Maritime artificial intelligence market nearly triples in size over past year

New research by British consultancy Thetius estimates that the maritime artificial intelligence (AI) market has nearly tripled in size in the space of just one year and is now valued at $4.13bn, with a projected five-year compound annual growth rate of 23%.

The 29-page report, commissioned by Lloyd’s Register, highlights six critical areas of AI application, including data-driven condition-based maintenance and port management.

When deploying AI technologies, the report argues that it makes sense to do so in iterations to ensure best risk management. For example, start by using AI and machine learning to automate repetitive easy processes, giving people the opportunity to focus on more complex tasks. An easy example, according to Thetius, is email organisation.

“Streamline time-consuming processes, then move on to bigger tasks before tackling the seriously complex ones,” the report advises, adding: “Implementing AI solutions incrementally allows for testing and optimisation at each stage. This approach helps to identify potential issues early and make necessary adjustments without disrupting operations.”

Commenting on the new study, Mark Warner, global content and communications director at Lloyd’s Register, said: “The findings of the report show that the maritime sector, often perceived as traditional and resistant to change, is now embracing AI with remarkable enthusiasm. This shift is driven by the need for greater operational efficiency, enhanced safety, and a commitment to sustainability. AI technologies are being harnessed to optimise voyages, predict maintenance needs, enhance navigational safety, and manage energy consumption more effectively.”

Frank Coles, the former head of Wallem Group, pointed out that AI remains rather opaque for many in shipping.

“A lot of what is called AI in the maritime marketing blurb is more machine learning than the generative AI using neural networks in deep learning,” Coles wrote, adding that generative AI could disrupt shipping in ways nobody has even considered at the moment.

Commentators have been waxing lyrical about how AI is set to transform the maritime industry, and with good reason. Increasingly compelling use cases are emerging in applications such as route optimisation, safety of navigation, fuel efficiency, compliance, predictive maintenance, cargo management and many more.

However, amidst the hype there is a need for concerted industry effort in developing collaborative forum and policy frameworks.

“We are seeing early adopters within maritime sector embrace AI with varying degrees of effectiveness. There however seems to be a trend to stick GPT at the end of maritime terms and rush out applications as businesses hurriedly take their seats in the maritime AI theatre,” commented Manish Singh, CEO of Aboutships, in a conversation earlier this year. “Often this is happening pre-maturely, without optimal data architecture and before appropriate policy and resilience frameworks are put in place.”

2024 maritime tech forecaster states, Lasse Kristoffersen, president and CEO of Wallenius Wilhelmsen, predicted: “Generative AI will in shipping start to deliver real impact and many companies will start utilising technology like Copilot from Microsoft.”

Hafnia, the world’s largest product tanker owner, is behind one of shipping’s most keenly watched foundational AI joint ventures, Complexio.

Foundational AI’s main focus is to enable human-machine collaboration by connecting to all areas of a company’s infrastructure and providing a centralised hub that serves as the primary point of AI-driven analysis and decision-making. This transformational approach takes the role of AI from isolated applications in separate departments to build a unified, integrated system that enhances the entire organisation’s performance and productivity.

“90% of global workforces spend 60% of their time on recurring tasks. In an AI-first world, we can greatly reduce this by automating the processing of routine tasks, like assembling a ship’s clearance package and simultaneously provide our leadership teams with enhanced macro views of business operations, enabling them to identify areas to improve upon,” Hafnia CEO Mikael Skov commented earlier this year.