Market Research Future Insights:
According to MRFR analysis, the global Marine Internet of Things market is expected to register a CAGR of 17.1% from 2022 to 2030 and hold a value of over USD 689.1 billion by 2030.The marine Internet of Things (IoT) refers to the use of IoT technologies in the marine industry, including the shipping, fishing, and offshore oil and gas industries. Marine IoT technologies are used to improve the efficiency, safety, and sustainability of marine operations, by enabling the real-time tracking and monitoring of vessels, cargo, and other assets.
The demand for marine IoT technologies has remained relatively stable during the pandemic, as they are used in a variety of applications where the tracking and monitoring of marine assets are critical. However, the pandemic has disrupted some supply chains and there have been some delays in the development and deployment of Key Marine Internet of Things Market Players technologies.
Some of the key market players are Cisco Systems, Inc., Marine Digital GmbH, Vodafone Group Plc, Ericsson AB, Orange Business Services, Wartsila Oyj Abp, Accenture Plc, Dualog AS, Wilhelmsen Holding ASA, and NTT Group.
The Global Marine Internet of Things market has been segmented into type, application, and vertical.
Based on the component, the market has been segmented into Sensing Devices, Network Connectivity, IoT Platforms, and IT Solutions Services.
Based on the application, the market has been segmented into Route Operation Optimization, Asset Tracking, and Equipment Monitoring.
Based on the ship type, the Marine Internet of Things market has been segmented into Commercial and Defense.
North America, which is made up of the United States and Canada, held the largest share of global military expenditure and technological advancements. The region's naval vessels are highly sought-after due to their advanced capabilities, and the US Navy is a major adopter of these technologies. As a result, the North American market is expected to grow significantly in the coming years.
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