Friday 22nd November 2019

Digital transformation of maritime freight to expand to US$38.4bn by 2027, finds TMR study

Published on September 5th, 2019

According to a new report pertaining to the global digital transformation of maritime freight market, the global digital transformation of maritime freight market is projected to reach a value of approximately US$ 38.4 billion (€34.7 billion) 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 & digitisation 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 billion (€13.8 billion) in 2017.

Increased importance and dependency on IT & digitisation within the shipping industry

IT and digital transformation of the maritime freight industry has optimised 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.

The report provides in-depth segment analysis of the global digital transformation of maritime freight market, thereby providing valuable insights at macro as well as micro levels. Analysis of the major countries that hold growth opportunities or account for a significant share has also been included as part of the geographic analysis of the digital transformation of maritime freight market.

Digital transformation of maritime freight market: Competition dynamics

The research study includes the profiles of leading companies operating in the global digital transformation of maritime freight market. Key players profiled in the digital transformation of maritime freight market report 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.

These insights are based on a report on Digital Transformation of Maritime Freight Market by Transparency Market Research.

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