The supply of digital products and services to the maritime sector will be worth $278bn worldwide by 2030 according to a new report published today.
A new report published today by global connectivity provider Inmarsat and UK venture firm PUBLIC examines how startups, enabled by a new generation of connectivity at sea, and emerging technologies are driving dynamic change and creating a new market – ‘ShipTech’.
Trade 2.0 examines the impact of new technology on four key operational areas in the maritime sector; ship operations, ship management and services, port operations, and trade facilitation. The digital maritime market is already worth $106bn worldwide, with the majority of spending going to large enterprise technology providers. It is expected that by 2030, the market will grow to be worth $278bn annually with startups and SMEs taking significant market share.
“To date, one major industry has been left out of the internet revolution; maritime,” says Nick Chubb, founder of innovation consultancy Thetius and a co-author of the report, “but emerging connectivity services are set to unlock a wave of innovation in the sector, making it possible for the first time for the sector to access technologies that we take for granted ashore.”
Other key findings of the report include:
Investment in maritime technology startups is set to achieve year on year growth of 60% for three years running.
To date, the global maritime startup accelerator community has collectively graduated 226 startups.
IoT is set to be a major breakthrough technology, generating the data required to enable other emerging technologies like advanced analytics, artificial intelligence, and blockchain.
The report is being launched as part of London International Shipping Week with an event co-hosted by Inmarsat and PUBLIC, with a keynote by UK Maritime Minister, Nusrat Ghani MP.
Sea News, September 11