PUBLISHER: The Business Research Company | PRODUCT CODE: 1426479
PUBLISHER: The Business Research Company | PRODUCT CODE: 1426479
Maritime digitization involves the integration of digital technologies and data-driven solutions into various aspects of the maritime industry, encompassing logistics, shipping, port activities, and maritime management. Its objective is to enhance effectiveness, security, and sustainability in maritime activities through the application of digital technology and tools.
The primary technologies associated with maritime digitization include the Internet of Things (IoT), artificial intelligence, blockchain, and others. The Internet of Things (IoT) refers to a network of physical objects or things embedded with sensors, software, and other technologies to connect and exchange data over the internet. Various applications of maritime digitization include fleet management, vessel tracking, energy management, inventory management, predictive maintenance, and others. These applications find utility across different end-users such as ports and terminals, shipping companies, maritime freight forwarders, and others.
The maritime digitization market research report is one of a series of new reports from The Business Research Company that provides maritime digitization market statistics, including maritime digitization industry global market size, regional shares, competitors with maritime digitization market share, detailed maritime digitization market segments, market trends and opportunities, and any further data you may need to thrive in the maritime digitization industry. This maritime digitization market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The maritime digitization market size has grown rapidly in recent years. It will grow from $181.62 billion in 2023 to $200.21 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth observed in the historical period in maritime digitization can be attributed to cultural shifts and changes in industry mindset, the increasing demand for real-time monitoring, optimization of global trade and supply chains, a focus on efficiency and cost reduction, and concerns related to security and the adoption of corresponding solutions.
The maritime digitization market size is expected to see rapid growth in the next few years. It will grow to $297.94 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The anticipated growth in the forecast period in maritime digitization can be attributed to the rise in IoT adoption, integration of AI and machine learning, investments in cybersecurity measures, increased demand for remote operations, and the use of blockchain for transparency in maritime activities. Major trends expected in the forecast period include the development of smart ports and logistics systems, data-driven decision-making processes, the introduction of autonomous vessels and drones, the integration of remote monitoring and IoT technologies, and the continued emphasis on cybersecurity measures within the maritime industry.
The anticipated surge in the adoption of autonomous vessels is poised to propel the maritime digitization market's growth. Autonomous vessels, also known as autonomous ships, operate with automated processes and decision support, minimizing the need for constant human intervention. Maritime digitization is instrumental in developing and operating autonomous vessels, providing essential infrastructure, data analysis capabilities, and connectivity to enhance safety, efficiency, and remote monitoring. According to NATO, the US Navy plans to have 21 operational autonomous ships by 2025, with projections estimating 143 autonomous ships operational by 2045. Hence, the increasing adoption of autonomous vessels is a key driver for the maritime digitization market.
The growing emphasis on environmental sustainability is expected to drive the maritime digitization market further. Environmental sustainability entails responsible resource use and ecosystem protection, aligning with digitization through efficient resource management, emissions reduction, data-driven decision-making, renewable energy integration, and compliance with environmental regulations. Initiatives such as the FuelEU Maritime Regulation, effective in 2025, mandate greenhouse gas emissions reduction for commercial ships in the European Union, fostering the adoption of maritime digitization practices. Consequently, the increasing focus on environmental sustainability is a significant driver for the maritime digitization market.
A shortage of skilled employees poses a notable challenge to the global maritime digitization market. The marine sector, such as other industries, faces workforce challenges concerning automation, employee diversity, and trained personnel. Despite acknowledging that automation may slightly slow down employment growth, a report from the International Maritime Organization's Maritime Safety Committee emphasizes the continued demand for mariners' knowledge and abilities through at least 2040. Hence, the shortage of skilled employees negatively impacts the maritime digitization market.
Leading companies in the maritime digitization market are intensifying their efforts to develop technologies such as maritime digital transformation to enhance market profitability. Maritime digital transformation involves leveraging digital technologies and data-driven solutions to modernize the maritime industry. Inmarsat Group Holdings Limited, a UK-based satellite telecommunications company, introduced Fleet Xpress Enhanced, a suite of connectivity technologies designed to facilitate the marine industry's digital transformation. It combines the capabilities of Inmarsat's Global Xpress and FleetBroadband services, offering high-speed and reliable connectivity to ships at sea.
In May 2023, Wartsila Corporation, a Finland-based provider of technologies for the marine and energy markets, partnered with DNV's cloud platform Veracity. This partnership aims to establish secure and seamless connectivity between Wartsila's Fleet Optimization Solution and Veracity, enabling the real-time transfer of operational data with customer consent. DNV, a Norway-based provider, is recognized for advancing automation and digitization solutions in the maritime sector.
Major companies operating in the maritime digitization market report are Microsoft Corporation, Huawei Technologies Co. Ltd., Siemens AG, Lockheed Martin Corporation, Intel Corporation, The International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Schneider Electric SE, Honeywell International Inc., SAP SE, ABB Ltd., Telefonaktiebolaget LM Ericsson, Det Norske Veritas, Wartsila Oyj Abp, Kongsberg Gruppen ASA, Prime Marine Management Inc., Inmarsat Global Limited, American Bureau of Shipping (ABS), Iridium Communications Inc., Spire Global Inc., MariApps Marine Solutions Pte Ltd., SparkCognition Inc., Envision Enterprise Solutions Pvt Ltd., Orbcomm Inc., Windward Ltd., Marine Solutionz Ship Management Pvt Ltd.
North America was the largest region in the maritime digitization market in 2023. The regions covered in the maritime digitization market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the maritime digitization market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The maritime digitization market consists of revenues earned by entities by providing services such as safety and security services, vessel performance monitoring, digital navigation, and maritime cybersecurity services. The market value includes the value of related goods sold by the service provider or included within the service offering. The maritime digitization market also includes sales of satellite communication systems, environmental monitoring systems, and digital cargo tracking devices. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Maritime Digitization Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on maritime digitization market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for maritime digitization? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The maritime digitization market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.