Global Waterway Transportation Software Market is valued at approximately USD 65.35 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 9.5% over the forecast period 2022-2029. Waterway Transportation, also known as maritime transport, is the backbone of world trade and globalization. Seaways, ports and ships are integral components of the maritime transportation network. Pervasive machine-to-machine communication to improve business insights in the maritime industry. The market is segmented into on-premises, cloud and hybrid. The cloud segment occupies a large market share and dominates the market growth due to the increasing trend of using big data to improve business operations. In addition, prevalence of cloud-based services, adoption of advanced communication, tracking, and ship management technologies in the shipping/shipping industry fuels the growth of this segment.
According to the United Nations Conference on Trade and Development, about 80% of international trade in goods is carried by sea, more than 70% of which is in containers, a figure that is significantly higher in most developing countries. Recent innovations in bulk freight management as part of providing retailers with a connected and automated supply chain are just a few of the variables that will help you overcome complexity and exceed customer expectations. Veson Nautical will announce the Veson Partner Network in March 2021, enhancing the value of the Veson IMOS platform as the standard platform to drive vessel trading with greater efficiency and profitability. Such advancements are expected to drive the growth of the global hydrographic software and services market during the forecast period. However increased pressure to expedite deliveries increases the risk of security errors during shipment. The incident has led to disruptions to hundreds of stores and manufacturers’ supply networks, resulting in huge economic losses. According to the World Shipping Council, in 2020 more than 3,000 containers will fall into the sea, and in 2021 he will see 1,000 boxes fall into the sea. These factors negatively impacted the market growth and slowed down the market growth.
The growing need for better e-commerce operations, driven by supply chain automation and logistics operations that enable ocean shipping, is a key factor behind the growth of the industry. Incorporating sea freight software and services into e-commerce operations improves material handling systems, increases throughput and minimizes order cycle times during sea freight shipments transportation which indicating more Opportunities of the global Waterway Transportation software market during the forecast period.
The key regions considered for the Global Waterway Transportation Software Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominates the global Waterway transportation software market with a share of XX% in 2021 and is expected to maintain its dominance over the forecast period. Heavy investments in the defence industry and marine research are expected to be the main drivers of waterway transportation in North America. It is also expected to play an important role in the global economy, especially in the development and utilization of new technologies. According to the Bureau of International Trade Control, the United States currently has 14 free trade agreements with 20 countries, ensuring significant development in international freight forwarding and maritime ancillary services. Increasing investment in waterways, transportation facilities, and port infrastructure are one of the key factors behind market growth in the region. On the other hand, Asia-Pacific is expected to grow with the highest CAGR during the forecast period because of factors such as various technological advancements and increasing demand for imports and exports in China and India will affect the growth of the market in this region. Asia Pacific would be the fastest-growing market in the forecasted period.
Major market player included in this report are:
Accenture PLC (US)
Veson Nautical Corporation (US)
Aljex Software Inc. (US)
Kirby Corporation (US)
HighJump Software.INC. (US)
Cognizant Technology Solutions Corp. (India)
FRETRON Pvt. Ltd. (India)
Fourkites, INC. (US)
Bass Software Ltd. (Malaysia)
Maersk Line Limited (MLL) (Denmark)
Recent Developments in the Market:
Jan 2023 – Accenture has completed the acquisition of Inspirate, an integrated Oracle Cloud specialist specializing in supply chain management headquartered in Bellevue, Washington. The acquisition will further expand Accenture’s Oracle Cloud capabilities and help Accenture accelerate innovation for its clients through new technologies such as touchless supply chains and digital twins.
Jan 2023, Maersk signed the Land Grant Contract with the administrative committee of Lin-gang new area of the Shanghai Free Trade Zone in late December 2022. This marks the official landing of Maersk’s first green and smart flagship logistics center in China with low or very low greenhouse gas emissions. With a total investment of 174 million US dollars, the project is expected to start operation in Q3,2024.
Global Waterway Transportation Software Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Deployment, Solution, Service, End User, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Ship broker software
By End User:
Consumer and retail
Oil and gas
Energy and mining
Rest of the World