LONDON--(BUSINESS WIRE)--The global connected ship solutions market size is poised to grow by USD 2.25 billion during 2019-2023, according to a new report by Technavio, progressing at a CAGR of close to 5% during the forecast period.
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The market is driven by rising seaborne trade activities. In addition, the digital transformation of marine industry is expected to further boost the growth of the connected ship solutions market.
Rapid industrialization and the liberalization of economies has increased the total seaborne trade volume, thereby, boosting the shipping industry. The rising seaborne trading activity is also attributed to technological advances. The improved fuel efficiency functionalities and the proliferation of multi-fuel engines have made shipping one of the most fuel-efficient and environment-friendly forms of commercial transport. Thus, the rising seaborne trade activities will fuel the growth of the connected ship solutions market during the forecast period.
Ship operators are increasingly focusing on optimizing costs, delivering better services, and boosting revenues via digital transformation. Shipping companies are introducing automation and digital techniques to streamline business processing and customer handling processes to enhance their market share. Connected ship solutions generate a substantial amount of data, and the use of several risk-averting models and predictive mechanisms on the data can lead to enhanced business productivity. Thus, the digital transformation in the marine industry will drive the demand for connected ship solutions.
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The report includes detailed profiles of the leading companies & prominent vendors of the market:
- ABB Ltd.
- Emerson Electric Co.
- General Electric Co.
- Northrop Grumman Corp.
- Siemens AG
Market Segmentation by Ship Type:
The connected ship solutions market can be broadly categorized into the following segments:
Key Regions for the Connected Ship Solutions Market:
Featuring a breakdown of region-wise market shares until 2019.
- North America
- South America
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report
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