Maritime businesses expect to invest considerable sums into IIoT over the next three years – generating an average figure per respondent organisation of $2.5 million.

It is worth considering that budgets for IIoT solutions in the maritime sector go beyond pure IT spending, given that the IIoT and ship connectivity costs cut across the operations, safety and training budgets that often sustain adoption of new technologies.

If this is so, the maritime industry offers several or dispersed points of entry for IIoT solutions, over and above strategic decisions from senior managers.

HOW WILL THE MARITIME SECTOR INVEST IN IIOT? (%)

Laggards
Starters
Progressives
Leaders

HOW WILL THE MARITIME SECTOR INVEST IN IIOT? (%)

Laggards
Starters
Progressives
Leaders

Closer analysis of findings from the maritime sector nonetheless characterise the sector as featuring a larger proportion of IIoT ‘laggards’ (18 per cent) and ‘starters’ (61 per cent) than other industries, and a correspondingly smaller proportion of ‘progressives’ (19 per cent against 32 per cent overall).

The planned spend on IIoT places it as the number one next generation technology that maritime companies expect to invest in over the coming period.

Respondents expect to spend more on IIoT than they will on cloud computing and big data analytics (each at 6 per cent) over the next three years, coming as further indication of the sector’s faith in IIoT.

WHAT PROPORTION OF YOUR IT BUDGET DO YOU EXPECT TO SPEND ON THE FOLLOWING TECHNOLOGIES OVER THE NEXT THREE YEARS? (%)

IIoT
Cloud computing
Big data analytics
Next generation security
Robotics
Virtual reality
Augmented reality

WHAT PROPORTION OF YOUR IT BUDGET DO YOU EXPECT TO SPEND ON THE FOLLOWING TECHNOLOGIES OVER THE NEXT THREE YEARS? (%)

IIoT
Cloud computing
Big data analytics
Next generation security
Robotics
Virtual reality
Augmented reality

However, there is some significant variation within the average spend on IIoT, with around a quarter of respondents (24 per cent) expecting to invest over $3 million over the next three years, while 15 per cent say they will spend less than $100,000 over the same period.

Although size of operation will naturally dictate how much companies are able to – or need to – spend on the technology, this disparity once more demonstrates the variation in adoption attitudes within maritime businesses.

Plainly, not all maritime businesses have the same R&D budgets, and a high proportion of maritime respondents envisage making use of turnkey solutions in their forward-looking adoption projects.

Some 64 per cent of respondents say that they are or plan to use external parties to support some or as much as possible of their IIoT deployment strategies, while 48 per cent seek external help with management on an ongoing basis.

Respondents expect to spend more on IIoT than they will on any other next generation technology over the next three years

14%

average cost savings predicted through IIoT use within five years

Maritime businesses see IIoT solutions as able to help them save money, but are less convinced of their ability to generate new revenues.

While the cost savings are negligible today (2 per cent), this is expected to rise to 3 per cent within 12 months, to 7 per cent within three years, and then sharply to 14 per cent by the end of five years.

Revenues generated by IIoT-based solutions are expected to increase less rapidly, reaching 7 per cent in five years, compared to 1 per cent today.

FOR MORE INFORMATION ON THE RESEARCH, DOWNLOAD THE REPORT - INDUSTRIAL IOT ON LAND AND AT SEA: MARITIME

Press enter or esc to cancel