Maritime AI Market Surges to $4.13 Billion with 23% Growth Rate and Key Applications Identified

New research indicates that the maritime artificial intelligence (AI) market is currently valued at USD $4.13 billion, with a projected compound annual growth rate of 23% over the next five years. This significant increase from last year’s valuation of USD $1.47 billion underscores the rapid adoption of AI technologies within the sector. The report, titled Beyond the Horizon: Opportunities and Obstacles in the Maritime AI Boom by Thetius, highlights the growing trend of AI implementation among 36 shipping companies, with small-and medium-sized entities (SMEs) comprising 63% of AI technology suppliers.

The report identifies six critical areas of AI application in the maritime industry, including data-driven condition-based maintenance and port management. Case studies such as LR’s collaboration with NYK and MTI on data-driven condition-based maintenance, as well as SafetyTech Accelerator’s Awake.AI technology solution for optimizing port visits, showcase the practical applications of AI technologies. Mark Warner, Global Content and Communications Director at Lloyd’s Register, emphasizes the industry’s shift towards embracing AI for operational efficiency, safety enhancement, and sustainability goals.

Beyond the Horizon builds on previous research by Lloyd’s Register and Thetius on AI and autonomy in the maritime sector. The report not only provides updated market size data on operational AI in maritime but also offers actionable recommendations for organizations interested in investing in AI technologies. By examining successful case studies and identifying emerging trends, the report aims to empower the maritime industry to overcome challenges and capitalize on the opportunities presented by AI technologies.

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