Marine Internet of Things Market Share

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.

Frequently Asked Questions (FAQ)

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 market growth is driven by increasing seaborne trade and maritime tourism worldwide, and growing defense budgets, especially in developed nations.

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.

The major players in the market are Cisco Systems, Inc., Vodafone Group Plc, Ericsson AB, Orange Business Services, Wartsila Oyj Abp, and others.

Marine Internet of Things Market Share