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Connected Ship Market Size

  • Report ID: GMI8640
  • Published Date: Mar 2024
  • Report Format: PDF

Connected Ship Market Size

Connected Ship Market size was valued at USD 6.8 billion in 2023 and is estimated to register a CAGR of over 5% between 2024 and 2032. Increasing investments in optimizing capacity, routes, and procurement are driving growth in the market. These investments support the development of technologies that enable ships to communicate and share information, enhancing efficiency and streamlining operations. By leveraging data analytics and connectivity solutions, maritime companies can optimize vessel utilization, minimize fuel consumption, and improve overall fleet management.


For instance, in November 2022, Smart Ship Hub, a maritime logistics technology startup based in Singapore, developed a technology to facilitate communication and information sharing among ships. The company reported contract signings of USD 1.1 million in 2021 and USD 3.4 million in 2022. These investments aimed to optimize capacity, routes, and procurement, fostering a shared economy within maritime logistics.

Regulatory requirements play a crucial role in driving the adoption of connected ship market. Maritime authorities worldwide are implementing stringent regulations on safety, security, and environmental compliance. To comply with these regulations, shipping companies are increasingly turning to connected ship solutions, which offer advanced monitoring, tracking, and reporting capabilities. By leveraging connectivity and data analytics, connected ships can ensure compliance with regulatory standards while enhancing operational efficiency and reducing risks. Thus, regulatory requirements serve as a significant catalyst for the adoption of connected ship technologies in the maritime industry.

The increasing connectivity of ships exposes them to cybersecurity threats including hacking, malware, and data breaches. Maritime networks are complex and often lack robust cybersecurity measures, making them vulnerable to cyberattacks. Addressing cybersecurity risks requires implementing comprehensive security measures to protect onboard systems, data, and communications from unauthorized access & malicious activities. However, ensuring cybersecurity in the maritime domain is challenging due to the diverse nature of vessel operations, the lack of cybersecurity awareness among crew members, and the evolving nature of cyber threats.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of connected ship reached USD 6.8 billion in 2023 and is set to witness over 5% CAGR from 2024 to 2032, due to increasing investments in optimizing capacity, routes, and procurement.

The onboard installation type segment accounted for over 60% of the market share in 2023 and is set to exceed USD 6 billion by 2032, led by pivotal role in enhancing operational efficiency for maritime operations.

The vessel traffic management application segment recorded 33% of the market share in 2023, driven by the increasing demand for optimizing routes and vessel speed based on real-time weather data.

Asia Pacific recorded 37% of the market share in 2023, led by the swift pace of advancements, particularly in communication technologies.

Connected Ship Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 22
  • Tables & Figures: 300
  • Countries covered: 21
  • Pages: 250
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