Global Waterway Transportation Software Solutions Market - Segmented by Types of Solution (Warehousing, Yard Management, Vessel Tracking, Maritime Software), Deployment Type (On-Premise, Hosted, Hybrid), End-user Vertical (Retail, Oil and Gas, Manufacturing, Industrial), and Region - Growth, Trends, and Forecast (2018 - 2023)
The global waterway transportation software solutions market is expected to register a CAGR of 9.01 %, during the forecast period (2018 - 2023). The waterway transportation software solutions market is vast in terms of freight transported in volumes. The past two decades witnessed the waterway transportation market undergoing economic crisis, owing to which, the growth of the waterborne trade market was negligible. Nevertheless, the market is recovering, and is witnessing the emergence of various new opportunities globally. The development of new markets in economies, such as Asia-Pacific and Middle East & Africa are one of the main factors driving this market. New technological developments, such as Machine-to-Machine (M2M) communication and introduction of containerization, have transformed the transportation industry with drastic changes in the waterway transport. These technologies are significantly transforming the work patterns in the shipping organizations.
Increasing Demand for Heavy Freight Transportation is Augmenting Market Growth
The increasing demand for heavy freight transportation is driving the waterway transportation software solutions market. The demand shift of freight from west to east is a tremendous opportunity for the market. Increasing collaborations and south-south cooperation in the waterborne trade are resulting in the emergence of new markets in economies of Asia-Pacific and the Middle East & Africa. Developing nations, such as China and India are also contributing to the demand shift, and thus driving this market growth. Furthermore, the development of new sea routes and seaports are providing new growth opportunities in this market.
Retail End-user is the Fastest Growing Segment
The retail sector deals with a wide range of products, which have specific requirements regarding the processing of the order. This industry is seeking effective solutions to increase efficiency. Moreover, the sector is investing highly on supply chain, so as to remain competitive and gain an edge over the competitors. In the retail industry, transport and logistics are key issues in achieving competitive performance. Moreover, supply chains have become increasingly complex in recent years, with a number of dynamic factors, which include sourcing practices, diversification in sales and distribution formats. These software systems optimize the international flows, thereby, supporting the growth.
North America Holds the Largest Market Share
North America is one of the largest markets for technology-based solutions. It is further expected to be a strong player in the global economy, especially in the development and implementation of new technologies. This implementation of new technologies is driven by the need for better and improved work atmosphere, thus leading to the implementation of various software systems. The industrial sector is growing steadily, along with increasing influence of the internet regarding the sales of industrial goods. The major contributor of these software products and services in North America is United States. The country’s 123 million households and approximately 7 million business establishments relies on the efficient movement of freight. Investments and transportation related purchases have been increasing significantly in the region. Moreover, the rapid growth in foreign trade is reflecting the growth of waterway transportation software in global interconnectivity.
Key Developments in the Market
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