Digitalization refers to the representation of reality in the form of data. Digitalization has been widely adopted by various shipping companies owing to benefits such as reduction in paperwork & manual errors, improved response time to manage the quantity of cargo, digitalization of the core business and navigation of the route, among others. Market Industry Reports (MIR) has published a new report titled "Maritime Cargo Digitization Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030." According to the report, the Global Maritime Cargo Digitization Market accounted for over US$ 16.3 billion in 2019. The market is anticipated to grow at a CAGR of ~9.8% from 2019 to 2030.
The market growth can be attributed to several factors, which has led to its wide-scale adoption. The growing seaborne trade across the globe and improving the customer experience are anticipated to further contribute to this substantial market growth between 2019 and 2030. However, the possibility of cyber threats to ships due to digitalization is likely to restrain market growth to a certain extent.Major Key Players of the Maritime Cargo Digitization Market are:
IBM Industries, SAP, Oracle, Atos Syntel, Hexaware Technologies Limited, Tech Mahindra Limited., Kintetsu World Express, Inc., ABB, Advantech Co., Ltd., and Mindtree Ltd., among others.
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