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The Global Waterway Transportation Software and Services Market size is forecast to reach $119.1 billion by 2027, growing at a CAGR 7.3% from 2022 to 2027. Growing technological advancements in waterway transportation such as freight security, yard management, vessel tracking, customization services, and others have been eventually driving the need for maritime software. Rising demand for heavy freight transportation globally and the introduction of containerization in the transportation industry are some of the prime factors driving the global Waterway Transportation Software and Services Market. Furthermore, with growing adoption of advanced waterway transportation solutions by naval defense system to ensure reliable and safe communication, global Waterway Transportation Software and Services has gained huge traction. The growing convergence of unmanned underwater vehicles and advanced acoustic sensors as a part of offering improved surveillance and threat detection solutions is augmenting the market. Increasing penetration of advanced machine-to-machine communication in ship management technology offers high speed data transmission and data analytics as a part of improving real-time monitoring and is analyzed to drive the market in future years.
Waterway Transportation Software and Services Segment Analysis- By Deployment Model
By deployment model, global Waterway Transportation Software and Services Market has been segmented into cloud, on-premise and hybrid model. Cloud segment is analyzed to grow with the highest CAGR of 7.9% during the forecast period 2022-2027. As compared to on-premise models, cloud based software act as a cost-efficient solution, eliminating requirement of additional infrastructures, attributing to its market growth. The rising adoption of cloud computing or cloud based services in shipping and maritime industries as a part of transportation & logistics, supply chain management and so on to improve data accessibility from remote locations is also aiding the market growth over time. Cloud deployment enables synchronization of data seamlessly from multiple sources which provides the ability to communicate as well as transfer data more easily than on premise model. Furthermore, benefits of cloud deployment such as ease of deployment, and pay-per-usage model are considered to be some of the prime factors boosting its market growth. According to Amazon Web Services (AWS) report, published on November 2020, some top maritime companies including Matson, Seaco and Deutsche Bahn have already shifted its IT workload on cloud infrastructure, which in turn has helped in 50% cost reduction. In September 2020, IMC Industrial Group, a leading integrated maritime solutions provider announced about the adoption of Veson Nautical’s cloud-based IMOS Platform, as a part of IMC’s end-to-end maritime solution. Such factors are further set to propel the market growth of global Waterway Transportation Software and Services Market in the long run.
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Waterway Transportation Software and Services Segment Analysis- By End Users
By end users, Waterway Transportation Software and Services market has been segmented into Retail & Consumer Goods, Energy & Power, Mining, Oil & Gas, Construction, Chemical, Food & Beverage, Military & Defense, Healthcare & Pharmaceutical, Manufacturing and Others. Retail & Consumer Goods sector dominated the global Waterway Transportation Software and Services market with a share of 39% in 2021, and is analyzed to have a significant growth during 2022-2027. Rising shifts in consumption and shipping patterns with the growth in e-commerce is likely to continue in coming years, which in turn will increase the demand for distribution centers and warehouses globally ensuring higher growth towards maritime transportation of goods. According to United Nations Conference on Trade and Development, at the beginning of 2020, the total world fleet amounted to 98,140 commercial ships of 100 gross tons, showing a growth of 4.1% and reflecting the fact that there has been an accelerated shift in globalization and supply chain design, which in turn is eventually impacting the adoption of maritime logistics services by the retailers or e-commerce businesses. In October 2021, one of the leading multinational retail firm, named Walmart announced about restoration of cargo shipping services, through chartering their own cargo ships. This was done to keep flow of goods in operational state with an aim to mitigate supply chain disruptions during the upcoming festive season. Such factors are set to drive the market forward in the coming years.
Waterway Transportation Software and Services Segment Analysis- By Geography
By Geography, Waterway Transportation Software and Services market has been segmented into North America, Europe, APAC, South America and Others. North America dominated the global Waterway Transportation Software and Services market with a share of 36% in 2021, owing to huge investments in defense sector and maritime research. According to International Trade Administration, the United States currently has 14 Free Trade Agreements (FTAs) with 20 countries in force ensuring significant growth towards international freight transport and maritime auxiliary services. Rising investment towards expansion of water transport or shipping facilities or port infrastructures is one of the key factors driving its market growth within the region. Increasing adoption of unmanned underwater vehicles by naval defense system in US and Canada as a part of offering defense and security operations are creating significant growth opportunities for the market. In January 2021, U.S. Office of Naval Research had revealed about its contract with Advanced Acoustic Concepts LLC, valued at US$ 9.3 Million. This contract was signed as a part of developing advanced technologies to support object detection in deep ocean environments. Such governmental initiatives are set to create significant growth opportunities for the market during 2022-2027.
