Artificial Intelligence (AI) in Maritime Transport Market Report 2024

This Artificial Intelligence (AI) In Maritime Transport market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The artificial intelligence (AI) in maritime transport market size has grown strongly in recent years. It will grow from $5.46 billion in 2023 to $5.83 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth during the historic period can be attributed to the rising demand for operational efficiency, a greater need for enhanced safety and security measures, an increase in global trade and shipping volumes, a push for environmental sustainability, and advancements in autonomous vessels and navigation systems.

The artificial intelligence (AI) in maritime transport market size is expected to see strong growth in the next few years. It will grow to $7.59 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth during the forecast period can be attributed to the increasing demand for autonomous vessels, enhanced safety and security measures, a greater need for fuel efficiency, rising adoption of AI-powered logistics optimization, increased regulatory support for digitalization, and growing investments in smart port technologies. Major trends expected include the adoption of autonomous vessels, improved predictive maintenance systems, AI-driven port automation, advanced real-time navigation and routing, AI-powered environmental monitoring, integration of AI with IoT for smart shipping, and the implementation of AI-enabled cybersecurity measures.

The growth of artificial intelligence (AI) in maritime transport is expected to be driven by increasing global trade volumes. Global trade volumes represent the total quantity of goods and services exchanged internationally. Advances in technology and logistics have reduced transportation and communication costs, facilitating easier engagement in international trade. Additionally, globalization has fostered more integrated supply chains and trade agreements, boosting cross-border commerce. AI in maritime transport enhances global trade by improving efficiency, reducing costs, and optimizing logistics. It allows for predictive maintenance of ships, which minimizes downtime and increases fleet reliability. For example, the International Trade Administration reported in November 2023 that U.S. exports of goods and services to the UK rose to $157.1 billion in 2022, reflecting a 21.5% increase from 2021. Thus, rising global trade volumes are propelling the growth of AI in maritime transport.

Companies in the AI maritime transport sector are integrating AI to enhance vessel navigation, predictive maintenance, fuel efficiency, and port and cargo operations. AI technology is employed to analyze data related to vessels, weather, and geopolitical situations, helping to predict and manage risks in maritime operations. For instance, in June 2024, Windward Ltd., an Israel-based software company, introduced the MAI Expert, an AI-powered virtual maritime agent. This tool, utilizing Amazon Bedrock's foundation models and Windward's proprietary data, aims to improve operational efficiency, reduce vessel screening times, and automate various processes. The MAI Expert provides extensive expertise in maritime operations, sanctions regulations, and risk assessments.

In April 2023, Everstream Analytics GmbH, a Germany-based firm specializing in data analytics and machine learning, acquired BlueNode Inc. for an undisclosed amount. This acquisition enhances Everstream Analytics' capabilities in offering insights on reducing maritime carbon emissions, optimizing vessel performance, automating shipping processes, and accurately measuring emissions. BlueNode Inc., a Canada-based software development company, provides AI-driven data management and analytics solutions for maritime ports in the global supply chain.

Major companies operating in the artificial intelligence (AI) in maritime transport market are Siemens AG, International Business Machines Corporation, HD Hyundai Co Ltd., Northrop Grumman Corporation, Schneider Electric SE, Mitsubishi Heavy Industries Ltd., ABB Ltd., Thales S.A., L3Harris Technologies Inc., Rolls-Royce Holdings plc, Emerson Electric Co., Singapore Technologies Engineering Ltd., Wärtsilä Corporation, Garmin Ltd., Cargotec Corporation, Saab AB, Kongsberg Gruppen ASA, Fugro NV, Furuno Electric Co. Ltd., BMT Group Ltd., Tokyo Keiki Inc., Spire Global Inc., Napa Oy, MarineTraffic, Windward Ltd.

North America was the largest region in the artificial intelligence (AI) in maritime transport market in 2023. The regions covered in the artificial intelligence (AI) in maritime transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the artificial intelligence (AI) in maritime transport market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Artificial Intelligence (AI) in maritime transport involves applying advanced technologies such as machine learning and data analytics to enhance the efficiency, safety, and sustainability of maritime operations. AI is utilized to optimize ship routes, predict maintenance needs, enable autonomous vessels, manage cargo efficiently, improve safety and security, monitor environmental impacts, and streamline port operations.

The main components in the AI in maritime transport market include solutions and services. AI solutions encompass software platforms, algorithms, and analytical tools designed to process extensive maritime data. These solutions are deployed both on-premises and in the cloud, supporting various applications such as route optimization, predictive maintenance, fleet management, safety and security, and others.

The AI in maritime transport market research report is one of a series of new reports that provides AI in maritime transport market statistics, including the AI in maritime transport industry global market size, regional shares, competitors with AI in maritime transport market share, detailed AI in maritime transport market segments, market trends, and opportunities, and any further data you may need to thrive in the AI in maritime transport industry. These AI in maritime transport market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The artificial intelligence (AI) in maritime transport market includes revenues earned by entities by providing services such as autonomous navigation and vessel control, predictive maintenance, and port operations management. The market value includes the value of related goods sold by the service provider or included within the service offering. The artificial intelligence (AI) in maritime transport market also includes sales of satellite communication systems, AI-integrated ship engines, autonomous ships, and AI-enhanced communication systems, and graphics processing units. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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