When looking at how startups have developed in other industries and which business models have proved successful, and why, can help us understand the road to success for maritime startups. When talking about performance management, we compare the maritime industry with manufacturing, which has developed more mature performance management solutions.
In manufacturing, we have identified more than 70 startups within performance management, many of which have progressed beyond Series A funding, indicating a more mature market with some players closer to identifying viable business models. Moreover, four of the five best-performing startups work purely with analytics, without building IoT hardware, and operate across industries to offer more than one solution, such as digital twins, diagnosis as a service, or intelligent monitoring.
The maritime industry is lagging the manufacturing industry but shares characteristics in terms of hardware, operations and supply chain dependencies. Analysing how innovation has played out in manufacturing gives us an indication of where the maritime industry may be heading.
The winning models in manufacturing have built cross-industry capabilities in data analysis and prediction and strong offerings in cybersecurity, whereas the maritime industry has only just embarked on this journey and the innovations it has achieved so far are very specific to predictive maintenance and data analysis.
If the winning models in maritime end up being similar to those within manufacturing, traditional industry players and startups are looking at a reality where it will be those with cross-industry capabilities and a holistic approach to data analysis, applying technologies such as AI and big data analysis, that will succeed. This suggests that these kinds of solutions will achieved through collaboration, rather than built individually by single players.
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