CHICAGO, May 29, 2024 /PRNewswire/ — The market for maritime safety systems is expected to expand in the future due to the growing usage of autonomous vessels, improved cybersecurity protocols, and cutting-edge technologies like artificial intelligence, the Internet of Things, and big data analytics. Combined, environmental monitoring, enhanced communication, integration with smart ports, and regulatory compliance will increase maritime operations’ sustainability, efficiency, and safety.

The Maritime Safety System Market is estimated to grow from USD 30.2 billion in 2024 to USD 47.8 billion in 2029, at a CAGR of 9.6% during the forecast period, according to a new report by MarketsandMarkets™. The Maritime Safety System Market is driven by the rising need to manage complex supply chain operations and enhance sustainability across the marine industry. Increasing awareness about maritime safety, adherence to regulatory compliances and standards, and the growth in marine trade and freight transport activities further fuel the demand for advanced safety systems. These factors collectively contribute to the robust expansion and innovation within the Maritime Safety System Market.
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280 – Tables70 – Figures300 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2019–2029
Base year considered
2023
Forecast period
2024–2029
Forecast units
USD Billion
Segments Covered
Offering (Solutions & Services [Professional Services {Training & Consulting, Risk Assessment & Investigation, Support & Maintenance} and Managed Services]), Security type (Port & Critical infrastructure Security, Coastal Security, Vessel Security, Crew Security, Cargoes & Containers Safety, Ship System & Equipment (SSE) Safety, Other Security Types), System (Ship Security Reporting System, Automatic Identification System (AIS), Global Maritime Distress Safety System (GMDSS), Long Range Tracking & Identification (LRIT) System, Vessel Monitoring & Management System, Other Systems) Application (Loss Prevention & Detection, Security & Safety Management, Counter Piracy, Monitoring & Tracking, Environment Protection,  Search & Rescue, Communication Management and Other Applications), End User (Government & Defense, Marine & Construction, Oil & Gas, Shipping & Transportation [Shipping Companies, Ship Crews Passengers & Cargo Owners] and Other End Users).
Geographies covered
North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Companies covered
are Honeywell (US), Thales Group (France), Smiths Group (UK), Elbit Systems (Israel), Northrop Grumman (US), Westminster Group (UK), Raytheon Anschutz (Germany), Saab Group (Sweden), OSI Maritime Systems (Canada), BAE Systems (UK), L3Harris Technologies (US), KONGSBERG (Norway), Leonardo (Italy), ATLAS ELEKTRONIK (Germany), Airbus (Netherlands), Terma Group (Denmark), Nuctech (China), ARES Security (US), Rolta (India), HALO Maritime Defense Systems ( US), HudsonAnalytix (US), Consilium ( Sweden), Maindeck (Norway), Captain’s Eye (Israel), ioCurrents (US), Harbor Lab (Greece), Smart Ship Hub (Singapore), SailRouter (Netherlands), Orca AI (England), Anduril Industries (US), PierSight (India) and EyeROV (India).
By offering, the services segment to account for higher CAGR during the forecast period.
Marine managers and vendors rely on technical support and consulting services to effectively deploy technology solutions. These services facilitate quicker and more efficient implementation, leading to optimized operations across various sectors. Managed by solution and service providers, these services are crucial for ensuring access to shared information and resources among dispersed parties within the maritime industry. Cloud platforms are particularly targeted towards ship management tasks like procurement, bunkering, crewing, training, and performance enhancement. With the maritime sector increasingly adopting digital solutions, cloud services are becoming increasingly vital in supporting these advancements.
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By System, Ship Security Reporting System is expected to hold the largest market size for the year 2024.
A ship security reporting system is a crucial alerting mechanism designed to send distress signals to the maritime security center located at the Horn of Africa (MSCHOA) and UK Maritime Trade Operations (UKMTO). This system was implemented to address the rising threat of pirate attacks in the Gulf of Aden and off the coast of Somalia. When a distress signal is activated, it is transmitted to the naval forces responsible for ensuring maritime security in these regions. The ship security reporting system provides a significant, multifaceted advantage to vessels by offering continuous monitoring within a designated range. Upon receiving a distress signal, MSCHOA or UKMTO verifies its authenticity. If confirmed as genuine, critical vessel information, including the vessel’s name, IMO number, MMSI, and location, is promptly retrieved and relayed to the appropriate task forces. The transmission of signals from the SSRS center to the task forces via the mercury system takes less than five minutes. This efficient process enhances maritime security, allowing ships to navigate the most vulnerable waters with greater confidence and protection.
By End User, oil & gas is projected to grow at the highest CAGR during the forecast period.
In the oil & gas sector within the Maritime Safety System Market, maritime transportation stands out as a secure and efficient mode of conveyance. Over the years, there has been a remarkable 98% reduction in oil spills from tankers globally since 1970, a testament to the safety protocols implemented in vessels and the rigorous training of crew members. Oil ranks as the largest commodity transported via water, known for its cost-effectiveness and efficiency compared to other forms of transportation. With increasing exploration and production activities in deep-water and ultra-deep-water regions, there is a heightened demand for advanced safety systems to mitigate risks and ensure operational integrity. Investments in real-time monitoring, emergency response solutions, and regulatory compliance are paramount, fueling growth in this critical sector of the maritime industry.
Middle East & Africa is expected to grow at the second-highest CAGR during the forecast period.
The waterways within the Middle East & Africa (MEA region) hold immense global significance, facilitating the substantial export of oil and natural gas and serving as vital links between Eastern and Western traders through key passages like the Red Sea and Suez Canal. However, political tensions in this region have amplified the vulnerabilities of these waterways, exacerbated by challenges such as the lack of internal stability in bordering governments, inadequate maritime security capabilities, and potential naval threats from entities like the government of Iran. To remain competitive and aligned with global advancements, governments across the MEA are prioritizing a shift towards information and innovation-driven societies.
Top Companies in Maritime Safety System Market:
The major maritime safety system solutions and service providers Honeywell (US), Thales Group (France), Smiths Group (UK), Elbit Systems (Israel), Northrop Grumman (US), Westminster Group (UK), Raytheon Anschutz (Germany), Saab Group (Sweden), OSI Maritime Systems (Canada), BAE Systems (UK), L3Harris Technologies (US), KONGSBERG (Norway), Leonardo (Italy), ATLAS ELEKTRONIK (Germany), Airbus (Netherlands), Terma Group (Denmark), Nuctech (China), ARES Security (US), Rolta (India), HALO Maritime Defense Systems ( US), HudsonAnalytix (US), Consilium ( Sweden), Maindeck (Norway), Captain’s Eye (Israel), ioCurrents (US), Harbor Lab (Greece), Smart Ship Hub (Singapore), SailRouter (Netherlands), Orca AI (England), Anduril Industries (US), PierSight (India) and EyeROV (India). These companies have used both organic and inorganic growth strategies such as product launches, acquisitions, and partnerships to strengthen their position in the Maritime Safety System Market.
