In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
May 2021- Cisco LaunchPad accelerated Smart Ship Hub announced to launch digital towers, which will be network ops centers, for the global maritime industry.
September 2020- Ericsson partnered with Taiwanese bulk carrier U-Ming Marine Transport Corporation for digitizing its fleet performance management through intelligent IoT connectivity.
The global marine internet of things market is estimated to garner a substantial revenue and grow at a CAGR of ~6% over the forecast period, i.e., 2022 – 2030. 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.
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The market is segmented by product type into network connectivity, sensing devices, IT solutions, and IoT platforms, out of which, the network connectivity segment is anticipated to hold the largest share in the global marine internet of things market. This can be accounted to the rising adoption of satellite connectivity solutions by marine vessel operators, and high investments by companies for providing unprecedented connections. Additionally, on the basis of application, the asset tracking segment is predicted to witness the highest growth rate over the forecast period owing to the excellent operational efficiency offered by this type of IoT tracking tools. Apart from this, the ability of IoT devices to monitor fleets, locate containers, trace stolen goods and detect environmental changes is also assessed to drive growth to the market segment in the imminent time.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
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. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the 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.
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The global marine internet of things market is further classified on the basis of region as follows:
Our in-depth analysis of the global marine internet of things market includes the following segments:
Ans: The major factors driving market growth are increasing seaborne trade and maritime tourism worldwide, and growing defense budgets, especially in developed nations.
Ans: The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2030.
Ans: Vulnerability of IoT solutions to cyber threats is estimated to hamper the market growth.
Ans: Asia Pacific will provide more business opportunities for market growth ascribing to the growing advancements in the IoT technology, and increasing international seaborne trade in the region.
Ans: The major players in the market are Cisco Systems, Inc., Vodafone Group Plc, Ericsson AB, Orange Business Services, Wartsila Oyj Abp, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product type, application, and by region.
Ans: The network connectivity segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.