According to a new report, published by KBV research, The Global Maritime Digitization Market size is expected to reach $266.5 billion by 2028, rising at a market growth of 9.4% CAGR during the forecast period.
The Vessel Management segment is showcasing a CAGR of 9.6% during (2022 - 2028). Vessel management system is said to be one of the most significant developments in the maritime industry. Modern technical tools are used by the vessel management system to monitor and control vehicular traffic in the sea and ocean waters. The segment's expansion is credited to vessel management, which relies on GPS and other tools like a computer for display and has become a crucial component of the naval system. Without vessel management, there may be several issues with managing ships and other military vessels.
The Ports & Terminals segment acquired maximum revenue share in the Global Maritime Digitization Market by End User in 2021 thereby, achieving a market value of $139 billion by 2028. In order to improve ship tracking and monitoring and speed up deliveries, warehousing, and customs, today's smart ports and terminals are implementing new technologies, including autonomous systems, remote operations, and integrated information & communications platforms. The objective is to boost output while improving the client experience. As a result, ports & terminals have increased their dependence on technology to improve turnaround times, reduce delays, promote insight into supply chain processes, and boost speed, all of which aid in the segment's growth.
The AI segment has shown the growth rate of 9.6% during (2022 - 2028). The numerous potential uses of artificial intelligence (AI) in the marine sector, such as optimizing business operations, trip planning, and vessel maintenance, are responsible for the segment's rise. In addition, AI may assist businesses in automating processes, streamlining workflows, and improving decision-making. Three specific ways in which AI is transforming the maritime industry are by giving automated units some degree of autonomy, analyzing and improving procedures, and predicting future trends. Using all three of these possibilities is a means to surpass the competition and accomplish sustainability objectives.
The North America market dominated the Global Maritime Digitization Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $97.3 billion by 2028. The Europe market is exhibiting a CAGR of 9.1% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 10.2% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/maritime-digitization-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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