Technology is changing and rapidly evolving many industries including shipping. Advances in information, telecommunication, computer, robotic, Artificial Intelligence, machine/deep learning technologies together with cutting edge automation are proliferating every facet of maritime industry and changes are expected to accelerate. However, challenges of new technologies, pace of change and wide spread automation have taken many by surprise. In maritime, the regulatory framework which has often been the cornerstone and by and large the driving force for change, albeit in response to an event or market forces or political pressure, is conspicuously missing and currently engaged in a race against time to catch up and rework the applicable Conventions. Despite early success, there are indeed numerous challenges for the new technologies to bed in and gain wider acceptance and recognition before being considered as a worthy and viable replacement for tried and tested designs on a global scale. Various projects developed thus far or undergoing development, are exclusively intended for coastal waters and therefore, subject to class and Flag national requirements and in the circumstance, rules and regulatory requirements are devised and enforced at national level, as deemed fit. Successful and historical Rolls Royce-Finferries autonomous operation of car ferry Falcon, underlined the arrival of new technologies and demonstrated that it is no longer a question of if but when, wide spread use of automation and autonomous systems are implemented on board. There are of course many hurdles to overcome but with the buzz, energy and willingness of stakeholders in maritime nations and scales of investment in research and development, it is only a matter of time before unmanned, semi-autonomous, autonomous vessels join the world fleet in numbers and set the trend for a new era in shipping. With steady and continuous growth in world trade and world fleet, indications are that current shortfall for officers will be multiplied by 2025. Although, there are no reliable records for total number of qualified seafarers worldwide and perhaps seafarers available for work, there will reportedly be a substantial shortfall in the number of officers by 2025, as per (BIMCO-ICS 2015) Manpower Report. This paper attempts to examine underlying reasons for introduction of new and viable technologies for potentially unmanned, semi and fully autonomous operations and its socioeconomic impact on seafarers and affiliated workforce.