Waterway Transportation Software Solutions Market - Global Industry Analysis and Forecast | Growth Market Reports

The global waterway transportation software solutions market size is anticipated to expand at a CAGR of 9% during the forecast period, 2021 – 2028. The growth of the market is attributed due to the increasing demand for heavy freight transportation across the globe.

Shipping companies are adopting software solutions coupled with freight efficacy to increase the business efficacy. They are adopting various technologies to amplify the data volume generated by such companies. Thus, these companies are deploying waterway transportation software and services to improve the cost-effectiveness and reliability of business operations. Internet of Things and cloud computing has resulted helped in huge data collection for shipping companies.

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Market Trends, Drivers, Restraints, and Opportunities:

• Increasing containerization and rising number of ports is expected to drive the market growth.
• Ongoing technological developments are significantly transforming the work patterns among shipping organizations, positively influencing the growth of the market.
• Increasing partnerships in the waterborne trade have opened up new market avenues, stimulating the market growth.
• Lack of awareness about the advantages offered by waterway transportation software and services can restrain the growth of the market.
• Rising demand for managed services is anticipated to generate lucrative opportunities for the waterway transportation software solutions market.
• Development of various new sea routes and seaports across the globe can create new revenue opportunities for industry players in the coming years.

Market Segment Insights

Cloud segment is excepted to dominate the market

Based on deployments, the market is segmented into on-premise, cloud, and hybrid. The cloud segment accounted for a large market share and is excepted to dominate the market growth owing to the growing trend of utilization of big data to improve the business operations. Moreover, increasing penetration of cloud-based services in the shipping/marine industry, adoption of advanced communication, tracking, and ship management technology are driving the segment growth.

Freight security segment to grow at a rapid rate

On the basis of solutions, the market is segmented into warehousing, vessel tracking, freight security, yard management, ship broker software, maritime software, and others. Increasing adoption of waterway transportation software solutions with freight security by different shipping companies, aimed at boosting business is driving the freight security segment.

Retail segment to accounts a considerable market share

Based on applications, the global waterway transportation software solutions market is segregated into retail, oil & gas, manufacturing, and industrial. The retail segment is anticipated to account for a considerable market share during the forecast period. The retail sector deals with wide range of products, which have specific requirements regarding the processing of the order. Retailers can precisely refine transportation planning, and regulate volume shipping in real-time with help of the software solution.

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Regional Outlook

In terms of regions, the market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is anticipated to dominate the market owing to early adoption of latest technologies and presence of major industry players. The rapid growth of the industrial sector is influencing the growth of the market in the region.

Compititive Landscape

Key players operating in the Global Waterway transportation software solutions Market includes SAP SE, Cognizant, Accenture PLC, Bass Software Ltd, and Veson Nautical Corporation.

Industry players are engaging in partnerships and collaborations with shipping companies to expand their market share.

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