The global maritime digitization market revenue was around US$ 192.8 billion in 2023 and is estimated to reach US$ 481.5 billion by 2032, growing at a compound annual growth rate (CAGR) of 10.7% during the forecast period from 2024 to 2032.
Maritime digitization is the usage of digital technologies in the maritime industry to enhance functions, augment efficiency, and reduce costs. This has the usage of technologies like artificial intelligence (AI), Internet of Things (IoT), blockchain, big data analytics, and cloud computing. The purpose of maritime digitization is to build a more intelligent and connected maritime industry that is more sustainable, efficient, and safe.
Factors Influencing Market Growth
- Digitization can facilitate better coordination and communication between different stakeholders in the maritime industry, like ports, shipping companies, and logistics providers, which can lead to more cost-effective and efficient functions. Thus, these benefits drive the market growth.
- The rising significance of customer satisfaction and the expansion of new technologies like ML and AI are propelling digitalization in the maritime digitization market.
- The lack of standardization and the shortage of qualified personnel are hindering the growth of the maritime digitization market.
- The growing demand for cutting-edge AI/ML-powered maritime digitization solutions will offer major lucrative opportunities for the maritime digitization market forecast.
Impact of COVID-19
The impact of the COVID-19 pandemic had a positive influence on the maritime digitization industry. This was caused by shipping companies encountering disturbances in supply chains and looking for methods to enhance efficiency and decrease costs. This has led to an augmented adoption of digital technologies like telematics, automation, and IoT to enhance logistics and supply chain management.
Also, the pandemic has emphasized the requirement for better collaboration and communication among stakeholders in the maritime industry, leading to boosted adoption of digital platforms for data sharing and communication.
Regional Analysis
In 2023, North America dominated the global maritime digitization market in terms of revenue. This is attributed to the presence of key players in this region and technological improvements in the maritime industry.
Also, the Asia-Pacific region is anticipated to notice the highest growth rate during the forecast period because of the rapid development of internet infrastructure across the Asia-Pacific region.
Leading Companies
The leading prominent companies profiled in the global maritime digitization market are: -
- Inmarsat Global Limited
- Iridium Communications Inc.
- Lockheed Martin Corporation
- MariApps Marine Solutions
- ORBCOMM, Perle
- SparkCognition
- Spire Global
- Windward Ltd.
- xyzt.ai.
- Other prominent key players
Segmentation Outline
The global maritime digitization market segmentation focuses on Technology, Application, End User, and Region.
Segmentation based on Technology
- AI
- IoT
- Blockchain
- Others
Segmentation based on Application
- Fleet Management
- Vessel Management
- Energy Management
- Inventory Management
- Predictive Maintenance
Segmentation based on End User
- Ports and Terminals
- Shipping Companies
- Maritime Freight Forwarders
Segmentation based on Region
- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa