Market Size of Integrated Marine Automation System Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 2.50 % |
| Fastest Growing Market | Europe |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Integrated Marine Automation System Market Analysis
The integrated marine automation system market is projected to grow at a CAGR of 2.5% during the forecast period (2021 - 2026). The adoption of new technological capabilities such as AI and machine learning augmented with different software use, to support the solutions offered in this market has been a new trend. For instance, Marine image annotation software (MIAS) is used to assist the annotation of underwater imagery. Integration into accessible MIAS is currently limited to semi-automated processes of pixel recognition through computer vision modules. The development in this field will be a new trend towards the integration of AI in automation in information management under the vessel management segment.
- High growth in the maritime tourism industry is driving the market as cruising is considered a well-established vacation zone in the North American and European region and a developing sector in several other emerging regions. This demands the development of more cruise ships by which the market growth is rising.
- Growing seaborne trades is driving the market. According to the United Nations, International seaborne trade stored momentum in 2017, with volumes expanding by 4%, which was the fastest growth in the last five years and is still expanding at present. Developing economies continue to make a major contribution, such as the Asia region. This demands more cargo ships by which the market growth rises as it decreases operational costs for ships by equipping them with automation systems.
- Digitalization in ships is vulnerable to cyber threats, which are restraining the market to grow. As ships are increasingly utilizing systems that rely on digitization which call for cyber risk management on board. As technology continues to develop, information technology (IT) and operational technology (OT) onboard ships are being networked together and more frequently connected to the internet. This brings the greater risk of unauthorized access or malicious attacks to ship's systems and networks.
