According to a new report pertaining to the global digital transformation of maritime freight market published by Transparency Market Research, the global digital transformation of 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.
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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.
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.