Lloyd’s Register commissioned research reveals the rapid rise of AI in maritime

The maritime artificial intelligence (AI) market has experienced unprecedented growth, according to a new report by Thetius, commissioned by Lloyd’s Register. The market’s valuation has surged to USD $4.13 billion, nearly tripling from the previous year’s figure of USD $1.47 billion. This rapid expansion is indicative of the maritime sector’s increasing adoption of AI technologies, which are projected to grow at a compound annual growth rate of 23% over the next five years.

The Thetius report reveals that 36 shipping companies have either implemented or plan to deploy AI technologies within the past year. Among these adopters, small and medium-sized enterprises (SMEs) represent 63% of the AI technology suppliers, while corporate entities account for 18%, and startups have risen to 17%, marking a notable increase from the previous year. This diverse participation highlights the broad appeal and potential of AI across various segments of the maritime industry.

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The report identifies six key areas where AI is making significant impacts, including data-driven condition-based maintenance and port management. Notable examples include Lloyd’s Register’s collaboration with NYK and MTI on advanced maintenance solutions and the use of SafetyTech Accelerator’s Awake.AI technology. These case studies exemplify the practical applications of AI in enhancing operational efficiency, safety, and sustainability in maritime operations.

Mark Warner, Global Content and Communications Director at Lloyd’s Register, emphasized that the maritime sector, traditionally seen as resistant to change, is now embracing AI with enthusiasm. This shift is driven by the desire for improved operational efficiency, safety enhancements, and sustainable practices. The report not only provides an update on the AI market but also offers actionable recommendations for organizations looking to invest in AI technologies, helping the industry navigate and capitalize on the opportunities presented by this technological advancement.