The Global Marine Internet of Things Market is expected to grow at a significant CAGR during the forecast period. With the Internet of Things (IoT) gaining popularity in the residential, industrial, and healthcare sectors, the marine industry is set to become the next big application. According to Ericsson AB, by 2023, more than 2 billion items (excluding smartphones) would be connected via cellular technology. These include connected cars, robots, agricultural fields and equipment, and shipping containers. In the maritime sector, IoT is expected to greatly improve overall transportation and logistics, increase aboard safety, and decrease operating costs.
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Weather, machinery journey, maintenance, cargo and asset location condition are all examples of data that the marine industry can generate in huge volumes. Marine IoT is built on a network of sensors and linked devices that communicate through satellite network or on board 3G, 4G LTE network, similar to other sectors. IoT solutions are being used by a variety of industry verticals (including industrial manufacturing, healthcare, and transportation) as well as businesses with the goal of increasing productivity and ease. The increasing use of IoT across many sectors is likely to be one of the most significant factors driving the marine IoT market growth
For instance, in September 2017, NYK Group announced a collaboration with Dualog SA, a Norwegian digital platform provider, to build an IoT platform for ships. The two businesses are working together with NTT Group, to collect data from a network of sensors and monitoring devices on board ships, in order to improve operations. In October 2017, Exact Earth Europe Ltd., Pole Star Space Applications, UK Satellite Applications Catapult, Ocean Wise, and TeamSurv, for instance, conducted a demonstration of a new marine IoT platform.
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Market Coverage
- Segment Covered-
o By Type
o By Application
- Region covered
o North America
o Europe
o Asia-pacific
o Rest of world
Competitive Landscape- Cisco Systems, Inc., NTT Group, Accenture Plc., Ericsson AB, and Vodafone Group Plc., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
The Global Marine Internet of Things Market Segmentation
- By Product Type
- Sensing Devices
- Network Connectivity
- IT Solutions & Services
- IoT Platforms
- By Application
- Asset Tracking
- Route & Operation
- Optimization
- Equipment Monitoring
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