Marine Internet of Things Market size is anticipated to growing at more than 17.3% CAGR during the forecast period i.e., between 2024-2036. The growth of the market can be attributed to the increasing seaborne trade and maritime tourism around the world, and growing defense budgets, especially in developed nations. According to the data provided by the Office for Coastal Management, as of 2018, the leisure and hospitality sector in coastal countries generates an earning of over USD 196 billion, contributing for about USD 427 billion to the world GDP.
Along with these, intensifying demand for IoT onboard vessels, and rise in investments in developing countries to develop advanced technologies focusing on modernizing and enhancing the capabilities of armed forces are also expected to drive market growth in the upcoming years. Furthermore, upsurge in deployment of onboard broadband is projected to offer lucrative opportunities to the market in the near future.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
17.3% |
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Regional Scope |
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The market is segmented by product type into network connectivity, sensing devices, IT solutions, and IoT platforms, out of which, the network connectivity segment is anticipated to hold the largest share in the global marine internet of things market. This can be accounted to the rising adoption of satellite connectivity solutions by marine vessel operators, and high investments by companies for providing unprecedented connections. Additionally, on the basis of application, the asset tracking segment is predicted to witness the highest growth rate over the forecast period owing to the excellent operational efficiency offered by this type of IoT tracking tools. Apart from this, the ability of IoT devices to monitor fleets, locate containers, trace stolen goods and detect environmental changes is also assessed to drive growth to the market segment in the imminent time.
Our in-depth analysis of the global marine internet of things market includes the following segments:
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By Product Type |
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By Application |
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On the basis of geographical analysis, the global marine internet of things market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. Asia Pacific industry is anticipated to hold largest revenue share by 2036, backed by growing advancements in the IoT technology, and increasing international seaborne trade in the region. In addition, surge in military expenditure in China and India is also anticipated to bolster the region’s market growth in the coming years. As per the World Bank, the military expenditure of India was valued at 2.833 percent of the nation’s GDP in 2020, up from 2.519 percent and 2.434 percent in 2019 and 2018 respectively. Moreover, the market in North America is expected to grab the most significant share by the end of 2030, which can be credited to the rising developments in robotics industry, and strong presence of prominent market players in the region.
May 2021- Cisco LaunchPad accelerated Smart Ship Hub announced to launch digital towers, which will be network ops centers, for the global maritime industry.
September 2020- Ericsson partnered with Taiwanese bulk carrier U-Ming Marine Transport Corporation for digitizing its fleet performance management through intelligent IoT connectivity.
Author Credits: Abhishek Verma
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