Maritime Digitization Market Shows Remarkable Growth as Shipping Industry Adopts Digital Solutions

The maritime digitization market was valued at $157.43 billion in 2021, and is estimated to reach $423.4 billion by 2031, growing at a CAGR of 10.7% from 2022 to 2031.

Maritime digitization is the process of converting analog data and processes in the maritime industry to digital format. Digitization in the maritime industry can improve efficiency and accuracy in data collection and analysis, as well as enhance communication and collaboration among vessels and shore-side operations. Moreover, digital technologies can provide real-time data and analytics, enabling stakeholders to make more informed decisions.

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Digital technologies such as blockchain can improve transparency and traceability throughout the supply chain, making it easier to identify and address any issues. In addition, this process involves automating processes, optimizing data analysis and decision-making, and improving communication and collaboration among stakeholders. The goal is to increase efficiency, safety, security, and sustainability while reducing costs and minimizing risks. Furthermore, the market includes companies offering solutions for vessel operations, cargo management, supply chain optimization, and other areas of maritime business. Moreover, the maritime digitization market is expected to grow significantly in the coming years, driven by the need for improved safety, efficiency, and sustainability in the maritime industry.

In addition, market players are adopting key strategies such as product launch for enhancing their services in the market and improving customer satisfaction. For instance, in November 2022, ABS, a maritime technology provider, launched ABS wavesight, a new maritime software as a service (SaaS) company dedicated to helping shipowners and operators streamline compliance while maintaining competitive, more efficient, and sustainable operations.

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Furthermore, major market players are undertaking various strategies to increase the competition and offer enhanced services to their customers. For instance, In July 2021, Inmarsat Maritime Ventures, a subsidiary of Inmarsat, the world leader in global, mobile satellite communications, has signed an agreement with SRH Connect (SRH) for SRH to acquire Inmarsat's FleetBroadband customer base in Greece and Cyprus. The SRH acquisition involves customer contracts purchased by Inmarsat Maritime Ventures from Speedcast. As part of the sale agreement, SRH will become a formal Inmarsat distribution partner for FleetBroadband and a Value-Added Reseller for Fleet Xpress. Following the rapid and successful migration of the services of all of these customers as part of the agreement with Speedcast and the implementation of a customer support agreement with SRH. Which provided a strategic advantage to the company and maritime digitization market size.

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The report analyzes the profiles of key players operating in the maritime digitization market such as Inmarsat Global Limited, Iridium Communications Inc., Lockheed Martin Corporation, MariApps Marine Solutions, ORBCOMM, Perle, SparkCognition, Spire Global, Windward Ltd. and xyzt.ai. These players have adopted various strategies to increase their market penetration and strengthen their position in the maritime digitization industry.

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