Waterway Transportation Software and Services Market Drivers
Increasing penetration of Machine-to-Machine communication to improve business insights in maritime industries are impacting the market growth
Increasing penetration of Machine-to-Machine (M2M) communication as a part of improving business insights for shipment tracking, management of supply chain operations and so on acts as major factor driving the market growth towards global Waterway Transportation Software and Services. The burgeoning demand for advanced communication technology, gaining real-time insight and voyage performance analysis as a part of improving fleet competitiveness in order to actively grow cargo-based businesses is elevating the waterway transportation software and services market. Furthermore, growing adoption of wifi-enabled underwater acoustic modems in navy to navigate, monitor and communicate beneath the water surface can also aid the market growth overtime. The growing convergence of unmanned underwater vehicles and advanced acoustic sensor supporting improved surveillance is one of the prime factors boosting the market. The recent trend of shifting towards marine wireless communication system from wired system is holding significant potential for growth in maritime sector. In August 2021, The Barge Operators Association of Nigeria announced about its collaboration with Maritime Workers Union of Nigeria. This collaboration was done to bolster waterways transportation and establish enhanced interaction with regulatory bodies as a part of providing better management of barge activities on the waterways, and is set to fuel the market growth in the long run.
Growing demand for improving e-commerce operations through automation of supply chain or logistic operations supporting maritime transportation of goods drives its market forward
Growing demand for improving e-commerce operations through automation of supply chain or logistic operations supporting maritime transportation of goods act as a major driver boosting its market growth. In e-commerce operations, adoption of waterway transportation software and services optimize material handling systems, increase processing capacities and reduce order cycle times during sea freight transportation. Such beneficiary capabilities of Waterway transportation software and services is analyzed to positively impact the market growth overtime. Furthermore, with the substantial growth of international e-commerce, supply chain and logistics channels are evolving and adopting technological advancements, with maritime industry focusing highly on digitization and standardization. New developments in freight management for bulk cargo as a part of providing retailers with the connected, automated supply chain are the few factors assisting in conquering complexity and delivering beyond consumer expectations. In March 2021, Veson Nautical launched Veson Partner Network to extend the value of Veson IMOS platform to serve as the standard platform that propels maritime commerce with increased efficiency and profitability. Such developments are analyzed to propel the global Waterway transportation software and services market growth in the coming years.
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Waterway Transportation Software and Services Market Challenges
Growth in accidents at an alarming rate during sea freight transportation hinders its market growth
There has been a rising commercial pressure on marine freight transportation to arrive on time and consequently make more voyage due to heavy surge in e-commerce industry. As a result of this, containers are stacked higher beyond the full capacity of the ship, which has led to cargo sinking and containers toppling over as well. The piling pressure to speed deliveries is raising the risk of safety errors during freight transportation. The accidents are contributing towards disruption of supply chains for hundreds of retailers and manufacturers, which in turn results in huge financial loss. According to World Shipping Council, in 2020, more than 3,000 containers have fell down into the ocean whereas 2021 showed dropping of 1,000 boxes into the sea. Such factors have been creating an adverse impact on its market growth.
Waterway Transportation Software and Services Market Landscape
Product innovations, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Waterway Transportation Software and Services market. Waterway Transportation Software and Services top 10 companies include:
Accenture PLC
Bass Software Ltd.
Cognizant Technology Solution
Descartes Systems Group
ZeroNorth
SAP SE
Veson Nautical Corporation
Aljex Software
High Jump Software
Trans-I Technologies
Acquisitions/Product Innovations
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. This development contributes towards increasing visibility at real time while making commercial freight decisions as a part of empowering commodity trading and maritime shipping.
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.
In December 2020, Maritime technology company ZeroNorth announced a new strategic product partnership with Veson?Nautical. This partnership was done to integrate ZeroNorth’s app “Optimise” with the IMOS platform of Veson nautical as a part of accelerating the optimization of the commercial freight management operations. The integrated data transfer services between these two companies assist in combining VIP fleet and vessel information with ZeroNorth’s weather, port and market data.
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Key Takeaways
Cloud deployment is analyzed to witness highest growth in the Waterway Transportation Software and Services Market during 2022-2027 owing to ease of deployment and pay per usage model.
North America Waterway Transportation Software and Services Market held the largest share in 2021, attributing to factors like early adoption of digital platforms in maritime research and high investments towards advanced technology including AI, machine learning and others.
Increasing adoption of M2M communication to improve business insights in maritime industries along with growing demand for improving e-commerce operations through automation of supply chain or logistic operations supporting maritime transportation of goods is analyzed to significantly drive the global Waterway Transportation Software and Services Market during the forecast period 2022-2027.
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