REPORT HIGHLIGHT
Waterway Transportation Software Solutions market size was valued at USD 98,704.3 Million in 2022, expanding at a CAGR of 10.1% from 2023 to 2030.
Waterway transportation software is used by shipping firms to improve their business productivity while also maintaining freight security. It fuels the productivity and efficiency of logistics companies and optimizes & manages inbound and/or outbound transportation operations while assisting them in minimizing costs. Additionally, the adoption of enhanced communication, ship management technology, and tracking have increased with the growing trend of leveraging huge digital data storage and high penetration of cloud services in the shipping/marine trade.
Waterway Transportation Software Solutions Market - Market Dynamics:
- Machine-to-machine communication penetration and e-commerce operations to support maritime transportation are driving market growth
- The prime factor for the global waterway transportation software solutions market growth is the high penetration of Machine-to-Machine (M2M) communication as a means of improving business insights for supply chain operations management and shipment monitoring. Additionally, the rising requirement for real-time insight, improved communication technology, and voyage performance analysis as part of developing fleet competitiveness while proactively establishing cargo-based enterprises is boosting the market growth of waterway transportation software solutions. However, the stringent emission policies and laws result as a restraining factor for the market growth. Furthermore, the increasing requirement for effective commerce operations through logistic operations and supply chain automation allowing marine transportation of products is a major trend fueling the market growth. The use of waterway transportation software solutions in e-commerce operations improves processing capabilities, enhances material handling systems, and minimizes order cycle times during sea freight transportation are such advantages projected to influence the market growth.
Waterway Transportation Software Solutions Market - Key Insights:
- As per the analysis shared by our research analyst, the global waterway transportation software solutions market is estimated to grow annually at a CAGR of around 10.1% over the forecast period (2023-2030)
- The waterway transportation software solutions industry is projected to grow at a significant rate due to the growing demand for better e-commerce operations to support maritime transportation
- Based on industry vertical segmentation, consumer and retail was the leading type in the year 2022
- The growth of the waterway transportation software solutions is anticipated to be driven significantly as an outcome of factors such as the expansion in the abundance of current harbors and prevalence of containerization
Waterway Transportation Software Solutions Market- Segmentation Analysis:
- The global waterway transportation software solutions market is segmented on the basis of component, solution, deployment mode, industry vertical, and region.
- The market is divided into seven categories based on industry vertical: construction, consumer and retail, oil & gas, aerospace & defense, manufacturing, energy and utility, pharmaceuticals and healthcare, and others. The consumer and retail segment is accounted to witness the highest growth rate during the forecast period. The retail business is highly competitive and rapidly increasing as the sector works with a range of products, each with its own set of requirements for processing the order. To enhance productivity the industry is looking for efficient ways to stay competitive and gain an advantage over competitors as the industry is also investing substantially in the supply chain. Merchants must constantly monitor transportation activities, such as compliance and cost control to boost profit margins.
Waterway Transportation Software Solutions Market - Geographical Insights:
The waterway transportation software solutions market is geographically widespread in North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions have been further separated based on the countries that bring in trade. North America is likely to maintain its dominance over the forecast period. In the defense industry and maritime research, significant investments are accounted as the primary driver for the waterway transportation software solutions market. North America is the most essential marketplace for technological solutions and it is also projected to be a significant player in the global economy, especially in the development and use of new technology.
Waterway Transportation Software Solutions Market- Competitive Landscape:
The surge in the trend of rising penetration of cloud services and using huge digital data building in the shipping/marine industry boosts the overall growth of the market. Key features of the waterway transportation software solutions include fleet management, regulatory compliance management, real-time monitoring, cargo tracking, analytics for performance optimization, and maintenance scheduling. Moreover, prominent key players are seen acquiring local market players or new companies to maintain their competitive edge in the market. Business strategies favored by the market players such as collaborations, constant upgradation, new product launches, and joint ventures. For instance, in November 2022, ORBCOMM Inc. announced that it is leveraging its latest telematics technology to offer end-to-end monitoring for dry marine containers shifting through complex supply chains across the world.
Recent Developments:
For instance, in March 2022, ABB Turbocharging launched Tekomar XPERT marine, a comprehensive digital solution that provides ship-owners with simplified management of propulsion efficiency and emissions reporting. By enabling potential combined emission savings of up to 20 percent, this product suite can significantly aid in the decarbonization of the shipping industry, which is under regulatory pressure to reduce its carbon footprint by 2050.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL WATERWAY TRANSPORTATION SOFTWARE SOLUTIONS MARKET KEY PLAYERS
- Trans-i Technologies Inc.
- The Descartes Systems Group Inc.
- DNV
- FourKites, Inc.
- Zero North
- Hidrovuas do Brasil
- Maersk Line
- Accenture PLC
- Aljex Software Inc.
- HighJump Software Inc.
- Veson Nautical Corporation
- LogiNext Mile
- Kirby Corporation
- Oracle Transportation Management Cloud
- American Commercial Lines, Inc.
- Bass Software Ltd.
GLOBAL WATERWAY TRANSPORTATION SOFTWARE SOLUTIONS MARKET, BY COMPONENT
GLOBAL WATERWAY TRANSPORTATION SOFTWARE SOLUTIONS MARKET, BY SOLUTION
- Audit & claim
- Yard management
- Warehousing
- Vessel tracking
- Maritime software
- Freight security
- Ship broker software
- Others
GLOBAL WATERWAY TRANSPORTATION SOFTWARE SOLUTIONS MARKET, BY DEPLOYMENT MODE
GLOBAL WATERWAY TRANSPORTATION SOFTWARE SOLUTIONS MARKET, BY INDUSTRY VERTICAL
- Construction
- Consumer and retail
- Oil and gas
- Aerospace and defense
- manufacturing
- Energy and Utility
- Pharmaceuticals and healthcare
- Others
GLOBAL WATERWAY TRANSPORTATION SOFTWARE SOLUTIONS MARKET, BY REGION
- North America
- The U.S.
- Canada
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA