Waterway transportation is an important part of the global transportation market as trend shows that around 80% of heavy freight volume is transported with the help of waterways. Various modes of transportation that includes land, water or air are more reliable, cost effective and efficient which are generally influenced by changing demand. Freight security coupled with various software adopted by different shipping companies aimed at boosting business efficacy is termed as waterway transportation software.
Cloud, social media and data building are some of the technological advancements adopted by various shipping companies. In addition, use of Internet of Things and cloud computing has resulted in huge data collection from various shipping companies. Waterway transportation software and services play a very important role in leveraging business performance followed by lowering operation cost. The global Waterway Transportation Software and Services market is expected to grow at a steady rate during the forecast period from 2017 to 2025.
The global market has been bifurcated based on deployment type, solution, service, and end user industry. Based on solution, the market is segmented into maritime software, vessel tracking, warehousing, yard management and others. By service, the market has been segmented into consulting or customization services, managed services and simulation and training services. In terms of deployment type, the market is segmented into hybrid, on-premises and hosted.
End user industry segment is further segregated into food and beverages, chemicals, energy, mining, oil and gas and aerospace and defense among others. Innovative technological developments that includes introduction of containerization and Machine-to-Machine (M2M) communication have changed the transportation industry with significant changes in waterway transport. This serves as one of the major driving factor in the growth of this market. In addition, new port developments in developing countries followed by transportation of products and advancement in transportation service and software sector aimed at boosting and lowering the operational cost of business has augmented the demand of global Waterway Transportation Software and Services market during the forecast period.
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However, lack of awareness followed by unwillingness of various small shipping companies to conform to new methods and advancements in transportation is restraining the growth of this market. In addition, lack of standardization of various environment laws and policies is also hampering the growth of this market. However, growing demand from BRICS and African countries followed by expansion of new sea routes serves as key opportunity factor in the growth of global Waterway Transportation Software and Services market. In addition, introduction of next-generation maritime surveillance systems also serves as opportunity in the global Waterway Transportation Software and Services market.