Digitalization means the portrayal of reality in the mode of data. Several shipping companies are largely accepting digitalization beholding benefits like decrement in paperwork & manual errors, enhanced response time to manage the quantity of cargo, digitalization of the essential business as well as navigation of the route, among others.
By 2027, 36% share of the global digital transformation of Maritime Cargo Digitization Market is anticipated to be of North America. This can widely be associated with the accretion of cloud-based solutions vis-à-vis on premise deployment. Without dodging enormous storage costs on the cloud, advanced analytics, storage, and data mining can be carried out. In North America, the volume of merchandise exported has enhanced significantly resulting in digitization in the segment of vessel scheduling. The growth of the digital transformation of maritime freight market will be driven by ECDIS which being the core technology in vessel scheduling segment. Additionally, the automated port calls are likely to be arranged soon as well.
IBM Industries, SAP, Oracle, Atos Syntel Inc., Hexaware Technologies Limited, Tech Mahindra Limited., Kintetsu World Express, Inc., ABB, Advantech Co., Ltd., and Mindtree Ltd., are few of the top players of the maritime cargo digitization market.
The maritime cargo digitization market can be bifurcated based on offering into software and services. Over the forecast period, the software segment is estimated to record the highest CAGR. The introduction of extremely innovative and revolutionary solutions leads to the segment growth.
On the terms of application, the market can be classified into operational planning, transportation intelligence, fleet management, and others. During the projected period, the maritime cargo digitization market is anticipated to be overshadowed by the fleet management segment. The adequate communication with onshore stations along with reliable information facilitated about safe & economical sea routes and also providing smooth fleet operations are the factors impacting the segment growth.
The maritime cargo digitization market can be divided as per the end users into ports & terminals and maritime freight forwarders. Over the forecast period, providing with operational competence, clarity of processes and visibility over cargo are achieved by digitization, hence enabling the ports & terminals segment to dominate the maritime cargo digitization market.
Maritime Cargo Digitization Market Key Segments:
Regional Outlook (Volume, Units; Revenue, USD Million, 2020 - 2027)
• North America
o South Korea
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