The Automatic Identification System Market size is estimated at USD 384.51 million in 2024, and is expected to reach USD 535.55 million by 2029, growing at a CAGR of 6.85% during the forecast period (2024-2029).
The spread of COVID-19 severely affected the market growth. Due to the closing of international borders to contain the virus spread, ports were closed with no trade deals, hindering market growth during the pandemic.
The global automatic identification system market is tending toward a fragmented market as the established players in the market dominate it. Due to significant innovations and increased partnerships by the players with Homeland Security agencies, the market is leading to a massive demand for AIS solutions. The recent developments in the market are:
In June 2022, the Singapore Maritime Institute (SMI) and the National Research Foundation Singapore formed the research and development partnership Rightship Maritime Artificial Intelligence (RMAI) research and development (R&D) to promote artificial intelligence (AI)-based vessel risk profiling. Software vendor Kongsberg Digital AS, technology company Wärtsilä Voyage Limited, and shipper RightShip are other partners. Rightship is offering a research grant of up to USD 4.5 million to more than 80 Singaporean AI professionals as part of a potential collaboration working proposal.
In June 2022, Accelleron, the renamed ABB Turbocharging subsidiary, signed two new data collecting and analysis collaborations with Hoppe Marine and Danelec Marine, respectively. The new joint service with Danelec will provide real-time operating data by combining Accelleron's Tekomar XPERT marine performance analysis system and the DanelecConnect maritime Internet of Things (IoT) product. Data will be collected from vessel systems such as the automation system, the voyage data recorder, the global positioning system (GPS), the electronic chart display and information system (ECDIS), the gyro compass, the engine, the propeller, the automatic identification system (AIS), and individual sensors. Tekomar XPERT will be used to examine the data and provide recommendations on possible efficiency enhancements and procedures to minimize downtime for maintenance or repairs in port.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook