What is Digital Transformation of Maritime Freight?
Digital Transformation of Maritime Freight can be defined as the process of reshaping business models as a result of and through the adoption and use of digital technologies to create a setting (within the organization and its environment) in which new possibilities (digital capabilities) are empowered and the creation of value Integrating and utilizing new digital tools is one of the most difficult challenges that businesses face today. Maritime transport, an important mode of transport in international trade, is starting to move toward digitalization and DT at different rates in different domains. Transportation, as a component of the logistics system, is a highly volatile industry that is in a turbulent state due to energy price fluctuations, technological immaturity, and upcoming regulatory increases. Seaport stakeholders and enterprises in the maritime transport sector, like many others, face a lack of knowledge about proper methodologies and programs for successful DT. The majority of available research is focused on either general DT trends in transportation or digitization trends in maritime transport. A distinct lack of research and scientific papers that provide an in-depth overview of DT in the maritime transport sector exists.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Ericsson (Sweden), Atos Syntel Inc. (United States), Tech Mahindra Limited (India), Kintetsu World Express, Inc. (Japan), Advantech Co., Ltd. (Taiwan), Mindtree Ltd. (India), Hexaware Technologies Limited. (India), ABB (Switzerland), 3Gtms, LLC (United States) and CEVA Logistics (France) |
The study covers a detailed analysis segmented by key business segments i.e. by type (Bulk Carriers, General Cargo Ships, Container Ships, Tankers and Barges) and major geographies.
The competition is expected to become even more intense in the years to come due to the entry of several new players in the market. To help clients improve their revenue shares in the market, this research study provides an in-depth analysis of the markets competitive landscape and offers information on the products offered by various leading companies. Additionally, this Digital Transformation of Maritime Freight market report suggests strategies that Manufacturers can follow and highlights key areas they should focus on, in order to take maximum benefits of growth opportunities.
The report offers several leading Manufacturers, some of them are Ericsson (Sweden), Atos Syntel Inc. (United States), Tech Mahindra Limited (India), Kintetsu World Express, Inc. (Japan), Advantech Co., Ltd. (Taiwan), Mindtree Ltd. (India), Hexaware Technologies Limited. (India), ABB (Switzerland), 3Gtms, LLC (United States) and CEVA Logistics (France).
Market Overview:
On 29th September 2021, RINA has announced the acquisition of Logimatic Solutions, a leading software company headquartered in Denmark. The company, which has a turnover of approximately 6 million euros, will be fully integrated into the RINA Group, and its nearly 50 employees will continue to work from offices in Denmark, Singapore, and Chile. Hellenic Shipping News Worldwide (www.hellenicshippingnews.com) interviewed RINA's CEO, Mr. Ugo Salerno, about this strategic move and its significance in the company's overall growth.
Maritime transport, an important mode of transport in international trade, is digitalizing and transitioning to DT at different rates in different domains. Shipping, as part of the logistics chain, is a volatile industry that is in a turbulent state due to energy price fluctuations, technological immaturity, and upcoming regulatory increases. Seaport stakeholders and enterprises in the maritime transport sector, like many others, face a lack of awareness, proper strategies, and initiatives for successful DT.
With expertise in advanced cloud platforms, AI, analytics, SaaS solutions, Blockchain, and cognitive solutions, IBM Corporate Entity and Oracle Corporation are two of the most powerful market players in the field of digitization. They have continued to dominate the market landscape of digital transformation of maritime freight due to their expertise in product diversification and strategic partnerships and acquisitions to enhance their product portfolio and customer base.
Influencing Trend:
Technological Advancement in Maritime Freight and Services and Advancements in Analytic Solutions
Market Growth Drivers:
Rise in Investments in the Digital Transformation of Maritime Freight Made By the Governments, Increasing Maritime Transport Is Drivers of the Market and Increasing Demand for Container Handling Services Is Fuel the Growth
Challenges:
High Cost Associated With Digital Transformation Maritime Freight and Services and Lack of Awareness Regarding Maritime Freight
Restraints:
Concerns about Cyber Security and Complication Associated With Digital Transformation of Maritime Freight Analytics
Opportunities:
Growing the Generation of Shipping Data Fuels the Growth, Increasing Number of Free Trade Agreements between Countries and High Demand for Port Infrastructure Development Is Drive the Market
Key highlights of the Global Digital Transformation of Maritime Freight market Study:
CAGR of the market during the forecast period 2022-2028
In-depth information on growth factors that will accelerate the Digital Transformation of Maritime Freight market in next few years.
Detailed Insights on futuristic trends and changing consumer behavior
Forecast of the Global Digital Transformation of Maritime Freight market size and its contribution to the parent market by type, application and by country.
A broad view of customer demand
Uncover markets competitive landscape and in-depth information on various Manufacturers
Comprehensive information about factors that will challenge the growth of Digital Transformation of Maritime Freight Manufacturers
Transformation and Important Triggers:
Business transformation has taken hold across the broad corporate landscape due to the confluence of several important triggers, including:
A tipping point in globalization
A major slowdown in Western economies
Significant shifts in technology and cost structure
The challenges of regulatory compliance
New forms of competition developing
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Digital Transformation of Maritime Freight market.
In order to reach an exhaustive list of functional and relevant players, various industry classification standards are closely followed such as NAICS, ICB, and SIC to penetrate deep into important geographies by players, and a thorough validation test is conducted to reach the most relevant players for survey in Digital Transformation of Maritime Freight market.
In order to make a priority list sorting is done based on revenue generated based on the latest reporting, using paid databases such as Factiva, Bloomberg, etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment> by targeting key target audience that includes New Entrants/Investors, Analysts and Strategic Business Planners, Digital Transformation of Maritime Freight Manufacturer, Digital Transformation of Maritime Freight distributor & Supplier, Regulatory Authorities, Government Bodies, End-Users and Others.
This helps us to gather the data for the players revenue, operating cycle and expense, profit along with product or service growth, etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that include Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, Annual reports, press releases, etc.