, the successful implementation of AI technologies can be a contributor to smooth and fast port operation, driving higher efficiency, cost-effectiveness, and improved customer experiences while meeting the challenges of managing large-scale operations. However, the moderately busy segment is expected to portray the fastest CAGR of 23.4 per cent throughout the forecast timeframe.
Based on the port type, the seaport segment accounted for the largest share in 2022, according to the report, contributing to more than three-fifths of the global smart ports market revenue and is projected to dominate the market in terms of revenue from 2023 to 2032. The same segment is estimated to experience the fastest CAGR of 23.2 per cent during the forecast period.
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifth of the global smart ports market and is projected to register the highest CAGR of 24.3 per cent during the forecast period.
Asia-Pacific has been a leading region in adopting smart port technologies, notes Allied Market Research’s report. Countries like China, Singapore, Japan, South Korea, and Australia have been at the forefront of integrating IoT, AI, automation, and big data analytics into their ports to enhance efficiency and competitiveness.
Earlier this September, Smart Ports: Piers of the Future 2023 was announced to return with the theme “Sailing Towards Innovation”, as this fifth edition promises to surpass previous ones in scale and significance.