Waterway Transportation Software Solutions Market Forecasts to 2028 – Global Analysis By Deployment (Cloud, Hybrid, On-Premise and Other Deployments), Solution, Application and By Geography

Waterway Transportation Software Solutions Market Forecasts to 2028 – Global Analysis By Deployment (Cloud, Hybrid, On-Premise and Other Deployments), Solution, Application and By Geography

According to Stratistics MRC, the Global Waterway Transportation Software Solutions Market is accounted for $91.5 billion in 2022 and is expected to reach $161.2 billion by 2028 growing at a CAGR of 9.8% during the forecast period. The shipping industries have utilised the waterway transportation software and services industry substantially to increase business productivity and freight security. Additionally, the use of improved communication, tracking, and ship management technology has expanded due to the rising trend of leveraging huge digital data storage and significant penetration of cloud services in the shipping/marine business. The market for software and services for the waterway transportation industry has grown as a result of the increasing acceptance of various technological innovations such as Machine to Machine communication and the introduction of containerization in the transportation sector.

According to the United Nations Conference on Commerce and Development, around 80% of international trade in products is conducted by sea, with more than 70% as containerized cargo, and the figure is significantly greater in most developing countries.

Market Dynamics:

Driver:

The increasing demand for water transport services

The oil and gas industry is a significant user of water transportation services. A safe and affordable means of transportation is the shipping of natural gas and crude oil across waterways. Comparing the delivery of commodities by waterways to other forms of transportation, such as the road and rail, is an environmental comparison. The need for water transport services from the oil and gas sector is a key factor in the market's expansion.

Restraint:

Rising accidents at an alarming rate

There has been growing commercial pressure on marine goods transportation as a result of the enormous growth in the e-commerce industry. Containers are therefore stacked higher above the ship's carrying capacity, which causes cargo to sink and containers to topple. The risk of safety errors during goods transportation is increased by the pressure to hasten deliveries. The accidents are causing supply networks to break down, which is preventing the market from expanding.

Opportunity:

High demand for improving e-commerce operations

When used in e-commerce operations, waterway shipping software and services increase material handling systems, boost processing power, and shorten order cycle times during sea freight transportation. Supply chain and logistics networks change and incorporate new technologies as global e-commerce expands, though. Growing demand for better supply chain management for e-commerce businesses is a key element fueling the expansion of this sector.

Threat:

Lack of awareness

The lack of awareness, coupled by the unwillingness of numerous small shipping enterprises to adjust to new methods and improvements in transportation, is limiting the market's growth. Additionally, the lack of uniformity across the many environmental regulations and policies is impeding this market's expansion. The high expense of installing and maintaining these systems as well as the demand for specialised staff present a hurdle to the market.

Covid-19 Impact

The COVID-19 pandemic outbreak has been detrimental to the world economy because it has affected many different industries. The epidemic has caused lockdown restrictions and travel restrictions to be implemented in several nations, which has disrupted the supply chain for goods and materials as well as market demand. Additionally, trade restrictions, the closure of industrial facilities and a drop in output rate, cash flow issues, and a lack of workers have all contributed to a decline in the cash flow margins of the global market's stakeholders. Due to its extensive nature and effects on trade networks, which mostly involve international import and export trade, this pandemic has had a significant global influence on the shipping sector.

The cloud segment is expected to be the largest during the forecast period

The cloud segment is estimated to have a lucrative growth, due to it acts as a cost-efficient solution, eliminating requirement of additional infrastructures. In order to increase data accessibility from remote places, cloud computing is increasingly being adopted in the shipping and maritime industries as a part of transportation & logistics. Data synchronisation from several sources is made possible by cloud deployment, which makes it easier to communicate and transfer data than with an on-premises architecture.

The retail segment is expected to have the highest CAGR during the forecast period

The retail segment is anticipated to witness the fastest CAGR growth during the forecast period, due to technological advancement. The retail industry works with a vast variety of products, each with unique needs for order processing. With the aid of the software solution, retailers can accurately improve transportation planning and control volume shipment in real-time. The segment's rise is probably being driven by changing patterns of shipping and consumption brought on by the expansion of e-commerce.

Region with Largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to early adoption of latest technologies and presence of major industry players. Trade between nations has increased significantly as a result of rising globalisation and trade liberalisation. The reasons fueling the region's growth are growing environmental concerns and more international trade.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to rising investment towards expansion of water transport or shipping facilities. It is moreover anticipated to be a significant role in the global economy, particularly for the creation and adoption of innovative technology. In accordance with the growing influence of the internet on the sales of industrial goods, the industrial sector is steadily expanding.

Key players in the market

Some of the key players profiled in the Waterway Transportation Software Solutions Market include Aljex Software, Accenture PLC, Cognizant Technology Solution, Descartes Systems Group, Veson Nautical, Bass Software Ltd., SAP SE, Highjump Software, ZeroNorth, Veson Nautical Corporation, Trans-I Technologies, Dnv Gl and Zebra Technologies Corp.

Key Developments:

In September 2021, Veson Nautical, the global market leader for commercial maritime software, announced the acquisition of Oceanbolt, a dynamic data solutions provider for marine shipping intelligence. This was done to combine analytics focused solution and algorithms of Oceanbolt with Veson IMOS platform.

In May 2021, Ocean Network Express (ONE) announced the launch of digital end-to-end freight booking platform powered by Descartes System group. This end-to-end digital platform, named ONE QUOTE will assist customers in digitizing shipment exports and booking operations at any time. Singapore based container carrier, Ocean Network Express is using this digital solution, as a part of streamlining its freight execution operations in 11 Asian countries.

Deployments Covered:
• Cloud
• Hybrid
• On-Premise
• Other Deployments

Solutions Covered:
• Maritime Software
• Yard Management
• Ship Broker Software
• Warehousing
• Vessel Tracking
• Freight Security
• Other Solutions

Applications Covered:
• Oil & Gas
• Industrial
• Manufacturing
• Retail
• Aerospace & Defense
• Chemical
• Construction
• Food & Beverage
• Other Applications

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements