Industry spends $ 931 million on AI

LR launches landmark maritime AI report and readiness assessment tool. Maritime Performance Services business committed to supporting shipping navigate major change, including the energy transition and digital transformation.


LR’s Maritime Performance Services (MPS) business has bolstered its digital capability to help maritime stakeholders solve sustainability and digitalisation challenges with the launch of a ‘Readiness Assessment’ interactive tool as well as the publication of a landmark report on the state of digital transformation through artificial intelligence and machine learning in the maritime industry.

The interactive ‘Readiness Assessment’ tool is designed to help maritime stakeholders evaluate their ability to manage the significant sustainability challenges facing the maritime industry by scoring their activities around the energy transition, digital transformation, efficiency and performance, cost saving, risk mitigation as well as their ability to make smart business decisions.

It is tailored for various segments of the industry, ranging from shipowners, operators and charterers; to shipbuilders and designers; port terminals and the wider supply chain; OEMs, manufacturers and start-ups as well as insurers, financiers, government bodies and policy makers.

The new report: ‘Artificial Intelligence in Maritime – a learning curve’, produced in collaboration with maritime innovation consultancy Thetius, highlights the potential of this critical technology for giving maritime companies a performance edge.

The research indicates that the maritime industry will spend $931 million this year on artificial intelligence solutions. This is forecast to more than double in the next five years to $2.7 billion as AI technology is more readily used in autonomous shipping, navigational support systems, and vessel performance optimisation solutions.

Andy McKeran, LR’s Maritime Performance Services Business Director, said: “We are committed to supporting the sustainability and efficiency of our clients’ fleets and by using our new ‘Readiness Assessment’ tool, we can gather powerful insights about how the industry is preparing for monumental changes, and specifically, we can help our clients assess readiness and support them every step of the journey.

“Artificial Intelligence is a transformational technology that will allow maritime companies across the maritime asset value chain to not only get ahead of the market but accelerate their digital transformation and meet the challenges of the upcoming energy transition. Through i4 Insight, we have developed vast experience is in the use of AI for vessel optimisation and helping to ultimately improve vessel performance and we have also recently established an AI register to help standardise certified AI providers and solutions. We are delighted to work in collaboration with Thetius on this new report and look forward to providing continued trusted advice to our clients around this transformational technology.”

New Report: ‘Artificial Intelligence in Maritime – a learning curve’


This article is shared by courtesy of Lloyd’s Register, a global professional services company specialising in engineering and technology for the maritime industry.

For more articles about Digitalisation in the maritime industry, click here.

Narjiss Ghajour

Editor-in-Chief of Maritime Professionals

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