Why You Should Invest In this Industry | The Maritime Digitization Market Share Reach USD 423.4 Billion by 2031

Increasing demand for efficiency and cost reduction is driving the maritime digitization market growth.

PORTLAND, PORTLAND, OR, UNITED STATE, July 22, 2024 /EINPresswire.com/ -- Allied Market Research published a new report, titled, " Why You Should Invest In this Industry | The Maritime Digitization Market Share Reach USD 423.4 Billion by 2031." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

The global maritime digitization market size was valued at $157.4 billion in 2021, and is projected to reach $423.4 billion by 2031, growing at a CAGR of 10.7% from 2022 to 2031.

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Rising demand for efficiency and cost reduction, increasing digitalization in maritime industry due to surge in importance of customer satisfaction, and the development of new technologies such as AI and ML drive the global maritime digitization market. Based on region, North America held the largest share in 2021, contributing to nearly two-fifths of the global maritime digitization market share.

The maritime digitization market is segmented on the basis of technology, deployment mode, application and end user. By technology, it is segmented into AI, IoT, blockchain and others. By deployment mode, it is segmented into on-premise and cloud. By application, it is segmented into fleet management, vessel tracking, energy management, inventory management, and predictive maintenance. By end user, it is bifurcated into ports & terminals, shipping companies, and maritime freight forwarders. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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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.

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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 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 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.

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.

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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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