Ports along with the industrial revolution are in 4.0 mode. Although ports are relatively slower than other industries to adapt to automation owing to their large-scale infrastructure, interdependencies on north and south-bound systems make it a challenge. Recent McKinsey reports suggested that successful automated ports show that careful planning and management can surmount these difficulties: Operating expenses could fall by 25-55% and productivity could rise by 10-35%. And in the long run, these investments will lead the way toward a new paradigm— calling it 'Port 4.0'
To get smart, ports need to go digital
Expected market by 2024
Expected CAGR from 2019 to 2025
Statistics Source: BCG Analysis
Ports must adopt connected technologies that help stakeholders coordinate and collaborate to boost productivity, cut costs, and gain a competitive edge. Digitalization will allow for optimization of data analytics and data exchange becoming a new comparative advantage for ports.