Recent Developments:
In December 2023, Honeywell announced the acquisition of SCADAfence, a prominent provider of cybersecurity solutions for monitoring large-scale OT and IoT networks. SCADAfence’s expertise lies in asset discovery, threat detection, and security governance, all vital for bolstering cybersecurity in industrial and building management programs.In October 2023, Smith’s Detection unveiled the HI-SCAN 7555 DV, a dual-view X-ray scanner featuring enhanced capabilities. This scanner offers superior image quality, automatic explosives detection, and a compact footprint, making it ideal for efficient screening in high-threat applications.In September 2023, OSI Maritime Systems (OSI) announced the finalization of a Long-Term Partnership Agreement (LTPA) with PGZ Stocznia Wojenna Shipyard (PGZ SW). Under this agreement, OSI will be PGZ SW’s preferred partner for all new-build and retrofit WECDIS-based navigation systems in the Polish Navy.In August 2023, Anschütz enhanced the capabilities of its Electronic Chart Display and Information System (ECDIS) with customized functions to support safe and efficient operations for offshore and research vessels, as well as for blue and grey forces.In March 2023, The partnership between Anschütz and StormGeo, a prominent provider of weather intelligence and decision-support solutions in the shipping industry and part of Alfa Laval, signifies a move toward fully paperless ship governance.In January 2023, Anschütz launched the NautoPilot 5000NX, a new autopilot for ships featuring a 7-inch graphical touchscreen that clearly displays all navigational information. With intuitive operation, crews can access heading, course, and track control steering modes easily.Inquire Before Buying@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=1033
Maritime Safety System Market Advantages:
Advanced monitoring and detection capabilities offered by maritime safety systems raise the standard of safety and security in maritime operations. These technologies aid in the prevention of mishaps, crashes, and illegal entry into ports and vessels.These technologies allow for the timely detection of potential hazards and incidents by providing real-time surveillance of maritime operations. To maintain safe navigation, this entails monitoring ships, the weather, and other important factors.By giving precise and current information on vessel movements, maritime safety systems help improve navigation and traffic management. This aids in route optimisation, traffic reduction, and accident avoidance in crowded ports and shipping lanes.Maritime safety systems facilitate prompt and well-coordinated response actions in the event of emergencies or accidents. They offer vital information and communication resources that support the management of rescue efforts and the reduction of event impact.These systems aid ensure the adherence of maritime operators to global maritime safety norms and regulations, including those established by the International Maritime Organisation (IMO). In addition to preventing fines and other consequences, compliance guarantees safer operations.Through the detection of oil spills, monitoring and control of pollutants, and enforcement of environmental standards, maritime safety systems help to safeguard the environment. This lessens the negative effects of maritime activity on the ecosystem.Operational efficiency is increased when automation technologies are integrated into maritime safety systems. The accuracy and dependability of safety measures are increased and the necessity for personal intervention is decreased through automated monitoring, reporting, and alerting.Report Objectives
To define, describe, and predict the Maritime Safety System Market, by offering (solutions and services), security type, system, application, end user, and region.To describe and forecast the Maritime Safety System Market, in terms of value,by region—North America, Europe, Asia Pacific, Middle East & Africa and Latin AmericaTo provide detailed information regarding major factors influencing the market growth (drivers, restraints, opportunities, and challenges)To strategically analyze micromarkets with respect to individual growth trends, prospects, and contribution to the overall Maritime Safety System Market.To profile key players and comprehensively analyze their market positions in terms of ranking and core competencies, along with detailing the competitive landscape for market leaders.To analyze competitive developments such as joint ventures, mergers and acquisitions, product developments, and ongoing research and development (R&D) in the Maritime Safety System MarketTo provide the illustrative segmentation, analysis, and projection of the main regional markets.Browse Adjacent Markets: Software and Services Market Research Reports & Consulting
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In collaboration with Microsoft and NVIDIA, SOPHiA GENETICS is developing a comprehensive whole genome analytical solution
BOSTON and ROLLE, Switzerland, May 29, 2024 /PRNewswire/ — SOPHiA GENETICS (Nasdaq: SOPH), a cloud-native healthcare technology company and a global leader in data-driven medicine, today announced that it is collaborating with Microsoft and NVIDIA to leverage their expertise in technology and genomics to bring a streamlined and scalable whole genome sequencing (WGS) analytical solution to healthcare institutions, with the aim to make the solution available to customers before the end of the year.

The new WGS application from SOPHiA GENETICS will be designed to provide fully analyzed whole genome insights in an accelerated timeline, enabling researchers and clinicians to make data-driven decisions within the same day. This expedited speed will also increase opportunities for researchers and biotechnology companies to innovate rapidly across clinical research, drug discovery and care delivery with improved efficiency and effectiveness.
