More and more companies in various industrial verticals are changing their business models with greater importance for customer satisfaction, and the shipping scenario is no exception. With the Maritime Freight Market witnessing incremental growth in the service industry, it is undergoing a digital transformation to improve transparency and deliver faster response to customer needs in this scenario.
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 ~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 at a ~11% CAGR. In terms of share, the digital transformation of maritime freight market is dominated by North America, followed by Europe. The software solution segment was valued at ~US$ 15.3 Bn in 2017.
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.
New digitization solutions, catering to the maritime freight industry offer the game-changing opportunity to leverage big data and to significantly reduce paperwork and manual non-value-added activities from a range of stakeholders, while maintaining accountability. The technologies best poised to disrupt the maritime shipping industry over the next 10 years include: big data and analytics, blockchain, electrification, assisted and automated operations, drones and robotics, and AR/VR. Other nascent technologies, from 3D printing to fully unmanned ships, are farther out in terms of adoption. Many of the technologies above have already been tested or implemented, at least in part, by other modes in the supply chain and in multiple other industries.
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 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