Portland, OR , March 21, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global maritime digitization market garnered $157.4 billion in 2021, and is estimated to generate $423.4 billion by 2031, manifesting a CAGR of 10.7% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Report coverage & details:
| Report coverage | Details |
| Forecast Period | 2022-2031 |
| Base Year | 2021 |
| Market Size in 2021 | $157.4 billion |
| Market Size in 2031 | $423.4 billion |
| CAGR | 10.7% |
| No. of Pages in Report | 235 |
| Segments covered | Technology, Application, End User, and Region |
| Drivers | Increasing digitalization in maritime industry due to surge in importance of customer satisfaction and the development of new technologies such as AI and ML. |
| Rising demand for efficiency and cost reduction. | |
| Opportunities | Growing demand for advanced AI/ML-powered maritime digitization solutions |
| Restraints | Lack of standardization |
| Lack of qualified personnel |
COVID-19 Scenario:
- The outbreak of the COVID-19 pandemic had a positive impact on the growth of the global maritime digitization market, owing to the high adoption of technologies such as IoT and AI to improve efficiency and reduced costs.
- Moreover, in the initial period of the pandemic, shipping companies had to face disruptions in supply chains, which boosted the demand for maritime digitization.
The research provides detailed segmentation of the global maritime digitization market based on technology, application, end user, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
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Based on technology, the IoT segment held the highest share in 2021, accounting for more than two-fifths of the global maritime digitization market. However, the AI segment is expected to rule the roost by 2031. Also, the same segment is estimated to register the highest CAGR of 13.6% from 2022 to 2031. The report also analyzes blockchain and others segment.
Based on application, the fleet management segment accounted for the highest share in 2021, contributing to more than one-third of the global maritime digitization market, and is expected maintain its lead in terms of revenue during the forecast period. However, the predictive maintenance segment is expected to manifest the highest CAGR of 14.3% from 2022 to 2031.
Based on end user, the ports and terminals segment accounted for the highest share in 2021, contributing to nearly half of the global maritime digitization market, and is projected to maintain its dominant share in terms of revenue in 2031. On the other hand, Maritime Freight Forwarders segment is estimated to grow at the highest CAGR of 13.5% during the forecast period.
Based on region, North America held the largest share in 2021, contributing to nearly two-fifths of the global maritime digitization market. However, the Asia-Pacific region is expected to rule the roost by 2031. Also, the same region is expected to manifest the fastest CAGR of 14.0% from 2022 to 2031.
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Leading market players of the global maritime digitization market analyzed in the research include Iridium Communications Inc., Inmarsat Global Limited, Perle, Lockheed Martin Corporation, Spire Global, Inc., xyzt.ai, MariApps Marine Solutions, Windward Ltd., SparkCognition, ORBCOMM.
The report provides a detailed analysis of these key players of the global maritime digitization market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