“By leveraging the powerful  technologies and capabilities offered by Microsoft Azure and NVIDIA, we are working to provide accurate, scalable, and rapid insights across multiple modalities, helping benefit our customers and, ultimately, patients, particularly those living with rare inherited disorders,” said Abhimanyu Verma, Chief Technology Officer, SOPHiA GENETICS. “We are confident our new WGS application will help provide an answer to existing customer needs and expedite research, diagnosis and treatment planning worldwide.”
The SOPHiA DDM™ Platform is a tech-agnostic, universal cloud-based Software-as-a-Service platform that enables healthcare institutions to get quick, robust, and actionable insights from their data. SOPHiA GENETICS’ technology analyzes genomic data, alongside other modalities – including diagnostic details, imaging, pathology, and medical assessments – to provide clear insights for institutions worldwide. The collective intelligence garnered from SOPHiA DDM™ supports discoveries, treatment decisions, and drug development efforts, benefiting patients with cancer and rare inherited genetic disorders.
As part of this collaboration, SOPHiA DDM™, hosted on Azure, will be powered by NVIDIA Parabricks for SOPHiA DDM™’s WGS application. NVIDIA Parabricks is a scalable genomics analysis software suite that leverages full-stack NVIDIA accelerated computing to process whole genomes in minutes. Compatible with all leading sequencing instruments, Parabricks supports diverse bioinformatics workflows and integrates artificial intelligence (AI) for accuracy and customization. SOPHiA GENETICS will also use powerful NVIDIA GPUs on Azure to process computationally heavy workloads, providing a scalable and efficient solution.
“Whole-genome sequencing has the potential to enhance and accelerate treatment plans and drug development efforts,” said George Vacek, Global Head of Genomics Alliances, NVIDIA. “Powered by NVIDIA Parabricks, SOPHiA DDM can process whole genomes in minutes, unlocking new possibilities and and helping drive meaningful impact for patients worldwide.”
“Microsoft aims to propel healthcare and life sciences into an exciting new era of personalized medicine, helping unlock transformative possibilities for patients worldwide,” said Peter Durlach, corporate vice president, Health & Life Sciences, Microsoft. “Our longstanding work with SOPHiA GENETICS and this latest collaboration leveraging Microsoft Azure and NVIDIA technology to create a new whole genome sequencing application, will have the potential to accelerate vital health research worldwide.”
For more information on SOPHiA GENETICS, visit SOPHiAGENETICS.COM, connect on LinkedIn, or visit the SOPHiA GENETICS booth at ESHG 2024.
About SOPHiA GENETICS  SOPHiA GENETICS (Nasdaq: SOPH) is a cloud-native healthcare technology company on a mission to expand access to data-driven medicine by using AI to deliver world-class care to patients with cancer and rare disorders across the globe. It is the creator of the SOPHiA DDM™ Platform, which analyzes complex genomic and multimodal data and generates real-time, actionable insights for a broad global network of hospital, laboratory, and biopharma institutions. For more information, visit SOPHiAGENETICS.COM and connect with us on LinkedIn. 
SOPHiA GENETICS products are for Research Use Only and not for use in diagnostic procedures unless specified otherwise. The information in this press release is about products that may or may not be available in different countries and, if applicable, may or may not have received approval or market clearance by a governmental regulatory body for different indications for use. Please contact [email protected] to obtain the appropriate product information for your country of residence. 
SOPHiA GENETICS Forward-Looking Statements:  This press release contains statements that constitute forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, business strategy, products, and technology, as well as plans and objectives of management for future operations, are forward-looking statements. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to our management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including those described in our filings with the U.S. Securities and Exchange Commission. No assurance can be given that such future results will be achieved. Such forward-looking statements contained in this press release speak only as of the date hereof. We expressly disclaim any obligation or undertaking to update these forward-looking statements contained in this press release to reflect any change in our expectations or any change in events, conditions, or circumstances on which such statements are based, unless required to do so by applicable law. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements. 
