Maritime digitization refers to the process of using digital technologies to improve the efficiency, safety, and sustainability of maritime operations. This includes the use of digital tools such as automation, sensor networks, and data analytics to optimize shipping routes, reduce fuel consumption, and improve communication between vessels and shore-side operations. In addition, it includes the use of digital technologies to enhance the security of shipping lanes and ports, as well as the use of digital platforms to improve the tracking and management of cargo.
Rising importance of customer satisfaction in maritime industry is driving the maritime digitization market growth. Customer satisfaction is becoming increasingly important in the maritime industry as companies are facing increased competition and a challenging global economic environment. To remain competitive, companies are looking for ways to improve their service and meet the demands for their customers. In addition, increasing demand for efficiency, cost reduction and the development of new technologies in the maritime industry. Thus, these factors drive the growth of the maritime digitization market size. However, high initial cost and data privacy concerns of software are hampering the growth of the maritime digitization market. On the contrary, a rise in demand for advanced AI/ML-powered maritime digitization solutions will provide major lucrative opportunities for growth of the maritime digitization market.
The maritime digitization market is segmented on the basis of technology, application, end user, and region. By technology, it is segmented into artificial intelligence (AI), IoT, blockchain and others. By application, it is segmented into fleet management, vessel tracking, energy management, inventory management, and predictive maintenance. By end user, it is classified into ports & terminals, shipping companies, and maritime freight forwarders. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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 market share.
Information about key drivers, restraints, and opportunities and their impact analysis on the market size is provided in the report.
Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
The quantitative analysis of the global maritime digitization market for the period 2021-2031 is provided to determine the market potential.
Rising importance of customer satisfaction in maritime industry is driving the maritime digitization market growth. Customer satisfaction is becoming increasingly important in the maritime industry as companies are facing increased competition and a challenging global economic environment. To remain competitive, companies are looking for ways to improve their service and meet the demands for their customers. In addition, increasing demand for efficiency, cost reduction and the development of new technologies in the maritime industry. Thus, these factors drive the growth of the maritime digitization market size. However, high initial cost and data privacy concerns of software are hampering the growth of the maritime digitization market. On the contrary, a rise in demand for advanced AI/ML-powered maritime digitization solutions will provide major lucrative opportunities for growth of the maritime digitization market.
The maritime digitization market is segmented on the basis of technology, application, end user, and region. By technology, it is segmented into artificial intelligence (AI), IoT, blockchain and others. By application, it is segmented into fleet management, vessel tracking, energy management, inventory management, and predictive maintenance. By end user, it is classified into ports & terminals, shipping companies, and maritime freight forwarders. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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 market share.
Key Benefits For Stakeholders
The study provides an in-depth analysis of the global maritime digitization market along with the current trends and future estimations to elucidate the imminent investment pockets.Information about key drivers, restraints, and opportunities and their impact analysis on the market size is provided in the report.
Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
The quantitative analysis of the global maritime digitization market for the period 2021-2031 is provided to determine the market potential.
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- Expanded list for Company Profiles
- Historic market data
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Key Market Segments
By Technology
- AI
- IoT
- Blockchain
- Others
By Application
- Fleet Management
- Vessel Management
- Energy Management
- Inventory Management
- Predictive Maintenance
By End User
- Ports and Terminals
- Shipping Companies
- Maritime Freight Forwarders
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Key Market Players
- Lockheed Martin Corporation
- Perle
- ORBCOMM
- MariApps Marine Solutions
- Spire Global, Inc.
- Windward Ltd.
- Iridium Communications Inc.
- SparkCognition
- xyzt.ai
- Inmarsat Global Limited
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: MARITIME DIGITIZATION MARKET, BY TECHNOLOGY
CHAPTER 5: MARITIME DIGITIZATION MARKET, BY APPLICATION
CHAPTER 6: MARITIME DIGITIZATION MARKET, BY END USER
CHAPTER 7: MARITIME DIGITIZATION MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, 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.The Maritime Digitization Market is likely to experience a significant growth rate of 10.7% from 2022-2031 owing to increasing market demand for IoT based maritime digitization solutions.
Maritime digitization refers to the integration of digital technologies and data into the operations and management of the maritime industry, including shipping, ports, and coastal management. 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. Moreover, this includes the development and sales of software, hardware, and services that support digitization initiatives in shipping, ports, and coastal management.
