The COVID-19 pandemic is accelerating demand for the technology-enabled transformation of the global maritime shipping industry, says Paul Cuatrecasas, CEO of Aquaa Partners and Author of Go Tech or Go Extinct.
Representing a value of some $12 trillion, 90 per cent of the world's trade is carried by sea.
And yet, despite the industry's dominance the coronavirus pandemic has exposed the frailties of the global supply network and, in so doing, hastened the need for technology-enabled change.
To bolster resilience to future shocks, over the course of the next decade we will see a shift to shorter supply lines and greater regionalisation. As well as reducing risk of disruption, such a shift offers manufacturers cost savings, greater agility in output and closer proximity to centres of demand. This redrawing of the global distribution network will rest upon technological innovation in key areas and be delivered through the acquisition of tech disruptors in many cases by established industry players.