Smart Ports Market Future Prospects 2026 |IBM, ABB - MarketsandMarkets Blog - 0 views
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Almira Coyne on 21 Mar 22Smart port market is expected to grow from an estimated USD 1.7 billion in 2021 to USD 5.1 billion by 2026, at a CAGR of 23.9% during the forecast period. The growing adoption of Industry 4.0 to enhance port efficiency and growing need to reduce carbon emission from the maritime industry are the main drivers for smart port market. Digitalization is transforming the way traditional processes work across the globe. The Global Positioning System (GPS) is a major technology used for these tasks. Generally, GPS enables detecting and tracking movable objects such as containers, vessels, vehicles, and equipment. However, in the current scenario, the data generated from various sensors and devices result in the generation of patterns to enhance efficiency and increase overall productivity. The use of real-time data collected using various sensors helps communicate accurate water (hydro) and weather data to shipping companies, which allows them to predict the best time to enter the Port. Participation and encouragement from governments in smart port infrastructure development are expected to offer lucrative opportunities for smart port market during the forecast period.