The smart ports market, as per a recent report by Allied Market Research, had a valuation of $2 billion in 2022, and it is anticipated to surge to $15.5 billion by 2032. This growth signifies a remarkable compound annual growth rate (CAGR) of 23.1% from 2023 to 2032.
In terms of technology, the IoT segment claimed the largest share in 2022, contributing to approximately 40% of the global smart ports market revenue. This dominance is projected to persist throughout the forecast period. IoT sensors are strategically deployed on port equipment, including cranes, trucks, and handling machinery, to monitor their performance, health, and utilization. The real-time data gathered aids in predictive maintenance, reducing downtime, and optimizing equipment utilization. These factors collectively are expected to drive the adoption of IoT technology in the smart ports sector.
However, the AI segment is expected to exhibit the most rapid CAGR of 23.6% from 2023 to 2032, according to the report.
Concerning throughput capacity, the extensively busy segment represented the largest share in 2022, contributing to over 50% of the global smart ports market revenue and is poised to maintain its dominance through 2032. In highly active smart ports, the effective implementation of AI technologies can enhance operational efficiency, cost-effectiveness, and customer experiences while addressing the challenges associated with managing large-scale operations. Nevertheless, the moderately busy segment is projected to exhibit the fastest CAGR of 23.4% during the forecast period.
Examining port types, the seaport segment held the largest share in 2022, contributing to more than 60% of the global smart ports market revenue. It is expected to continue its market dominance in terms of revenue from 2023 to 2032. Additionally, this segment is estimated to experience the swiftest CAGR of 23.2% during the forecast timeframe.
With regards to geographical distribution, Asia-Pacific commanded the highest market share in terms of revenue in 2022, accounting for more than 40% of the global smart ports market. It is predicted to register the most robust CAGR of 24.3% during the forecast period. The Asia-Pacific region has been a frontrunner in adopting smart port technologies, with countries such as China, Singapore, Japan, South Korea, and Australia leading the charge in integrating IoT, AI, automation, and big data analytics into their ports to enhance efficiency and competitiveness, as highlighted by Allied Market Research’s report.