PUNE: According to a new report pertaining to the Global Digital Transformation of Maritime Freight market, the Global Digital Maritime Freight market is projected to reach a value of US$ 38.4 Bn by 2027. The market is projected to expand at a CAGR of 10% from 2019 to 2027.
Growth of the market can be attributed 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 a 11% 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 ~US$ 15.3 Bn in 2017.
Increased Importance and Dependency on IT & Digitization within the Shipping Industry
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.
Digital Transformation of Maritime Freight Market: Regional Outlook
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.
Digital Transformation of Maritime Freight Market: Competition Dynamics
The research also points that key players in the digital transformation of maritime freight market include IBM Corporation, Oracle, SP SE, Syntel Inc., Hexaware Technologies, ABB Ltd., Tech Mahindra Limited, Kintetsu World Express, Inc, Advantech Co., Ltd., Mindtree Ltd., DigiLogistics Technology Ltd., Partner Tech Corp, 3GTMS, Inc., 4flow AG, and Logistic Solutions, Inc.
