Technology

Maritime Security Market size is set to grow by USD 3.62 billion from 2024-2028, Growing marine threats boost the market, Technavio

Published

2 years ago

August 9, 2024

NEW YORK, Aug. 9, 2024 /PRNewswire/ — The global maritime security market size is estimated to grow by USD 3.62 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of about 3.2% during the forecast period. Growing marine threats is driving market growth, with a trend towards increase in number of new harbors. However, high installation cost of maritime security systems poses a challenge. Key market players include Airbus SE, BAE Systems Plc, Elbit Systems Ltd., HENSOLDT AG, Honeywell International Inc., Kongsberg Gruppen ASA, L3Harris Technologies Inc., Lockheed Martin Corp., MIND TECHNOLOGY INC., Northrop Grumman Corp., RTX Corp., Saab AB, Safran SA, Sonardyne International Ltd., SPX Technologies Inc., Teledyne Technologies Inc., Terma AS, Thales Group, The Boeing Co., and Ultra Electronics Holdings Plc.

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Maritime Security Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 3.2%

Market growth 2024-2028

USD 3629.3 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

3.06

Regional analysis

North America, Europe, APAC, Middle East and Africa, and South America

Performing market contribution

North America at 49%

Key countries

US, UK, China, Germany, and Japan

Key companies profiled

Airbus SE, BAE Systems Plc, Elbit Systems Ltd., HENSOLDT AG, Honeywell International Inc., Kongsberg Gruppen ASA, L3Harris Technologies Inc., Lockheed Martin Corp., MIND TECHNOLOGY INC., Northrop Grumman Corp., RTX Corp., Saab AB, Safran SA, Sonardyne International Ltd., SPX Technologies Inc., Teledyne Technologies Inc., Terma AS, Thales Group, The Boeing Co., and Ultra Electronics Holdings Plc

Market Driver

The economic growth of nations relies significantly on the development and maintenance of harbors. In response to increasing public demand, countries like India, France, and Sri Lanka are investing in new harbor construction. These new harbors will enhance international trade by improving ships’ access to ports. This investment in infrastructure will stimulate maritime trade through increased shipping activity, leading to a heightened need for advanced maritime security systems during the forecast period. Consequently, the maritime security market is poised for robust growth.

The Maritime Security Market is experiencing significant growth due to increasing threats to maritime trade and transportation. Key trends include the deployment of warships for coastal surveillance and protection against pirate attacks, terrorism, and illegal activities. Seaports and port infrastructure are prioritizing security measures, incorporating advanced technologies such as custom electronics, multisensor cameras, and surveillance towers. Illegal immigration, smuggling, and global freight transportation are major concerns, leading to the adoption of proactive procedures and inspections. Vessel security is a top priority, with the use of screening, drone surveillance, and cybersecurity systems. Other technologies like fisheye, thermal, and wide-angle cameras are essential for monitoring and inspection. The Indian Navy’s INS Imphal, along with submarines, destroyers, frigates, oilers, submarine tenders, and amphibious transports, are crucial for maintaining situational awareness and addressing potential threats. The market for maritime security is continually evolving to address unauthorized activities, security breaches, armed robbery, and transnational crime.

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Market Challenges

Maritime security is a crucial aspect of the shipping industry, addressing risks such as piracy, mechanical failure, adverse weather conditions, and navigational errors. However, the implementation and maintenance of maritime security technologies come with significant expenses. High initial investments are required for equipment acquisition, software licensing, and personnel training. On-premises solutions necessitate port responsibility for infrastructure, maintenance, and upgrades. Periodic software upgrades and the shortage of skilled professionals further increase costs. These factors may hinder market growth, despite the potential benefits of advanced maritime security technologies.The Maritime Security Market faces numerous challenges in ensuring vessel security and coastal surveillance. These include terrorism, illegal trafficking, illegal fishing, and transnational crime. To address these threats, advanced technologies such as fisheye, thermal, and wide-angle cameras are used for monitoring and inspection. Vessels like destroyers, frigates, oilers, submarine tenders, and amphibious transports are employed for proactive procedures. Combat management systems, imagery data, and satellite tracking help enhance situational awareness. However, potential threats also include cybersecurity risks and unauthorized activities. Geopolitical tensions, refugee movements, and irregular crossings in areas like the central Mediterranean add to the complexity. Resource limitations and coastal infrastructure security are also concerns. Solutions include drone surveillance, coastal radar stations, and security fencing with antennae for effective communication and response.

