Smart Ports
Ports along with the Industrial Revolution is in 4.0 Mode. Although Ports are relatively slower than other industries to adapt to automation owing to its large-scale infrastructure, interdependencies on north and southbound 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 to 55 percent and productivity could rise by 10 to 35 percent. 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
US$16.2 billion
Expected Market by 2024
45.7%
Expected CAGR from 2019 to 2025
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.
Statistics Source: BCG Analysis