Shipping industry to expand digital transformation with $38.4 billion investment
The global maritime industry is on the verge of investing over $38.4 billion Information and Technology and digitization of the freight market in the next 28 years.
A new report on Information and Technology and digitization in the maritime industry, revealed that the market would expand at a CAGR of 10 per cent from 2019 to 2027, attributing the expected growth to increased importance and dependency on IT & digitization within the shipping industry.Over the forecast period, Asia Pacific is anticipated to grow rapidly in the digital transformation of maritime freight market, at 11per cent CAGR.
In terms of share, the digital transformation of maritime freight market is dominated by North America, followed by Europe. In the digital transformation of maritime freight market, the software solution segment was valued at $15.3 billion in 2017.According to the report, IT and digital transformation of the maritime freight industry has optimized operations and boosted the business of companies.
“It enables the market to move forward with a structured vision by the integration of business potential with networking. Carriers are installing IT systems in the digital transformation of maritime freight, to gradually enhance their business and sustain in this digitally-competitive world.
“The digital transformation of maritime freight has drastically improved the efficiencies of marine freight companies by enabling the integration of artificial intelligence technologies, blockchain, Internet of Things, and robotics with shipping models. These technologies help marine freight companies in long-term traffic forecasts and intelligent coordination models,” it stated.
In terms of region, the global digital transformation of maritime freight market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
North America is expected to dominate the digital transformation of maritime freight market during the forecast period. Asia Pacific is expected to see increasing growth in the digital transformation of maritime freight market, with China and India being the major markets in the region. The digital transformation of maritime freight markets in the Middle East & Africa, Europe, and South America are also expected to expand rapidly during the forecast period.