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Segment Overview

This maritime security market report extensively covers market segmentation by

Type1.1 Deepwater security1.2 Perimeter securityTechnology2.1 Surveillance and tracking2.2 Screening and scanning2.3 Communications2.4 Other systemsGeography 3.1 North America3.2 Europe3.3 APAC3.4 Middle East and Africa3.5 South America

1.1 Deepwater security- The maritime security market is experiencing growth due to the vast expanse of oceans and seas, which cover over 70% of the earth’s surface and serve as battlegrounds for many countries. Defense authorities prioritize enhancing their mid-sea attack and maritime border defense capabilities by investing in maritime security systems. The South China Sea’s territorial disputes have heightened safety concerns for neighboring countries like Taiwan, Japan, the Philippines, and Singapore, leading to an increase in their naval presence. This trend is anticipated to boost the demand for deepwater security solutions. Additionally, the protection of maritime resources from advanced threats necessitates the adoption of maritime security solutions by both governments and private organizations. However, the intricacy and scale of maritime infrastructure have grown significantly with the widespread adoption of advanced solutions. As a result, end-users face challenges in managing these systems. Furthermore, the high cost of implementation, reluctance to adopt new technologies, and stringent regulations pose barriers to market growth during the forecast period.

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Research Analysis

The Maritime Security Market encompasses a range of solutions designed to protect warships, maritime trade, seaports, and port infrastructure from various threats. These include illegal immigration, smuggling, pirate attacks, and illegal fishing. Global freight and transportation rely heavily on maritime security to ensure the safe and efficient movement of goods. Port security is a critical component, utilizing custom electronics such as multisensor cameras and surveillance towers for monitoring and inspection. Proactive procedures, drone surveillance, and coastal situational awareness are essential for preventing potential threats and unauthorized activities. Other technologies like screening equipment and vessel security systems are also crucial in maintaining security. The market continues to evolve with innovations in surveillance, inspection, and monitoring technologies to address the ever-evolving maritime security landscape.

Market Research Overview

The Maritime Security market encompasses various aspects of securing maritime trade, seaports, and coastal areas against a range of threats. These include pirate attacks, illegal immigration, smuggling, terrorism, and transnational crime. Warships such as destroyers, frigates, and submarines play a crucial role in securing maritime routes and deterring potential threats. Seaports and port infrastructure require advanced security measures like custom electronics, multisensor cameras, surveillance towers, and cybersecurity systems to ensure the safety of global freight and transportation. Coastal surveillance using fisheye, thermal, and wide-angle cameras, radar systems, satellite tracking, and vessel tracking help maintain situational awareness and prevent unauthorized activities. Proactive procedures like drone surveillance, inspections, and screening are essential for addressing potential threats and security breaches. Geopolitical tensions, resource limitations, and irregular crossings in areas like the central Mediterranean add complexity to maritime security challenges. Coastal infrastructure, including security fencing and antennae, also requires protection against armed robbery and cybersecurity risks.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TypeDeepwater SecurityPerimeter SecurityTechnologySurveillance And TrackingScreening And ScanningCommunicationsOther SystemsGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

Technology

VYLIT OPENS ITS CREATOR ADVISORY BOARD, GIVING CREATORS EQUITY IN THE PLATFORM

Published

11 minutes ago

July 23, 2026

Reality star & chef Dom DeAngelis, model & creator Cydney Moreau, and creator-entrepreneur Crystal Jackson named as founding members, with applications now open for creators who want a voice in how the platform is shaped

MIAMI, July 23, 2026 /PRNewswire/ — Vylit, the 18+ creator-first social platform co-founded by Ami Gan, former CEO of OnlyFans, and seasoned entrepreneur Kailey Magder, is opening applications for its Creator Advisory Board, which will include a select group of creators that will have a strong voice in shaping the platform they use and earn on.

Vylit is inviting creators not just to join the platform, but to help build it, with real shares in the company reserved for those who contribute to its growth, culture and direction. The Creator Advisory Board will give creators a direct voice in building Vylit’s community, the platform’s development and creator tools, along with ownership in the business they’re helping grow.

Applications are now open. Creators can apply by emailing vylit@vylitworld.com with their name, bio and social handles.

Vylit is launching the board with three founding members who show the range of creators it’s built for.

Dominic DeAngelis, known from YouTube and Vanderpump Villa, where his culinary skills earned recognition from viewers around the world, has been using the platform to share behind-the-scenes and day-in-the-life content with his subscribers — the kind of direct, monetized relationship with fans that Vylit is designed around.

“Social media sucks right now. The algorithms are negative, you don’t even see the people you follow anymore, and creators are struggling to find real connections with their fans,” said DeAngelis. “I’m thrilled to be part of a platform that’s doing it differently. Vylit is actually listening to creators and building with us, not just for us.”