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BOSTON, May 29, 2024 /PRNewswire/ — Chloris Geospatial, the leading technology company measuring forest carbon from space, welcomes the Cisco Foundation and NextSTEP as investors. The two new additions join existing investors AXA IM Alts, Orbia Ventures, At One Ventures, and Counteract in a new funding round that will support the continued advancement of Chloris’ mission.

Forest conservation and restoration are vital solutions to the climate change and biodiversity crisis and a necessary tool to steer the global economy toward attaining net-zero emissions by 2050. Chloris’ monitoring technologies enable the scaling of these solutions by allowing trustworthy assessment of their impact on the ground.
Developed under the guidance of its co-founder and Chief Science Officer, Dr. Alessandro Baccini, Chloris’ technology produces reliable annual estimates of biomass density and quantifies forest carbon stock and change for any area of interest by utilizing earth observation data, proprietary sensor fusion, and machine learning algorithms. Chloris’ technology empowers governments, companies, civil society organizations, indigenous peoples, and local communities to track all biomass dynamics – including those arising from deforestation, degradation, and growth of trees – from field to continental scale and understand the impact of their forest carbon projects and supply chains.
The new funding round will enable Chloris to meet the evolving needs of the market, while facilitating continued commercial growth and solidifying Chloris’ position as the most trusted name in remote sensing for forest carbon accounting.
“We are thrilled to have secured continued support from our existing investors and extend a warm welcome to the Cisco Foundation and NextSTEP,” said Chloris co-founder and CEO Marco Albani. “This investment reaffirms the confidence of our investors and their commitment to our mission of delivering high-integrity data on the impact of nature and climate action.”
Chloris also announced today that Adam Gibbon, Natural Capital Lead at AXA IM Alts, has joined its board of directors.
“We think that Chloris’ technology is a leap forward, allowing forest biomass measurement at unparalleled scale, speed and accuracy, and expect it to become the de facto standard for forest carbon projects and supply chain footprinting. This investment contributes to AXA IM Alts’ mission to invest into activity and solutions that ensure the protection, restoration, and sustainable management of natural capital,” said Adam Gibbon, Natural Capital Lead at AXA IM Alts.
“Through the Cisco Foundation’s climate investments, we strive to support early-stage climate ventures that can catalyze substantial climate impact,” said Elias Habbar-Baylac, Climate Investor with the Cisco Foundation. “Our support for Chloris Geospatial is rooted in their exceptional ability to monitor forest carbon dynamics with precision and scale. Chloris’ advanced sensor fusion technology and machine learning models provide essential data for robust, scalable natural carbon sinks management, aligning with Cisco Foundation’s strategy to protect and scale natural carbon sinks.” The Cisco Foundation was established in 1997 with a gift from Cisco. In 2021, the Cisco Foundation committed US$100 million over the next 10 years to fund innovative climate solutions.
“Our strategic investment in Chloris, a decision made in alignment with our mission and values, reflects the critical role of trusted monitoring technologies in tackling climate change effectively,” said Claudio Colombo, Managing Director at NextSTEP. NextSTEP (NextEnergy Sustainable Technology for the Planet) is an investment initiative promoted by NextEnergy Group dedicated to pre-seed and seed investments in CleanTech startups.
“Nature based solutions are critical components in humanity’s efforts to reduce carbon in the atmosphere. Orbia Ventures spent many months evaluating the remote sensing market before deciding to invest in Chloris. Having the best team in the industry, Chloris is the only company in the world that can cost effectively and at scale measure the carbon stocks and changes in every forest in the world since the year 2000,” said Shai Albaranes, VP Innovation and Ventures at Orbia.
About Chloris GeospatialChloris Geospatial is a leading provider of trustworthy forest carbon insights, leveraging artificial intelligence and machine learning to create innovative solutions that drive business value. The technology helps businesses make informed decisions and improve operations through scalable and cost-effective actionable insights maximizing funds for action on the ground.
For more information, visit www.chloris.earth.
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