Global Marine Internet of Things Market, By Component (Sensing Devices, Network Connectivity, Internet of Things Platforms, and IT Solutions and Services), Application (Route and Operation Optimization, Asset Tracking, and Equipment Monitoring), Ship Type (Commercial and Defense), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia Pacific, South Africa, Saudi Arabia, U.A.E, Israel, Egypt, Rest of Middle East and Africa) Industry Trends and Forecast to 2028.
Market Analysis and Insights: Global Marine Internet of Things Market
Data Bridge Market Research analyses that the marine internet of things market would exhibit a CAGR of 6.2% for the forecast period. Advent of advanced data analytics and data processing especially in the emerging economies, shifting and improving economic conditions of certain economies around the globe and increased rate of adoption of internet of things technology by the automotive industry, surge in the demand for strong bandwidth along with data migration from legacy systems are the major factors attributable to the growth of marine internet of things market.
Marine internet of things works on the same principle as this technology works in the other sectors. Marine internet of things is based upon sensors and network of connected devices that deal with all the data related to voyage, weather, location of assets, status of cargo, and much more. Marine internet of things technology is supported by satellite network or 3G/4G or even 5/G LTE network.
Growth in the demand for enhancing on board safety levels while reducing operational costs has resulted in growth in the market value. Growth and expansion of automotive industry especially in the developing economies coupled with continuous digitization and automation of the maritime supply chain will also create lucrative growth opportunities for the market. Increasing focus towards the installation of technologically advanced systems, sensors, and solutions in the ships will also foster the market growth. Rising public expenditure to strengthen the defense sector, rising import and export via waterways and growing maritime tourism will further carve the way for the growth of market.
However, vulnerability to cyber-attacks and lack of technological expertise in the developing and underdeveloped economies will pose a major challenge to the market growth rate. Supply chain disruptions and fall in the global trade owing to lockdown and covid-19 restrictions will hamper the market growth rate. Growing incidences of data crimes and thefts will further restrict the scope of growth for the market.
This marine internet of things market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on marine internet of things market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Marine Internet of Things Market Scope and Market Size
The global marine internet of things market is segmented on the basis of component, application and ship type. The growth amongst these segments will help you analyse meagre growth segments in the industries, and provide the users with valuable market overview and market insights to help them in making strategic decisions for identification of core market applications.
- On the basis of component, the marine internet of things market is segmented into sensing devices, network connectivity, internet of things platforms, and IT solutions and services.
The application segment for the marine internet of things market includes in route and operation optimization, asset tracking, and equipment monitoring.
- On the basis of ship type, the marine internet of things market is segmented into commercial and defense.
Marine Internet of Things Market Country Level Analysis
The global marine internet of things market is analysed and market size insights and trends are provided by country, component, application and ship type as referenced above.
The countries covered in the marine internet of things market report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), South Africa, Saudi Arabia, U.A.E, Israel, Egypt, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
North America dominates the marine internet of things market and will continue to flourish its trend of dominance during the forecast period owing to the presence of major marine internet of things solution providers and rising adoption of advanced technologies. Asia-Pacific region is set to witness unprecedented growth during the forecast period. This is because of the increasing level of seaborne trade, rising digitization and growing investments for the development of a smart infrastructure.
The country section of the marine internet of things market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Competitive Landscape and Marine Internet of Things Market Share Analysis
The marine internet of things market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to marine internet of things market.
The major players covered in the marine internet of things market report are Cisco Systems, Inc., Intel Corporation, Microsoft, IBM, Oracle, SAP, Google LLC, Hewlett Packard Enterprise Development LP, Marine Digital GmbH, Vodafone Group, Telefonaktiebolaget LM Ericsson, Orange Business Services, Accenture, Wärtsilä, Dualog, Wilh. Wilhelmsen Holding ASA (WWH), Nippon Telegraph and Telephone Corporation, Siemens and Hitachi Vantara Corporation among other domestic and global players. Market share data is available for Global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.