Marine Internet of Things Market Size

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.

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 Size