New research commissioned by Inmarsat suggests the maritime industry is more open to adopting analytic, management and operational tools applied through the Internet of Things (IoT) than many sector observers may have believed.
The report — which was based on 750 interviews conducted by market research firm Vason Bourne — examines the use of, attitudes to and predictions for IoT-based solutions across the maritime, transport and logistics, energy, mining and agriculture industries.
There were 125 respondents from the maritime sector, including 25 Greek owners, 20 Japanese owners and 15 German owners. Ship types were spread across the container, tanker, bulker, gas, offshore and fishing segments and fleet size varied widely.
Three quarters of respondents said that they have realized, or expect to realize, savings using IoT technologies. Route optimization tools are a popular IoT solution deployed today, with 57 per cent of owners reporting that they are in use or are being trialled.
The introduction of new environmental regulations is also likely to push the shipping industry to embrace IoT. As the 2020 fuel sulphur cap approaches, 65 per cent of respondents said they already use IoT solutions to keep track of fuel consumption. This figure will rise to 100 per cent by 2023.
“Respondents suggest that their average expenditure per business on IoT-based solutions will amount to US$2.5 million over the next three years,” adds Stein Oro, VP of applications sales, Inmarsat Maritime. “They say that IoT-based solutions will attract a larger share of their IT budgets than any other ‘next generation’ technology, while early analysis of other segments places maritime ahead of energy, agriculture and mining.”
Greek owners were most conservative in their forecasts for IoT uptake, with average investment planned for the coming three years amounting to less than 10 per cent of the average overall.
The finding is in line with overall expectations from three quarters of respondents that they will ‘fully deploy’ IoT-based solutions within 18 months, while the equivalent figure for Greek respondents is 40 per cent.