Press release
Maritime Digitization Market Poised for 10.9% Growth, Set to Hit $21.03 Billion by 2029
Maritime Digitization Market
The upward trend in autonomous vessel utilization is expected to fuel the expansion of the maritime digitization market. Autonomous vessels or ships have the ability to perform several tasks and operate with minimal human intervention, thanks to their automated processes and decision supports. Maritime digitization has a significant role in managing these self-navigating vessels, as it offers the needed infrastructure, data analytical capabilities, and connectivity for improved safety, remote monitoring, and control of these vessels. For example, a report shared by NATO (North Atlantic Treaty Organization) in April 2022 indicated that 21 autonomous ships are projected to be active for the US Navy by 2025 and around 143 such vessels are anticipated by 2045. This increased adoption of autonomous vessels is, thus, facilitating the development of the maritime digitization market. Maritime Digitization Market Driver: Growth Of Maritime Digitization Market To Be Influenced By Intensifying Focus On Environmental Sustainability
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What Is the projected market size and growth rate for the maritime digitization market?
The size of the maritime digitization market has expanded swiftly over the recent past and is projected to rise from $200.21 billion in 2024 to $220.27 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 10.0%. This surge during the historical period can be associated with cultural changes, industry disposition, need for on-the-spot monitoring, international trade and supply chain enhancements, a call for productivity and cost cuts, along with security challenges and resolutions.
In the coming years, the maritime digitization market is anticipated to expand swiftly, with industry projections pegging its value at $333.45 billion by 2029, bolstered by a compound annual growth rate (CAGR) of 10.9%. Multiple factors are set to spur growth during the forecast period, including an increase in IoT implementation, integration of AI and machine learning, investment in cybersecurity, demand for decentralized operations, and the use of blockchain for greater transparency. Emerging trends during this period will likely encompass smart ports and logistics, data-based decision making, autonomous ships and drones, distance monitoring and IoT incorporation, along with strengthened cybersecurity protocols.
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What new trends are reshaping the maritime digitization market and its opportunities?
Key players in the maritime digitization market are increasingly focusing on the development of technologies such as maritime digital transformation to boost profitability. Maritime digital transformation is the use of digital technologies and data-based solutions to enhance various sectors of the maritime industry. For example, Inmarsat Group Holdings Limited, a satellite telecommunications firm based in the UK, unveiled Fleet Xpress Enhanced in May 2022. Fleet Xpress technology is an amalgamation of Inmarsat's Global Xpress, a high-throughput satellite network, and FleetBroadband service's potential. Fleet Xpress Enhanced is a collection of connectivity technologies aimed at promoting the maritime industry's digital transformation. It ensures high-speed, reliable connection for ships at sea through a blend of global satellite coverage and efficient ground infrastructure.
What major market segments define the scope and growth of the maritime digitization market?
The maritime digitization market covered in this report is segmented -
1) By Technology: Internet Of Things (IoT), (Artificial Intelligence), Blockchain, Other Technologies
2) By Application: Fleet Management, Vessel Tracking, Energy Management, Inventory Management, Predictive Maintenance, Other Applications
3) By End User: Ports And Terminals, Shipping Companies, Maritime Freight Forwarders, Other End Users
Subsegments:
1) By Internet Of Things (IoT): Vessel Monitoring Systems, Cargo Tracking Solutions, Predictive Maintenance Applications, Environmental Monitoring Systems
2) By Artificial Intelligence (AI): Machine Learning For Navigation, AI-Powered Analytics, Autonomous Vessel Technologies, AI For Supply Chain Optimization
3) By Blockchain: Smart Contracts For Shipping, Secure Document Management, Traceability Solutions, Decentralized Logistics Platforms
4) By Other Technologies: Cloud Computing Solutions, Big Data Analytics, Augmented Reality (AR) For Training, Cybersecurity Solutions
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Which region dominates the maritime digitization market?
North America was the largest region in the maritime digitization market in 2024. The regions covered in the maritime digitization market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Which key market leaders are driving the maritime digitization industry growth?
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, Wärtsilä 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.
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What Is Covered In The Maritime Digitization Global Market Report?
•Market Size Forecast: Examine the maritime digitization market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the maritime digitization market for a structured understanding.
•Key Players Overview: Analyze major players in the maritime digitization market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the maritime digitization market.
•Segment Contributions: Evaluate how different segments drive overall growth in the maritime digitization market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the maritime digitization market.
•Industry Challenges: Identify potential risks and obstacles affecting the maritime digitization market.
•Competitive Landscape: Review strategic developments in the maritime digitization market, including expansions, agreements, and new product launches.
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