CHICAGO, According to the new market research report “Smart Ports Market by Technology (IoT, Blockchain, Process Automation, Artificial Intelligence (AI)), Elements (Terminal Automation, PCS, Smart Port Infrastructure, and Others), Throughput Capacity, Port Type, and Region – Global Forecast to 2024”, published by MarketsandMarkets™, the Global Smart Ports Market is projected to reach USD 5.3 billion by 2024 from an estimated USD 1.7 billion in 2019, at a CAGR of 25.0% during the forecast period. This growth can be attributed to factors such as an increasing introduction of green initiatives and the requirement of ports to comply with the environmental regulations that have been implemented by the governments of several nations. The usage of big data and cloud computing to cut down the carbon emissions and at the same time, boost internal operational efficiency is a major driving force for the market.
The extensively busy segment is expected to be the largest Smart Ports Market, by throughput capacity, during the forecast period.
The extensively busy ports are expected to be the largest and the fastest growing market segment during the forecast period. Extensively busy ports generate a larger share of revenue when compared to that of the moderately and scarcely busy ports due to the large-size of operations in the former. This enables these ports to invest in the latest technologies to improve their operational coefficient.