The Global Maritime Digitization Market size is expected to reach $266.5 billion by 2028, rising at a market growth of 9.4% CAGR during the forecast period.
The application of digital technology in the maritime sector to enhance operations, boost productivity, and cut costs is known as maritime digitization. Using technologies like artificial intelligence (AI), the Internet of Things (IoT), blockchain, cloud computing, and big data analytics are all part of this. The purpose of marine digitization is to develop a maritime business that is more intelligent, connected, and safe.
Digital technology adoption in the maritime sector can also result in increased operational effectiveness, increased safety, as well as cost savings. Also, it can lessen the negative effects of shipping operations on the environment. The maritime sector is moving more quickly towards digitalization and automation. In order to boost operational efficiency and boost competitiveness, digital technologies, as well as solutions, are being deployed.
They are also being used to push the sector towards decarbonization so that there will be no emissions from international shipping. It is possible to improve monitoring, control, quality assurance, and verification by using data streams from devices like sensors and other sources of information. Therefore, the marine industry's stakeholders need to reconsider and adjust their current strategies to ensure sustainable operations and efficiency and increase short- and long-term competitiveness.
Digital transformation refers to digital attachment with complete operations and automating corresponding areas. There is a requirement for understanding and a shift in maritime company culture. A clever manager may be able to see an increase in revenue production and cost-effectiveness with this kind of transition. So it's crucial to consider both the tactics and the concepts for digitization. The use of strategies, automation, and the maritime industry should be complemented by additional assessments. The onboarding phase of the digitization process should be handled by the maritime industry. Ocean carriers can achieve their digital objectives with the help of the maritime industry's knowledge and significant potential in business reform and workflow management.
The COVID-19 pandemic had a favorable impact on the maritime digitization market. This resulted from transportation businesses trying to increase efficiency and cut costs while dealing with supply chain interruptions. To enhance supply chain and logistics management, the pandemic led to a rise in the usage of digital technologies like automation, telematics, AI, and IoT. Additionally, the pandemic brought to light the necessity for improved coordination and cooperation among maritime industry players, spurring a rise in the use of digital channels for data sharing and communication. Also, to improve efficiency and resilience in the event of shocks, maritime enterprises quickly implemented digital technologies. The pandemic brought attention to the maritime sector's need for more effective and affordable solutions, spurring a rise in the use of IoT-based solutions.
The marine sector is seeing a rise in the importance of customer satisfaction due to heightened rivalry among businesses and a difficult economic climate. As a result, companies are constantly seeking methods to enhance customer satisfaction and stay competitive. Moreover, elements like travel delays, cargo tracking, dependability, and general service quality might impact customer satisfaction. By allowing better coordination and communication between maritime industry stakeholders, including shipping firms, ports, and logistics providers, digitization can contribute to improving these variables. This, in turn, will propel the growth of the market.
Almost 11 billion tons of packages are transported annually by commercial vessels, which account for over 80% of all commerce volume. As a result, 3% of the world's total emissions of greenhouse gases (GHG) are released. As a result, shippers, Investors, and regulators are paying more attention to the maritime sector as it pursues ESG score and decarbonization disclosures in the interest of a sustainable environment. In order to meet regulatory requirements, draw investors, and implement maritime digitization for a sustainable future, ESG reporting is particularly gaining traction in the shipping industry. As a result, the maritime digitization market is projected to be driven by sustainability and decarbonization throughout the forecast period.
The expensive software offers the cutting-edge capability and cutting-edge applications. Unfortunately, this cost can be too high for some customers, making it impossible to get the maritime digitization they need. However, many websites offer cutting-edge capabilities at the exorbitant cost of maritime digitization technologies. Therefore, a major barrier to adopting maritime digitization techniques is their high initial cost. Moreover, many of these programs are vulnerable to malware attacks and data leaks.
Based on technology, the maritime digitization market is categorized into IoT, blockchain, AI, and others. The Internet of Things (IoT) segment garnered the highest revenue share in the maritime digitization market in 2021. This is due to the increased usage of IoT technology, which has been shown to enhance ship as well as fleet operations in a variety of ways, including improved cargo handling, maintenance, and route planning. As a result, the maritime sector is undergoing a revolution because of the Internet of Things (IoT). The Internet of Things (IoT) benefits smart-linked vessels in several ways, including reducing fuel usage and maintenance expenses.
On the basis of application, the maritime digitization market is divided into fleet management, vessel management, energy management, inventory management, and predictive management. The fleet management segment acquired the largest revenue share in the maritime digitization market in 2021. One of the most significant modes of shipping and transportation in the world is maritime transport, which makes fleet management in the maritime industry a crucial solution. Data-savvy maritime fleet management software is necessary to effectively manage a contemporary fleet, whether it has a few or hundreds of ships.
Based on end user, the maritime digitization market is segmented into ports & terminals, shipping companies, and maritime freight forwarders. The shipping companies segment procured a remarkable growth rate in the maritime digitization market in 2021. Shipping enterprises create cutting-edge digital solutions tailored to their particular industries and businesses and incorporate them into their current (inter) organizational and technological systems. This procedure encompasses sourcing, organizational and technical adaptation, digital infrastructure management, and deployment of technology.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 144.4 Billion |
| Market size forecast in 2028 | USD 266.5 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 9.4% from 2022 to 2028 |
| Number of Pages | 221 |
| Number of Table | 380 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Technology, Application, End User, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Australia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
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| Restraints |
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On the basis of region, the maritime digitization market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment acquired the highest revenue share in the maritime digitization market in 2021. This growth is connected to the concentration of important actors in the region and developments in maritime technology. In addition, the use of technologies like advanced analytics, asset management, IoT, surveillance, and vessel tracking to raise public knowledge of the advantages of digitization in the maritime sector is beneficial for the industry. These aids the sector in operating better in the current technological age so that it can live up to the expectations of customers.
Free Valuable Insights: Global Maritime Digitization Market size to reach USD 266.5 Billion by 2028
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Windward Ltd., Inmarsat Global Limited (Connect Bidco Limited), Lockheed Martin Corporation, Spire Global, Inc., Iridium Communications Inc., Orbcomm, Inc. (GI Partners L.P.), MariApps Marine Solutions Pte Ltds (Schulte Group), Marine Solutionz Ship Management Pvt. Ltd., xyzt.ai BV, and Perle Systems Inc.
By Application
By End User
By Technology
By Geography
The global Maritime Digitization Market size is expected to reach $266.5 billion by 2028.
Implementation of technology to achieve sustainability, efficiency, and decarbonization goals are driving the market in coming years, however, Concerns about software's data privacy and high initial cost restraints the growth of the market.
Windward Ltd., Inmarsat Global Limited (Connect Bidco Limited), Lockheed Martin Corporation, Spire Global, Inc., Iridium Communications Inc., Orbcomm, Inc. (GI Partners L.P.), MariApps Marine Solutions Pte Ltds (Schulte Group), Marine Solutionz Ship Management Pvt. Ltd., xyzt.ai BV, and Perle Systems Inc.
The expected CAGR of the Maritime Digitization Market is 9.4% from 2022 to 2028.
The Ports & Terminals segment acquired maximum revenue share in the Global Maritime Digitization Market by End User in 2021 thereby, achieving a market value of $139 billion by 2028.
The North America market dominated the Global Maritime Digitization Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $97.3 billion by 2028.
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