The Latin America, Middle East and Africa Maritime Digitization Market would witness market growth of 11.5% CAGR during the forecast period (2022-2028).
The transformation paradigm for the operations and strategies of maritime businesses includes digitization. In essence, maritime digitization generates new business models and logic to generate economic and societal value. As technology is developed, digital transformation becomes an ongoing effort to improve workflow in the maritime sector. The service of mobile & web functionality, which transforms into creative content and a user-friendly experience, enhances the maritime customer focus is demonstrated by maritime digitization transformation experiences. Beyond improving productivity, being digitally equipped also makes it possible for the entire maritime sector to supportable the effort.
Almost 90% of all trade in goods is carried on ships, making maritime transportation a vital part of the world economy. The performance and resilience of maritime supply chains might be considerably improved by digital technology, according to a new analysis formed by the World Bank along with the International Association of Ports and Harbors (IAPH). The report proposed that given the strategic importance of the maritime industry, the report's proposed digital revolution might have significant positive economic effects, particularly for underdeveloped nations.
Latin American ports have started a process of digitization and modernization to help them effectively meet the difficulties of international trade. This process is partly driven by government policy and partly by private sector investors as a partner in development. Most of ports present in the region currently belong to the 3rd generation. The 3rd Generation Ports integrate data processing, telecommunications system use, and logistics services associated with the distribution of commodities, which add value to products and services. Hence, most regional ports have accelerated digitization processes, which has boosted the growth of the regional market.
The Brazil market dominated the LAMEA Maritime Digitization Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $4,516.9 Million by 2028. The Argentina market is estimated to grow a CAGR of 12.1% during (2022 - 2028). Additionally, The UAE market would display a CAGR of 11.2% during (2022 - 2028).
Based on Application, the market is segmented into Fleet Management, Vessel Management, Inventory Management, Energy Management, and Predictive Maintenance. Based on End User, the market is segmented into Ports & Terminals, Shipping Companies, and Maritime Freight Forwarders. Based on Technology, the market is segmented into IoT, AI, Blockchain, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Maritime Digitization Market is Predict to reach $266.5 Billion by 2028, at a CAGR of 9.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Windward Ltd., Inmarsat Global Limited (Connect Bidco Limited), Lockheed Martin Corporation, Spire Global, Inc., Iridium Communications Inc., Orbcomm, Inc. (GI Partners L.P.), MariApps Marine Solutions Pte Ltds (Schulte Group), Marine Solutionz Ship Management Pvt. Ltd., xyzt.ai BV, and Perle Systems Inc.
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