Dublin, Feb. 01, 2021 (GLOBE NEWSWIRE) -- The "Vessel Monitoring System Software Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Vessel Type (Fishing Vessels and Others) and Application (Fisheries Management and Others)" report has been added to ResearchAndMarkets.com's offering.
According to this report the global vessel monitoring software market was valued at US$ 457.29 million in 2019 and is projected to reach US$ 1168.85 million by 2027; it is expected to grow at a CAGR of 12.8% from 2019 to 2027.
The report highlights the key factors driving the market growth, and prominent players and their developments in the market.
The increasing demand from fisheries and cargo vessel sectors to have an eye on trade to curb unauthorized dealings. Countries such as Thailand and South Korea have started using VMS software to monitor their vessels and ensuring that fisheries are carrying marine products legally. Another factor is the need for a mandatory environment to install VMS. Backed by government support, VMS is a standard system of fisheries monitoring and control globally. The European government has mandated that all European countries should have this system to transmit the data quickly and allow the commission to monitor effectively. Besides, increasing international trade of goods other than fisheries at a large scale is projected to influence the demand for advanced tracking solutions such as VMS software. Additionally, by integrating automatic identification system-based tools and other sophisticated techniques, VMS's adoption rate among the end-user industries would increase exponentially. As mentioned earlier, the integration of the systems will assist in managing critical challenges related to each mile-marker, terminal, anchorage, and buoy. Those as mentioned earlier are projected to fuel the market growth during the forecast period.
Applied Satellite Technology Ltd; Beijing Highlander Digital Technology Co., Ltd.; BlueTraker; CLS Fisheries; ORBCOMM Inc; Orolia Maritime; Satlink S.L.; ShipNet; SRT Marine Systems plc; THINKmarine Co., Ltd.; Trackwell, Visma; and Wartsila Corporation are the leading players operating in the vessel monitoring system software market. Several other players are also functioning and are contributing significant revenues in the vessel monitoring system software market.
COVID-19 Impact on Global Vessel Monitoring System Software Market
The increasing spread of virus has urged governments across the globe to impose strict restrictions on the movement of humans and vehicles. The lockdown imposition has resulted in lesser production of goods and commodities. The vessel monitoring market players also experienced a slowdown in the volumes attributing to the fact that the production units were operating with a limited workforce. This has had a negative impact on the market.
The COVID-19 has spread significantly across APAC and North America. Europe and SAM regions are also hit hard. The regions have significant numbers of market players. The ICT and transportation industries are adversely affected due to COVID-19, and since the start of 2020, these industries have been reflecting declining trend. With the imposition of lockdown across countries in North America, Europe, and Asia, the industries have been witnessing declining trend. The fisheries industry requires a significant number of human labors, and on the contrary, the COVID-19 virus is spreading through human involvement, the sector is unable to function properly. Compared to that of 2017, the vessel activities were reduced by over 69% during the lockdown, the fishing activities were reduced by 84% and the passenger traffic by 78%.
Reasons to Buy:
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global vessel monitoring system software market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the global vessel monitoring system software market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
Key Topics Covered:
1. Introduction
1.1 Study Scope
1.2 Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Vessel Monitoring System Software Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.2.2 Europe
4.2.3 Asia - Pacific
4.2.4 Middle East & Africa
4.2.5 South America
4.3 Ecosystem Analysis
4.4 Expert Opinion
4.5 Premium Insights - RFMOs
4.5.1 North Atlantic Ocean - NAFO, NEAFC
4.5.2 Southeast Atlantic Ocean - SEAFO
4.5.3 Southern Ocean - CCAMLR
4.5.4 South Pacific Ocean - SPRFMO
4.5.5 Southern Indian Ocean - SIOFA
4.5.6 Mediterranean & the Black Sea - GFCM
4.5.7 North Pacific - NPFC
5. Vessel Monitoring System Software Market - Key Industry Dynamics
5.1 Market Drivers
5.1.1 Rising Need for Tracking due to Unauthorized Activities
5.1.2 Escalating Growth in Fisheries Application
5.2 Market Restraint
5.2.1 High Costs Involved
5.3 Market Opportunity
5.3.1 Growing opportunities for Cargo Tracking
5.4 Future Trend
5.4.1 Integration with Advanced Technologies
5.5 Impact Analysis of Drivers and Restraints
6. Vessel Monitoring System - Global Market Analysis
6.1 Vessel Monitoring System Software Market Global Overview
6.2 Vessel Monitoring System Software Market - Revenue and Forecast to 2027 (US$ Million)
6.3 Market Positioning - Global Market Players Ranking
7. Vessel Monitoring System Software Market Revenue and Forecast to 2027 - Vessel Type
7.1 Overview
7.2 Global Vessel Monitoring System Software Market Breakdown, By Vessel Type, 2019 & 2027
7.3 Fishing Vessel
7.3.1 Overview
7.3.2 Fishing Vessel Market Forecast and Analysis
7.5 Others
7.5.1 Overview
7.5.2 Others Market Forecast and Analysis
8. Vessel Monitoring System Software Market Revenue and Forecast to 2027 - Application
8.1 Overview
8.2 Global Vessel Monitoring System Software Market Breakdown, By Application, 2019 & 2027
8.3 Fisheries Management
8.3.1 Overview
8.3.2 Fisheries Management Market Forecast and Analysis
8.4 Others
8.4.1 Overview
8.4.2 Others Market Forecast and Analysis
9. Vessel Monitoring System Software Market - Geographic Analysis
9.1 Overview
9.2 North America: Vessel Monitoring System Software Market
9.3 Europe: Vessel Monitoring System Software Market
9.4 APAC: Vessel Monitoring System Software Market
9.5 MEA: Vessel Monitoring System Software Market
9.6 SAM: Vessel Monitoring System Software Market
10. Impact of COVID-19 Outbreak
10.1 Impact of COVID-19 Pandemic on Global Vessel Monitoring System Software Market
10.1.1 North America: Impact Assessment of COVID-19 Pandemic
10.1.2 Europe: Impact Assessment of COVID-19 Pandemic
10.1.3 Asia-Pacific: Impact Assessment of COVID-19 Pandemic
10.1.4 Middle East and Africa: Impact Assessment of COVID-19 Pandemic
10.1.5 South America: Impact Assessment of COVID-19 Pandemic
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 Contracts
12. Company Profiles
12.1 ORBCOMM Inc.
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Applied Satellite Technology Ltd
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Beijing Highlander Digital Technology Co., Ltd.
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 BlueTraker
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 CLS Fisheries
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Orolia Maritime
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Trackwell
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 ShipNet
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 Financial Overview
12.8.6 SWOT Analysis
12.8.7 Key Developments
12.9 Wartsila Corporation
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 THINKmarine Co., Ltd.
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
12.11 Visma
12.11.1 Key Facts
12.11.2 Business Description
12.11.3 Products and Services
12.11.4 Financial Overview
12.11.5 SWOT Analysis
12.11.6 Key Developments
12.12 Satlink S.L.
12.12.1 Key Facts
12.12.2 Business Description
12.12.3 Products and Services
12.12.4 Financial Overview
12.12.5 SWOT Analysis
12.12.6 Key Developments
12.13 SRT Marine Systems plc
12.13.1 Key Facts
12.13.2 Business Description
12.13.3 Products and Services
12.13.4 Financial Overview
12.13.5 SWOT Analysis
12.13.6 Key Developments
13. Appendix
13.1 About the Publisher
13.2 Word Index
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