Market Research Report
|Published by||Global Industry Analysts, Inc.||Product code||994849|
|Published||Content info||137 Pages
Delivery time: 1-2 business days
|Published: April 1, 2021||Content info: 137 Pages||
Global Smart Ports Market to Reach $8.2 Billion by 2027
Amid the COVID-19 crisis, the global market for Smart Ports estimated at US$2.1 Billion in the year 2020, is projected to reach a revised size of US$8.2 Billion by 2027, growing at a CAGR of 21.8% over the analysis period 2020-2027. Process Automation, one of the segments analyzed in the report, is projected to record a 20.3% CAGR and reach US$3.5 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Artificial Intelligence segment is readjusted to a revised 22.1% CAGR for the next 7-year period.
The U.S. Market is Estimated at $614 Million, While China is Forecast to Grow at 21.4% CAGR
The Smart Ports market in the U.S. is estimated at US$614 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.4 Billion by the year 2027 trailing a CAGR of 21.4% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 19.5% and 18.6% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 15.3% CAGR.
Internet of Things Segment to Record 24.3% CAGR
In the global Internet of Things segment, USA, Canada, Japan, China and Europe will drive the 24.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$288.7 Million in the year 2020 will reach a projected size of US$1.3 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$966.9 Million by the year 2027.
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