Maritime AI and autonomy market to reach $5 billion by 2028 – report

A new report on the future of AI in the maritime sector has projected that the AI-driven systems and vessel autonomy market will be worth a combined $5 billion by 2028, with some 276 companies already identified as currently active in the maritime AI segment today.

The report, produced by Lloyd’s Register (LR) and Thetius, recommends that maritime organisations invest in improving their understanding of AI at all levels and increase workforce education and training to raise awareness of safety and regulations related to advanced technology.

Titled Out of the Box, the joint study assesses autonomy and artificial intelligence in the maritime industry, with both markets currently estimated to be worth a joint $3.7 billion in 2023, a 57% increase from 2022.

The report also calls for the creation of an independent cross-industry body to support the safe development of artificial intelligence for maritime organisations, to assist in management of the novel risks that these new technologies may introduce.

“As we move towards a future where digital solutions become increasingly integrated into the shipping industry, organisations like Lloyd’s Register will continue to adapt and evolve their assurance processes to support uptake of AI and autonomous systems to ensure that safety remains paramount,” said Dipali Kuchekar, Product Manager, Autonomous Systems and Novel Technologies, Lloyd’s Register.

“We are there to support shipowners and operators as they look at the investment case for autonomy and AI.”

This new report follows on from a previous study in 2022, The Learning Curve – The state of artificial intelligence in maritime, which highlighted the need to prioritise safe testing environments for AI and autonomous technology, particularly through the use of digital twin simulations and designated ships as beta testers to prevent incidents in real world settings.

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Rob O'Dwyer

Rob is Chief Network Officer and one of the founders of Smart Maritime Network. He also serves as Chairman of the Smart Maritime Council. Rob has worked in the maritime technology sector since 2005, managing editorial for a range of leading publications in the transport and logistics sector. Get in touch by email by clicking here, or on LinkedIn by clicking here.

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