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New Inmarsat study shows maritime industry’s openness to IoT

New Inmarsat study shows maritime industry’s openness to IoT
8 JUNE 2018

Findings from research commissioned by Inmarsat has shown that, contrary to the prevailing belief, the maritime industry is more eager to adopt analytic, management and operational tools developed using the Internet of Things (IoT).

The ‘Industrial IoT: Maritime’ report is based on a cross-sectoral study on digitalisation in the global supply chain, as well as 750 interviews conducted by technology market research firm Vanson Bourne.

It primarily aims to analyse the use of, attitudes to, and predictions for IoT-based solutions across the maritime, transport and logistics, energy, mining and agriculture industries.

Of the total respondents, 125 were from the maritime sector, which included owners from across the world in terms of fleet size and type such as container, tanker, bulker, gas, and other segments.

The report revealed that Greek vessel owners expect to make a significantly smaller investment on IoT-based solutions in future, with the average investment planned for the coming three years less than 10% of the average overall.

Three-quarters of study respondents said that they would ‘fully deploy’ IoT-based solutions within 18 months, while the equivalent figure for Greek respondents is 40%.

According to the report, 51% of the respondents are of the view that revenue generation does not figure in their considerations, while 75% say that they have realised or anticipate to realise savings using the IoT.

Route optimisation is identified by 57% of the respondents as in use or on trial.

The study also found that 65% of respondents have already started using IoT-based solutions to check fuel consumption, increasing the adoption to 100% by 2023.

Among other findings, the study also found that marine insurers have played an important role in the adoption of IoT by the sector.