Increasing demand for efficiency and cost reduction is driving the maritime digitization market growth. Moreover, digitization can enable better communication and coordination between different stakeholders in the maritime industry, such as shipping companies, ports, and logistics providers, which can lead to more efficient and cost-effective operations. Moreover, the development of new technologies, such as the Internet of Things (IoT), artificial intelligence (AI), and blockchain, are enabling the maritime industry to digitize and automate processes in new ways. Therefore, this is a major factor driving the maritime digitization market growth. In addition, customer satisfaction is becoming increasingly important in the maritime industry as companies are facing increased competition and a challenging global economic environment. Furthermore, digitization can help to improve cargo tracking, reduce transit times, and increase the transparency of their operations, which can lead to increased customer satisfaction and improved market competitiveness. However, the software provides cutting-edge functionality and advanced applications at a high cost. For certain consumers, this price could be prohibitively expensive. Purchasing maritime digitization could be out of budget for a few consumers. Furthermore, the lack of standardization can lead to inefficiencies and higher costs for companies, as they may have to invest in multiple digital systems to meet the needs of different customers and partners. Thus, these are the major factors hampering the maritime digitization market share.
The market also offers growth opportunities to the key players in the market. There has been a significant increase in the awareness about the importance of maritime digitization among the customers. Moreover, the adoption of digital navigation systems, such as e-navigation, to improve safety and reduce the risk of collisions. Additionally, the increasing use of digital platforms for ship-to-shore communication and the integration of blockchain technology for supply chain management are also expected to drive growth in the maritime digitalization market in the future. Furthermore, the increasing use of digital technologies in the maritime industry is expected to lead to more efficient and sustainable operations, as well as increased safety and cost savings.
The maritime digitization market is segmented on the basis of technology, application, end user and region. By technology, it is segmented into AI, IoT, blockchain and others. By application, it is bifurcated into fleet management, vessel management, energy management, inventory management and predictive maintenance. By end user, it is segmented into ports and terminals, shipping companies and maritime freight forwarders. Region wise, it is analyzed across North America (the U.S., and Canada), Europe (UK, Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The key players profiled in the study are Inmarsat Global Limited, Iridium Communications Inc., Lockheed Martin Corporation, MariApps Marine Solutions, ORBCOMM, Perle, SparkCognition, Spire Global, Windward Ltd. and xyzt.ai. The players in the market have been actively engaged in the adoption various strategies such as business expansion, product launch, and partnership to remain competitive and gain advantage over the competitors in the market. For instance, in December 2022, Iridium Communications Inc. announced the service introduction of Iridium Messaging Transport (IMT), a two-way cloud-native networked data service optimized for use over Iridium Certus and designed to make it easier to add satellite connections to existing or new IoT solutions. IMT provides an IP data transport service unique to the Iridium network, designed for small-to-moderate-sized messages supporting satellite IoT applications. Integrated with Iridium Cloud Connect and Amazon Web Services (AWS), the new service can reduce development costs and speed time to market for new Iridium connected IoT devices. This product launched helped both the companies to grow its market in terms of revenue and attract more customers.
Key Market Insights
By technology, the IoT segment was the highest revenue contributor to the market, and is estimated to reach $156.91 billion by 2031, with a CAGR of 8.5%. However, the AI segment is estimated to be the fastest growing segment with the CAGR of 13.6% during the forecast period.By application, the fleet management segment dominated the global market, and is estimated to reach $110.71 billion by 2031, with a CAGR of 7.6%. However, the predictive maintenance segment is expected to be the fastest growing segment with the CAGR of 14.3% during the forecast period.
By end user, the ports and terminals segment was the highest revenue contributor to the market, and is estimated to reach $159.98 billion by 2031, with a CAGR of 8.2%. However, the maritime freight forwarders segment is estimated to be the fastest growing segment with the CAGR of 13.5% during the forecast period.
Based on region, North America was the highest revenue contributor, accounting for $58.85 billion in 2021, and is estimated to reach $127.98 billion by 2031, with a CAGR of 8.3%.
Companies Mentioned
- Lockheed Martin Corporation
- Perle
- ORBCOMM
- MariApps Marine Solutions
- Spire Global, Inc.
- Windward Ltd.
- Iridium Communications Inc.
- SparkCognition
- xyzt.ai
- Inmarsat Global Limited
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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