Newly released research from ABI Research, a market-foresight advisory firm focusing on transformative technologies, suggests that over the next five years new digitization solutions such as big data, blockchain and robotics will be adopted to eliminate non-value-added activities.
The firm anticipates that these technologies will be introduced to address issues in security, overcapacity and accuracy in cost models that the industry currently faces.
Global maritime freight transportation revenue is expected to grow from $166 billion last year to over $205 billion in 2023.
ABI states that the increasing revenue will be driven by disruptive technology that will fundamentally reshape how industry processes are carried out, from more commonplace technology including analytics and electrification to developing disruptors such as Virtual and Augmented Reality.
The published research also suggests that global spend on maritime cybersecurity will rise to $1.7 billion in order to address current and emerging threats.
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Principal Analyst at ABI Research, Susan Beardslee, said: “Along with consolidation and pressures on profits, long-standing players must adapt and work with partners within and outside the industry, from startups to technology leaders in connectivity, AI, and more, including the competition, to align on much-needed standardization.”
The past year has seen many industry operators working with startups and establishing companies to further push the digitization of their services and streamline processes and operations — including Maersk Line partnering with IBM to work on blockchain solutions for shipping and OOCL partnering with Microsoft to develop maritime AI applications, along with a host of startup incubation initiatives such as CMA CGM’s and PSA’s collaborative innovation drive.
