Overview and Scope
Maritime digitization refers to the process of incorporating digital technologies and data-driven solutions into various aspects of the maritime industry, including logistics, shipping, port activities, and maritime management. It aims to enhance effectiveness, security, and sustainability in maritime activities through the use of digital technology and tools.
Sizing and Forecast
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 in the historic period can be attributed to cultural shifts and industry mindset, demand for real-time monitoring, global trade and supply chain optimization, demand for efficiency and cost reduction, security concerns and 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 growth in the forecast period can be attributed to rise in iot adoption, ai and machine learning integration, investments in cybersecurity, demand for remote operations, blockchain for transparency.. Major trends in the forecast period include smart ports and logistics, data-driven decision-making, autonomous vessels and drones, remote monitoring and iot integration, cybersecurity measures..
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Segmentation & Regional Insights
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
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
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Major Driver Impacting Market Growth
The rise in the adoption of autonomous vessels is expected to propel the growth of the maritime digitization market going forward. Autonomous vessels, also known as autonomous ships, are waterborne crewed ships with automated processes and decision support that can navigate, operate, and perform various tasks without the need for constant human intervention. Maritime digitization plays a critical role in developing and operating autonomous vessels by providing the necessary infrastructure, data analysis capabilities, and connectivity to enhance their safety efficiency and remotely monitor and control autonomous vessels. For instance, in April 2022, according to a report shared by NATO (North Atlantic Treaty Organization), a Belgium-based intergovernmental military alliance, 21 autonomous ships are expected to be operational for the US Navy by 2025, and it is anticipated that 143 autonomous ships are expected to be operational by 2045. Therefore, the rise in the adoption of autonomous vessels is driving the growth of the maritime digitization market.
Key Industry Players
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.
The maritime digitization market report table of contents includes:
1. Executive Summary
2. Maritime Digitization Market Characteristics
3. Maritime Digitization Market Trends And Strategies
4. Maritime Digitization Market – Macro Economic Scenario
5. Global Maritime Digitization Market Size and Growth
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32. Global Maritime Digitization Market Competitive Benchmarking
33. Global Maritime Digitization Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Maritime Digitization Market
35. Maritime Digitization Market Future Outlook and Potential Analysis
36. Appendix
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