Maritime Cargo Digitization Market by Offering (Software and Services), Deployment Mode (Cloud-based and On-premise), Application (Operational Planning, Transportation Intelligence, and Fleet Management), End User (Ports & Terminals and Maritime Freight Forwarders) - Analysis & Forecast 2019-2030.
Report ID : 275 | Published Date : Jun 2020 | Pages : 160 | Region : Global | Report Code : ICT-28
Maritime Cargo Digitization Market Overview and Introduction
Digitalization refers to the representation of reality in the form of data. Digitalization has been widely adopted by various shipping companies owing to benefits such as reduction in paperwork & manual errors, improved response time to manage the quantity of cargo, digitalization of the core business and navigation of the route, among others.
The global maritime cargo digitization market is primarily driven by technologically-advanced solutions offered by a few vendors in the shipping industry, an increase in seaborne trade across the globe, growing dependence on IT & digitization within the shipping industry and improving the customer experience. Moreover, the development of new port cities in emerging economies also plays a pivotal role in contributing to market growth globally. However, digitalization renders the possibility of cyber threats, which is likely to restrain market growth to a certain extent.
The global maritime cargo digitization market can be segmented into offering, deployment mode, application, end user, and regions.
Maritime Cargo Digitization Market By Offering
Based on offering, the market can be segmented into software and services. The software segment is expected to register the highest CAGR during the forecast period. The segment growth can be attributed to the launch of highly innovative and path-breaking solutions.
Maritime Cargo Digitization Market By Deployment Mode
Based on deployment mode, the market can be segmented into cloud-based and on-premise. The cloud-based segment is expected to dominate the maritime cargo digitization market during the forecast period owing to the increasing popularity of cost-effective cloud-based solutions and cloud management tools among stakeholders in the maritime supply space.
Maritime Cargo Digitization Market By Application
Based on the application, the market can be segmented into operational planning, transportation intelligence, fleet management, and others. The fleet management segment is expected to dominate the maritime cargo digitization market during the forecast period. The segment growth can be attributed to effective communication with onshore stations and reliable information provided about safe & economical sea routes, further enabling smooth fleet operations.
Maritime Cargo Digitization Market By End User
Based on the end user, the market can be segmented into ports & terminals and maritime freight forwarders. The ports & terminals segment is expected to dominate the maritime cargo digitization market during the forecast period owing to operational efficiency, transparency of processes, and visibility over cargo achieved by digitization.
Maritime Cargo Digitization Market By Region
Based on region, the global maritime cargo digitization market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). North America dominated the maritime cargo digitization market followed by Asia Pacific. The growth in North America can be attributed to the growing awareness regarding technologies, such as blockchain and Artificial Intelligence (AI), for better trade management. Furthermore, an upsurge in the number of trade agreements in North America is expected to propel the maritime cargo digitization market.
Maritime Cargo Digitization Market Prominent Players
Some of the prominent players in the maritime cargo digitization market include IBM Industries, SAP, Oracle, Atos Syntel Inc., Hexaware Technologies Limited, Tech Mahindra Limited., Kintetsu World Express, Inc., ABB, Advantech Co., Ltd., and Mindtree Ltd., among others.