Categories: Market Research

Maritime Digitization Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Maritime Digitization Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Maritime Digitization Global Market Report 2024, 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..

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.

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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

Major companies operating in the maritime digitization market are increasing their focus on developing technologies such as, maritime digital transformation to increase the profitability in the market. Maritime digital transformation refers to the process of leveraging digital technologies and data-driven solutions to modernize and improve various aspects of the maritime industry. For instance, in May 2022, Inmarsat Group Holdings Limited, a UK-based satellite telecommunications company, launched Fleet Xpress Enhanced. Fleet Xpress technology combines the capabilities of Inmarsat’s Global Xpress, which is a high-throughput satellite network, with the power of the FleetBroadband service. Fleet Xpress Enhanced is a suite of connectivity technologies that has been launched in order to facilitate the marine industry’s digital transformation and to provide high-speed and reliable connectivity to ships at sea, offering a combination of global satellite coverage and high-performance ground infrastructure.

The maritime digitization market report table of contents includes: