According to the latest report released by Allied Market Research, the global smart port market is valued at $2 billion in 2022 and is expected to reach $15.5 billion by 2032, with a compound growth rate of 23.1% from 2023 to 2032.

By segment, the Internet of Things (IoT) has the largest share of the global smart port market in 2022, accounting for two-fifths, and is expected to continue to dominate. Iot-related sensors are deployed on port equipment such as port machines and trucks to monitor the performance, health and usage of various equipment, and the real-time data returned by the sensors helps in preventive maintenance, reducing equipment downtime and optimizing equipment utilization. However, according to the report, the field of artificial intelligence (AI) has the fastest CAGR of business at 23.6%.

The report also points out that some of the world's largest ports by volume (i.e. the busiest ports) have the largest share of the smart port market, accounting for more than half of the global smart port market revenue, and are expected to remain dominant through 2032. In the busiest ports, AI helps ports operate smoothly, increase efficiency and cost-effectiveness, and improve customer experience while addressing the challenges of managing operations at scale. Medium-busy ports are expected to see the fastest CAGR of 23.4 per cent.

In addition, by region, Asia Pacific will have the largest share of the smart port market in 2022 and will achieve a CAGR of 24.3% over the forecast period. The Asia-Pacific region has been leading the way in adopting smart port technologies, with countries such as China, Singapore, Japan, South Korea and Australia consistently at the forefront of integrating iot, artificial intelligence, automation and big data analytics into their port production operations.