It is set to achieve a 7.9% annual growth rate from 2021.

The Singapore maritime IT market is forecast to generate $6.4b (US$4.8b) by 2030, achieving a 7.9% annual growth rate from 2021, according to a study by satellite telecommunications company Inmarsat.

With a quarter of the world’s goods passing through the Singapore Strait each year, the report identifies the island city-state as “the startup magnet.”

This comes as the sector employs 170,000 people and contributes 7% of the country’s GDP. Inmarsat noted that the combination of Singapore’s maritime industry and strong startup culture makes it a natural home for startups wanting to build solutions for the industry.

The Singapore startup ecosystem has become so rich that a number of major corporate interests in maritime, such as Eastern Pacific Shipping, have started their own startup accelerator programmes or become active investors in the space,” the report said.

Whilst the ecosystem is not perfect, with access to talent and the ability to fully commercialise emerging technologies becoming barriers to industry growth, the city-state presents opportunities for the industry, including becoming a centre for R&D into zero emission bunkers, and a global hub for technology companies.