The global terminal management system market size is slated to cross a valuation of US$ 926.1 million in 2023. It is projected to hit a valuation of US$ 1,390.0 million by 2033. The market is foreseen to flourish at a CAGR of 4.1% from 2023 to 2033.
Containerization has grown significantly, with containers now serving as the main means of freight transportation in the worldwide shipping sector. To handle containerized freight effectively, control container movements, keep track of inventories, and optimize container stacking and retrieval, terminal management systems are essential. The market for terminal management systems is expanding due to the rise of containerization.
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For logistics management to be successful, supply chain visibility is essential. Real-time tracking and monitoring capabilities offered by terminal management systems give terminal managers and stakeholders total visibility into the movement of cargo and containers throughout the facility. The demand for terminal management systems is growing as operational efficiency, and customer satisfaction is becoming a greater priority in supply chain visibility.
Operators of terminals are always looking for methods to increase productivity, throughput, and performance of their facilities while lowering costs and posing as few hazards as possible. To aid operators in making the right decisions and streamlining their operations, terminal management systems provide capabilities, including predictive maintenance, optimization algorithms, performance analytics, and real-time reporting. The demand for such technologies is increasing as terminal operators place a higher priority on efficiency and profitability.
Key Takeaways:
- The global terminal management system industry developed at a CAGR of 5.1% from 2018 to 2022.
- In 2018, the global market size stood at US$ 719.0 million.
- The global market size stood at US$ 876.0 million in 2022.
- The services segment is projected to thrive at a CAGR of 4.0% from 2023 to 2033.
- The oil & gas segment is estimated to expand at a 3.9% CAGR from 2023 to 2033.
- The market in China for terminal management systems is predicted to flourish at a 5.1% CAGR from 2023 to 2033.
- The South Korea market for terminal management systems is projected to thrive at a 4.5% CAGR from 2023 to 2033.
- The United States market for terminal management systems is anticipated to expand at a 3.0% CAGR from 2023 to 2033.
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Recent Developments Observed:
- The Busan Port Authority (BPA) plans to introduce its first fully automated container port, complete with ship-to-shore cranes constructed in Korea, in the second half of 2023.
- In September 2022, Yokogawa Electric Corporation acquired Votiva Singapore Pte Ltd. This Southeast Asian IT consultancy provides services for the development of enterprise resource planning (ERP) and customer relationship management (CRM) software.
- In September 2021, Huawei unveiled its Smart Port Solution at HUAWEI CONNECT 2021. The smart customs integrated solution develops digital management capabilities based on factors that include people, vehicles, goods, enterprises, and places. To build safe, efficient, and intelligent world-class ports and make cross-border trade safer and more practical.
Key Segmentation:
By Offering:
- Software
- Services
- Professional Services
- Managed Services
By Vertical:
- Oil & Gas
- Upstream
- Downstream
- Midstream
- Chemical
- Petrochemical
- Others
- Others
By Type:
- Brownfield Projects
- Greenfield Projects
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East & Africa (MEA)
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