Cydney Moreau, a Louisiana-born former track athlete turned model and creator with a following across fitness, fashion and lifestyle, balances her work with life as a mom. Vylit is where she’s turning that following into a business for the first time, on her own terms.

“As someone who is monetizing my content for the first time, knowing that I will have a say in how the platform treats other creators means everything,” said Moreau. “It’s not every day a platform actually wants creators in the room while they’re building it. Knowing Vylit is making decisions with our interests at heart gives me the confidence to build here, and I’m excited to help shape where this goes.”

Crystal Jackson, known to millions of followers as Mrs. Poindexter, is the co-founder of EssentL, a company building business infrastructure and benefits for creators. A former engineer turned multi-platform creator and entrepreneur, she brings an operator’s understanding of what creators actually need from the platforms they build on.

“I’ve spent years building an audience and a business across platforms that weren’t built for today’s creator ecosystem,” said Jackson. “What drew me to Vylit is that they’re handing creators actual ownership and a real say in the decisions that affect us. That’s not something I’ve seen anyone else do, and I want to help build it right.”

Since launching, Vylit has positioned itself as the “HBO of social media,” a space between traditional social media and adult subscription platforms, where creators can be expressive, marketable and in control. The Creator Advisory Board takes that further. Rather than building the platform for creators and handing it over, Vylit is building it with them, giving them direct ownership and a say in its direction.

“The users driving value should have a say in the business,” said Ami Gan, Co-Founder and CEO of Vylit. “Creators understand culture and digital monetization better than anyone. At Vylit, that expertise earns them a real seat at the table.”

“We didn’t want to build another platform where creators show up after the fact,” added Kailey Magder, Co-Founder and COO of Vylit. “We want them involved from day one, shaping the product, the community and the direction of the business.”

Vylit truly puts creators in charge, giving them real ownership and a direct say in how the platform evolves. The Creator Advisory Board is just the start.

To learn more, visit https://vylitworld.com/

To access the media kit, click here.

ABOUT VYLIT
Vylit is an 18+ creator-first social platform redefining how adults share, discover and monetize content. Co-founded by Amrapali (Ami) Gan and Kailey Magder, Vylit was created to fill the gap between traditional social media and creator platforms, offering a premium digital experience for expression. Built as “the HBO of social media,” the platform allows topless content while prohibiting explicit material, giving creators greater freedom. Vylit combines social connectivity with built-in monetization, interest-based discovery through its Vybe Matching Engine, and in-house AI Image Generation and Chat tools designed for its users. Learn more at www.vylitworld.com.

FOR PRESS INQUIRIES
pr@vylitworld.com

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SOURCE Vylit World

Technology

CNBC Names PayJoy one of the World’s Top FinTech Companies of 2026

Published

11 minutes ago

July 23, 2026

Recognition highlights PayJoy’s leadership in emerging market consumer finance

SAN FRANCISCO, July 23, 2026 /PRNewswire/ — CNBC and Statista have named PayJoy to the “World’s Top Fintech Companies 2026,” which honors companies providing digital funding and bank-independent lending solutions for individuals and businesses. PayJoy is a leading financial services provider for underserved consumers across emerging markets.

Now in its fourth edition, the ranking identifies 500 leading companies across eight fintech market segments worldwide, including Payments, Neobanking, Wealth Technology, Digital Assets, Enterprise Fintech, Insurtech, Regtech, and Alternative Financing. Companies were evaluated using an aggregated scoring model built on both general and segment-specific KPIs, drawing on desk research from publicly available sources alongside company self-reports submitted through an open application process.

PayJoy’s inclusion reflects its work bringing credit access to the emerging middle class in Mexico, Colombia, Brazil, Panama, Peru, Ecuador, South Africa, the Philippines, and Indonesia, nine countries where traditional financial infrastructure has long excluded first-time borrowers.

“This recognition from CNBC and Statista is a meaningful validation of the work our team does every day,” said Doug Ricket, PayJoy CEO and Co-Founder. “Millions of people across the markets we serve are building credit for the first time through PayJoy. Being named among the world’s top fintech companies reflects the scale and impact of that work.”

For more information on the full ranking, visit https://www.cnbc.com/worlds-top-fintech-companies-2026/

About PayJoy
PayJoy expands credit access across emerging markets through point-of-sale financing and card offerings. Its proprietary secured-credit technology enables first-time borrowers to responsibly build financial stability and participate fully in the modern economy. Through its cutting-edge machine learning, data science, and anti-fraud AI, PayJoy has financed over $3.5 billion of loans to more than 20 million people and employs over 1,000 people worldwide. For more information, visit https://www.payjoy.com/

Contact
payjoy@thekeypr.com

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SOURCE PayJoy

Technology

Youngstown Innovation Hub Breaks Ground at YBI’s 107 Building

Published

11 minutes ago

July 23, 2026

YOUNGSTOWN, Ohio, July 23, 2026 /PRNewswire/ — As the United States works to strengthen its aerospace and defense manufacturing base, the Youngstown Innovation Hub for Aerospace & Defense broke ground today on YBI‘s 107 Building in downtown Youngstown, positioning the region as a national proving ground for advanced and additive manufacturing. The Hub is managed by the National Center for Defense Manufacturing and Machining (NCDMM).

