Global Market for Seaport IoT Technologies Will Grow at a Compound Annual Growth Rate of 25%

Seaports across the globe have begun to implement a range of smart technologies to meet increasing demands on the shipping industry, improve productivity, and reduce the environmental impacts of shipping.

The global market for seaport IoT technologies, which includes expected spending on sensors and automation technologies for small and large global ports, is estimated at $2.67 billion in 2021. According to a new report from Guidehouse Insights, this market is expected to grow to $25.29 billion in 2031, at a compound annual growth rate (CAGR) of 25.2%.

Investment in digital transformation will likely be driven by ever increasing trade throughput of ports, sustainability initiatives and regulations, and increased competition among ports and terminal operators to have the most efficient processes. Technologies such as private 5G cellular networks, blockchain, robotics, and drones have not yet experienced large penetration in seaports, though they have the potential to catalyze technology adoption in the future as cost and regulatory barriers are met, according to the report.