Press release
Global Waterway Transportation Software Market to Reach $116.51 Billion by 2029, Growing at 9% CAGR
Waterway Transportation Software Market Growth
Over the years, the market size of waterway transportation software has seen significant growth. The market is expected to increase from $75.39 billion in 2024 to $82.46 billion in 2025, with a compound annual growth rate (CAGR) of 9.4%. Factors contributing to the growth during the previous period include globalization, regulatory compliance, increased fuel prices, and enhanced supply chain optimization.
The market size for waterway transportation software is projected to experience significant expansion in the coming years, with its value predicted to reach $116.51 billion in 2029, marking a compound annual growth rate (CAGR) of 9.0%. The growth during this forecast period can be traced back to multiple factors such as digital transformation, sustainability efforts, investment in infrastructure, the rise of e-commerce, resilience, and risk management strategies. Within this timeframe, key trends to look out for include increased system integration, heightened focus on predictive analytics, the adoption of AI and machine learning technologies, extended use of cloud-based solutions, and a stronger emphasis on cybersecurity.
What Factors Are Fueling Growth in the Waterway Transportation Software Market?
The expansion of the waterway transportation software market is projected to be driven by the surge in maritime commerce. Maritime commerce constitutes the trading of goods and services via seafaring routes with ships and boats. The rise in global maritime commerce can be attributed to globalization, market enlargement, advancements in shipping technology, new shipping lanes, along with an increase in worldwide demand for goods coupled with enhancements in infrastructure and economic policies. Software for waterway transportation is used in marine commerce to streamline the scheduling of ships, plan routes, manage cargo logistics, meet regulatory standards and foster real-time communication among all parties involved. For example, data released by the United Nations Conference on Trade and Development (UNCTAD), a Switzerland-based intergovernmental entity, in September 2023 indicates a projected 2.4% rise in maritime commerce in 2023, with further growth above 2% predicted from 2024 to 2028. Notably, the volume of containerized trade is expected to increase by 1.2% in 2023. As a result, the upward trend in maritime commerce activities will bolster the development of the waterway transportation software market.
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Which Leading Companies Are Shaping the Growth of the Waterway Transportation Software Market?
Major companies operating in the waterway transportation software market are Maersk A/S, accenture* plc, Oracle Corporation, SAP SE, Danaher Corporation, ABB Ltd., Cognizant Technology Solutions Corporation, Zebra Technologies Corporation, Flexport Inc., Kirby Corporation, DNV GL AS, American Commercial Lines Inc., Descartes Systems Group Inc., Aquatic Informatics Inc., LogiNext Solutions Pvt. Ltd., Jibe, Geniuserp, FourKites Inc., Trans-I Technologies Inc., Bass Software Solutions, Hidrovuas do Brasil, XPV Water Partners, Zero North, Veson Nautical Corporation, ABS Wavesight, FRETRON, Nautical Corporation
What Are the Major Trends Shaping the Waterway Transportation Software Market?
Leading businesses in the waterway transportation software sector are progressively utilizing technologies such as cloud-based transport management systems in order to stay competitive and boost their operational productivity. Such systems deliver features like route optimization, real-time tracking, management of inventory, freight scheduling, and performance analytics, which can be accessed from any device connected to the internet. For example, CocoonFMS Ltd., a logistic software firm based in the UK, launched CocoonOPS, their newest transport management system in September 2023, with the vision of transforming operations for freight forwarders. CocoonOPS is intended to revolutionize freight forwarding operations, particularly for small and medium enterprises, through providing real-time tracking for shipments of air, sea, road and rail, and other features such as demurrage and detention cost computations, customizable workflows, automated tasks, and document creation.
What Are the Key Segments of the Waterway Transportation Software Market?
The waterway transportation software market covered in this report is segmented -
1) By Solutions: Warehousing, Vessel Tracking, Freight Security, Yard Management, Audit And Claim, Ship Broker Software, Maritime Software, Other Solutions
2) By Services: Managed Services, Consulting Or Customization Services, Training Services
3) By Deployment Model: On-Premises, Cloud, Hybrid
4) By Industry Vertical: Consumer And Retail, Oil And Gas, Industrial And Manufacturing, Energy And Mining, Aerospace And Defense, Construction, Chemicals, Pharmaceuticals And Healthcare, Food And Beverages, Other Industry Vertical
Subsegments:
1) By Warehousing: Inventory Management, Warehouse Operations Optimization
2) By Vessel Tracking: Real-Time Vessel Monitoring, Fleet Management
3) By Freight Security: Cargo Tracking and Monitoring, Risk Management Software
4) By Yard Management: Container Yard Optimization, Terminal Management Software
5) By Audit and Claim: Cargo Claims Management, Compliance And Auditing Solutions
6) By Ship Broker Software: Vessel Chartering Management, Broker-Client Communication
7) By Maritime Software: Marine Fleet Management, Maritime Navigation Solutions
8) By Other Solutions: Port Management Software, Weather Routing And Analysis
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Which Region Dominates the Waterway Transportation Software Market?
North America was the largest region in the waterway transportation software market in 2024. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the waterway transportation software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Waterway Transportation Software Global Market Report?
- Market Size Analysis: Analyze the Waterway Transportation Software Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Waterway Transportation Software Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Waterway Transportation Software Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Waterway Transportation Software Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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