Maritime Cargo Digitization Market is anticipated to grow at a CAGR of ~9.8% from 2019 to 2030.
Market Industry Reports (MIR) has published a new report titled “Maritime Cargo Digitization Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the Global Maritime Cargo Digitization Market accounted for over US$ 16.3 billion in 2019. The market is anticipated to grow at a CAGR of ~9.8% from 2019 to 2030.
The market growth can be attributed to several factors, which has led to its wide-scale adoption. The growing seaborne trade across the globe and improving the customer experience are anticipated to further contribute to this substantial market growth between 2019 and 2030. However, the possibility of cyber threats to ships due to digitalization is likely to restrain market growth to a certain extent.
To obtain better insights regarding the market scenario, prominent players are increasingly focusing on collaborative initiatives with several institutes, research centers, and companies. For instance, In August 2018, Maersk and IBM announced the creation of TradeLens, jointly developed by the two companies to introduce blockchain into the global supply chain market.
Seaborne trade is consistently growing globally owing to the high demand for different goods & services. According to the United Nations Conference on Trade and Development (UNCTAD), seaborne trade volumes reached 10.7 billion tons in 2017. Moreover, the shipping industry is mainly dominated by the key players who are capable of bearing the cost of fully-automated and digitized systems. A significant number of small players are yet to integrate digitized systems on a large scale. This will lead to market growth across the world.
Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, 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. in detail along with the table of contents:https://www.marketindustryreports.com/maritime-cargo-digitization-market/275
Companies are focused on improving the customer experience by launching innovative solutions that can help shipping organizations to increase their scalability & flexibility and provide real-time data related to ships as well as ports. This factor is expected to boost market growth in the coming years.
However, the possibility of cyber-attack on ships is one of the major factors hampering market growth. Information Technology (IT) and Operational Technology (OT) onboard ships are being networked together and more frequently connected to the internet. This makes systems and networks of such ships prone to unauthorized access or malicious attacks.
Asia Pacific is the fastest-growing market for maritime cargo digitization and is anticipated to contribute significantly to the global market share. The growth in this region can be attributed to rapid technological advancements and its rapid implementation by shipping companies. Countries in the APAC, such as India, China, and Japan, are anticipated to open new growth avenues for the global maritime cargo digitization market owing to a high population, which leads to the high demand for products, in turn, resulting in trade opportunities across the globe.
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.
Market Industry Reports is a global leader in market measurement and advisory services. It is a 100% subsidiary of ExlTech. The firm has always been at the forefront of innovations to address worldwide industry trends and opportunities. We offer our clients a unique depth of market intelligence in an actionable format to move their business forward. Our analysis incorporates consumer study in more than 100 countries, providing a tactical approach to drive sustained business growth. We continue to pioneer state-of-the-art approach in research & analysis that will help you to overcome complexities and stay ahead of the curve. By nurturing the perception of genius and optimized market intelligence, we unfold contingencies for our clients in the evolving world of technology, mega-trends, and industry convergence. We inspire our clients to empower and shape their businesses and to build world-class products.