Global Marine Internet of Things Market Highlights 2022 – 2030
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.
Major Macro-Economic Indicators Impacting the Market Growth
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.
Global Marine Internet of Things Market Regional Synopsis
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:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global marine internet of things market includes the following segments:
By Product Type
- Network Connectivity
- Sensing Devices
- IT Solutions
- IoT Platforms
By Application
- Route and Operation Optimization
- Asset Tracking
- Equipment Monitoring
Growth Drivers
- Increasing Seaborne Trade and Maritime Tourism Worldwide
- Growing Defense Budgets, Especially in Developed Nations
Challenges
- Vulnerability of IoT Solutions to Cyber Attacks
Top Featured Companies Dominating the Market
- Cisco Systems, Inc.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Vodafone Group Plc
- Ericsson AB
- Orange Business Services
- Wartsila Oyj Abp
- Marine Digital GmbH
- Accenture Plc
- Dualog AS
- Wilhelmsen Holding ASA
- NTT Group
