The Waterway Transportation Software Solutions Market size is estimated at USD 96.29 billion in 2024, and is expected to reach USD 142.34 billion by 2029, growing at a CAGR of 8.13% during the forecast period (2024-2029).
Transportation plays a vital role in the development of any economy. With the rising trend of utilizing huge amounts of digital data building and the increased penetration of various cloud services in the shipping/marine industry, adopting advanced tracking, communication, and ship management technology is extensively driving the market's growth.
The competitive rivalry among the players in the market is high due to the presence of some key players like SAP SE, Cognizant, Accenture PLC, Bass Software Ltd, and many more. Continuous investments in research and development have thus allowed the companies to innovate their products and introduce new products in the market, which, in turn, has allowed them to gain a competitive advantage over other players.
In March 2023, Union Minister for Shipping Ports and Waterways and Ayush virtually introduced the Real-time Performance Monitoring Dashboard of MoPSW 'Sagar Manthan.' It is primarily a digital platform with all the integrated data related to the ministry and other subsidiaries. This dashboard would transform the workings of various departments by improving well-coordinated real-time information.
In December 2022, Lagos State governor, Mr. Babajide Sanwo-Olu, commissioned the newly installed Waterways Monitoring and Data Management Centre (WMDMC) at the Five Cowrie Terminal, the headquarters of the State Waterways Authority (LASWA) in Falomo, Ikoyi. Commuters using Lagos State's water transport services following the commissioning are in for a fresh safety experience, with the activation of modern monitoring gadgets and infrastructure to enhance security across the State's waterways transportation network.
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