According to the Digital Transformation of Maritime Freight Market by Transparency Market Research, the global digital transformation of maritime freight market is predicted to reach $38.4 billion by 2027, increasing at a CAGR of roughly 10% over the next eight years.
Growth of the market is driven by the increased importance of emerging technologies within the shipping industry. According to the report, the software solution segment was valued at $15.3 billion in 2017. Currently, the digital transformation of the maritime freight market is dominated by North America, followed closely by Europe.
Increased Importance and Dependency on IT & Digitization within the Shipping Industry
IT and digital transformation has optimized operations and boosted the business of companies, enabling 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 to enhance their business while remaining competitive.
Meanwhile, digitizing the sector has greatly improved the efficiencies of companies as they have begun enabling the integration of artificial intelligence technologies, blockchain, IoT and robotics. These technologies help by forecasting long-term traffic 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 and 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 and Africa, Europe and South America are also expected to expand rapidly during the forecast period.