Youngstown Innovation Hub for Aerospace & Defense breaks ground at YBI’s 107 Building.

The Hub is one of four Innovation Hubs established across Ohio as part of a statewide initiative to strengthen innovation-driven economic growth. Once complete, it is projected to generate approximately $161.6 million in economic impact, create 450 new jobs, and produce 185 new STEM credential opportunities and 40 internship opportunities by 2029.

The groundbreaking comes as Ohio was recently ranked the No. 1 state for business in America by CNBC’s 2026 America’s Top States for Business rankings, up from No. 5 in 2025.

Ohio Lt. Governor Jim Tressel attended and delivered remarks at the ceremony.

“Today is about more than renovating a building. It’s about building opportunity for Ohioans,” said Lt. Governor Tressel. “The Mahoning Valley has always been defined by the people who make things, solve problems, and never stop working toward a better future. This Innovation Hub builds on that proud tradition while preparing the next generation for in-demand careers in manufacturing.”

Hub and YBI leadership also spoke at the ceremony.

“Today’s groundbreaking of the Youngstown Innovation Hub represents much more than the start of a building renovation. It reflects what can happen when state, regional, industry, academic, and community partners come together around a shared vision for the future of manufacturing, aerospace and defense innovation,” said Megan Malara, Ph.D., director of the Youngstown Innovation Hub.

The renovation is made possible in part by a $750,000 state capital investment. Ohio State Sen. Al Cutrona and state Rep. Lauren McNally were credited with helping advance the funding request through the legislative process. YBI also recognized the broader Lake to River legislative delegation, including state Reps. Nick Santucci, Tex Fischer, Monica Robb Blasdel, Dave Thomas, and Sarah Fowler Arthur, for their support, as well as U.S. Sens. Jon Husted and Bernie Moreno for their support of the project in the U.S. Senate.

Speakers at the ceremony included Ohio Lt. Gov. Jim Tressel; Lydia Mihalik, director of the Ohio Department of Development; Mary Mertz, director of the Ohio Department of Natural Resources; Julius Oliver, 1st Ward Councilman for the City of Youngstown; State Sen. Al Cutrona; State Rep. Nick Santucci; State Rep. Lauren McNally; and Megan Malara, Ph.D., director of the Youngstown Innovation Hub. Barb Ewing, CEO of YBI, served as master of ceremonies.

The City of Youngstown, which committed $1.35 million in local matching funds to the project, was represented at the ceremony. John Wilczynski, executive director of America Makes, attended, and Barb Ewing recognized Kimberly Gibson and Alexander Steeb of America Makes for their roles in advancing the project.

Upon completion, the five-story, 130,000-square-foot concrete-framed building will offer flexible space for offices, workspaces, and display areas, along with robust power capacity to support multiple high-demand tenants. The building’s security features, including limited access points and naturally separated manufacturing bays, are designed to meet U.S. Department of War contracting criteria, positioning tenants to compete directly for federal defense work.

“It’s great to finally be transitioning from talking about this project to actually working on it. We appreciate all the support we’ve had from our political leaders and the community. YBI is proud to be a part of the project team that’s changing the trajectory of the Mahoning Valley,” said Barb Ewing, CEO of YBI.

Companies looking to expand, relocate, or enter the aerospace and defense manufacturing sector are encouraged to visit the Youngstown Innovation Hub website at youngstownhub.us.

About the Youngstown Innovation Hub for Aerospace & Defense

Managed by the National Center for Defense Manufacturing and Machining (NCDMM), the Youngstown Innovation Hub is a national proving ground for advanced and additive manufacturing, strengthening U.S. aerospace and defense supply chains and workforce development. Learn more at youngstownhub.us.

About YBI

YBI is a globally recognized economic development nonprofit, advancing innovation and growth across Ohio and beyond. Through a flexible suite of high-quality entrepreneurial services and resources, YBI supports startups, small businesses, and manufacturers at every stage of development. For more information, visit ybi.org.

Media Contact:
Jessica Sprowl, Marketing and Communications Director, YBI
jsprowl@ybi.org

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SOURCE YBI