A smart port is an automated port that uses cutting-edge technologies such as the Internet of Things (IoT), artificial intelligence (AI), and Blockchain to improve its operation. Because the volume of trade is growing, it is more important than ever to adopt new technology to improve internal efficiency and operations. Smart ports can assist enhance environmental sustainability since they integrate the aforementioned technologies.
The global Smart Ports Market is being driven by increasing trade activities and the growing trend of automation across industries. Many harbour authorities throughout the globe are increasingly introducing smart technology as a result of growing national and international trade via maritime transportation. Because these technologies help to enhance the port's overall efficiency, they are gaining popularity, which is helping to drive market expansion.
During the projection period, Europe is expected to have the greatest CAGR. Europe's ports are smaller than those in the United States, yet they handle a lot of freight. Furthermore, European ports are no longer able to compete only on the basis of port size, as smaller ports can manage the same amount of traffic as larger ports. As a result, even modestly and sparsely populated ports are rapidly adopting smart operations. For example, the Port of Rotterdam in Germany has teamed with IBM to install smart sensors throughout a 42-kilometer stretch of the port.
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