The global smart port market is projected to grow from its current $1.7 billion to $5.1 billion by 2026, according to a recent report.
This represents an annual growth rate of 23.9 percent during the forecast period.
According to the report, increasing government participation and encouragement for smart port infrastructure development and upgradation and expansion of existing ports are expected to offer lucrative opportunities for the smart port market during the forecast period. However, challenges include the high initial investment required for port development and technological complexity in the integration and development of various systems.
The report notes that the extensively busy ports segment is expected to be the largest market during the forecast period. This segment handles a capacity of more than 18 million 20-foot equivalent units per year. Some of the extensively busy ports are in China, Singapore and South Korea. In fact, Asia Pacific is expect