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The waterway transportation software solutions market is expected to register a CAGR of 9.01%, during the forecast period (2020-2025). Transportation plays a vital role in the development of any economy. With changing demands, all transportation modes have become more cost-effective, reliable, and efficient.
- The market studied is primarily driven by the increasing demand for global heavy freight transportation. The rise in the standards of the transportation processes has boosted the growth of the market studied. Additionally, the increasing popularity of containerization and the rise of new ports have influenced the growth of the market studied. The introduction of containerization has brought about a dramatic shift in the industry.
- New technological developments, such as machine-to-machine (M2M) communication and introduction of containerization, have transformed the transportation industry, with drastic changes in the waterway transport. These technologies are significantly transforming the work patterns in shipping organizations.
- Several countries have been regularly trying to upgrade and build cruise vessels. For instance, in May 2017, in India, Kerala Shipping and Inland Navigation Corporation (KSINC) planned to launch the state’s first seagoing cruise vessel, Nefertiti, by December 2017, to cater to the rising number of tourists.
- The increasing partnerships in the waterborne trade have resulted in the development of new markets, in the developing economies of Asia-Pacific and Middle East & Africa. Developing countries, such as China and India, are responsible for the demand shift, thereby propelling the market’s growth. In addition, the development of various new sea routes and seaports across the globe provides growth opportunities, for the market studied.
Scope of the Report
Waterway transportation software are solutions used to track and manage freight transport via a barge, boat, ship or sailboat, over a body of water, such as a sea, ocean, lake, canal or river.body of water, such as a sea, ocean, lake, canal or river.
Key Market Trends
Retail Sector is Expected to Show Significant Growth
- The retail industry is a fast-growing and highly competitive segment. This sector deals with a wide range of products, which have specific requirements regarding the processing of the order.
- In the United States, retail sales have been witnessing significant and consistent growth over the past few years. This industry is seeking effective solutions to increase efficiency. Moreover, the sector is investing highly on the supply chain, so as to remain competitive and gain an edge over the competitors.
- In order to increase profit margins, retailers need to monitor transportation activities on a regular basis, including meeting compliance and controlling costs.
- Effective transportation management helps in improving consistency and control, throughout the retail enterprise. With real-time visibility for shipping processes, retailers can precisely refine transportation planning, regulate volume shipping, and forecast demand.
North America is Expected to Hold the largest Market Share
- North America is one of the largest markets for technology-based solutions. It is further expected to be a strong player in the global economy, especially for the development and implementation of new technologies. The industrial sector is growing steadily, in line with the increasing influence of the internet, regarding the sales of industrial goods.
- The expansion of US oil production and changes in the location of oil production have increased the use of various transportation modes, to move the oil to refineries and terminals. Although pipelines continue to be the predominant mode for moving oil, the prominence of water transportation has been increasing substantially, in recent years.
- Besides, reduced trade barriers have increased the need for information on transportation infrastructure and services within various countries in North America, such as Canada and the United States. Two key initiatives, the Canada-US Free Trade Agreement, and the subsequent North American Free Trade Agreement, were significant indicators for the liberalization of trade in goods and services, between these countries.
The competitive rivalry among the players in the market is high owing 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 enabled the companies to innovate their products and introduce new products in the market which in turn has enabled them to gain a competitive advantage over other players. Mergers and acquisitions and strategic partnerships have allowed the companies to gain a strong foothold in the market.
- July 2018 - SAP announced that it has more than doubled the number of digital innovation solutions and significantly expanded design-led engagement services, with the launch of the SAP Leonardo Partner Medallion Initiative. SAP Leonardo’s technologies empower enterprises with intelligent technologies for every business process, to create better outcomes.
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