The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

 

As per The Business Research Company’s Waterway Transportation Software Global Market Report 2024, the waterway transportation software market is expected to show significant growth in the forecast period.

 

Introduction

The waterway transportation software market has witnessed substantial growth in recent years. This blog explores the current market size, growth projections, and the factors driving this expansion.

Current Market Size and Growth Projections

• Market Size in 2023: $69.33 billion
• Expected Market Size in 2024: $75.39 billion
• Compound Annual Growth Rate (CAGR) 2023-2024: 8.7%

The historic growth of the waterway transportation software market can be attributed to several key factors:

• Globalization: Expansion of global markets has increased the demand for efficient maritime trade.
• Regulatory Compliance: Stricter regulations necessitate advanced software solutions for compliance.
• Rising Fuel Costs: Efficient route planning and fuel management software help mitigate rising costs.
• Supply Chain Optimization: Enhanced software tools streamline logistics and improve supply chain efficiency.

 

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Future Growth Prospects

• Expected Market Size in 2028: $106.88 billion
• CAGR 2024-2028: 9.1%

Several factors are expected to drive future growth:

• Digital Transformation: Adoption of digital technologies in maritime operations.
• Sustainability Initiatives: Emphasis on eco-friendly practices and reducing carbon footprints.
• Infrastructure Investments: Improved port and shipping infrastructure globally.
• E-Commerce Growth: Rising e-commerce increases demand for efficient shipping solutions.
• Resilience and Risk Management: Enhanced focus on managing risks and ensuring supply chain resilience.

 

Key Trends Shaping the Future

• Increased Integration: Seamless integration of various maritime operations.
• Predictive Analytics: Use of data analytics to predict and optimize operations.
• AI and Machine Learning: Adoption of AI for enhanced decision-making and automation.
• Cloud-Based Solutions: Expansion of cloud-based software for flexible and scalable solutions.
• Cybersecurity: Increased emphasis on securing maritime software systems from cyber threats.

 

Impact of Increasing Maritime Trade

• Commercial Exchange: Growing global trade boosts demand for waterway transportation software.
• Optimized Operations: Software for vessel scheduling, route planning, and cargo logistics enhances efficiency.
• Regulatory Compliance: Ensures adherence to international maritime regulations.

For instance, according to the United Nations Conference on Trade and Development (UNCTAD), maritime trade is projected to grow by 2.4% in 2023, with further increases expected between 2024 and 2028. Containerized trade volumes are also forecast to rise by 1.2% in 2023.

 

Major Players in the Waterway Transportation Software Market

Key companies dominating the market include:

• Maersk A/S
• Accenture plc
• Oracle Corporation
• SAP SE
• Danaher Corporation
• ABB Ltd.
• Cognizant Technology Solutions Corporation
• Zebra Technologies Corporation
• Flexport Inc.
• Kirby Corporation
• DNV GL AS
• American Commercial Lines Inc.
• Descartes Systems Group Inc.
• Aquatic Informatics Inc.
• LogiNext Solutions Pvt. Ltd.
• Jibe
• Geniuserp
• FRETRON
• Nautical Corporation

 

Cloud-Based Solutions Transforming Waterway Transportation

• Operational Efficiency: Cloud-based transport management systems optimize routes, track shipments, manage inventory, and schedule freight efficiently.
• Real-Time Tracking: Enhanced visibility and real-time updates improve logistics management.
• Accessibility: Cloud solutions provide access to critical functionalities from any internet-connected device.

For instance, in September 2023, CocoonFMS Ltd. launched CocoonOPS, a transport management system that offers real-time shipment tracking and automated task management, transforming freight forwarding operations.

 

Strategic Acquisitions Enhancing Capabilities

• Veson Nautical’s Acquisition of Oceanbolt: In September 2021, Veson Nautical acquired Oceanbolt, gaining advanced algorithms and deep industry expertise. This acquisition enhances Veson’s maritime freight management solutions.

 

Market Segmentation

The waterway transportation software market is segmented into:

1. By Solutions: Warehousing, Vessel Tracking, Freight Security, Yard Management, Audit and Claim, Ship Broker Software, Maritime Software, Other Solutions.
2. By Services: Managed Services, Consulting or Customization Services, Training Services.
3. By Deployment Model: On-Premises, Cloud, Hybrid.
4. By Industry Vertical: Consumer and Retail, Oil and Gas, Industrial and Manufacturing, Energy and Mining, Aerospace and Defense, Construction, Chemicals, Pharmaceuticals and Healthcare, Food and Beverages, Other Industry Verticals.

 

Regional Insights

• Largest Region in 2023: North America
• Fastest-Growing Region in the Forecast Period: Asia Pacific

 

Conclusion

The waterway transportation software market is poised for significant growth driven by digital transformation, sustainability efforts, and increased maritime trade activities. As companies continue to innovate and expand, the market is expected to see sustained growth and evolution in the coming years.

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The Waterway Transportation Software Global Market Report 2024  provides an in-depth analysis on the waterway transportation software market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the waterway transportation software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

 

View More Related Reports –

Mobility Aids And Transportation Equipment Global Market Report 2024

Smart Transportation Global Market Report 2024

Transportation Management Systems Global Market Report 2024

 

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