Dublin, May 11, 2023 (GLOBE NEWSWIRE) -- The "Maritime Analytics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application and End User" report has been added to ResearchAndMarkets.com's offering.
The maritime analytics market is expected to grow from US$ 1,077.42 million in 2022 to US$ 2,185.88 million by 2028; it is estimated to register a CAGR of 13.3% from 2023 to 2028.
The maritime industry is investing proactively in advanced technology solutions to bring digital transformation and to become more efficient and sustainable.
Artificial intelligence big data, blockchain, cloud computing, cyber security, digital twin, internet of things, machine learning, and robotic technologies are some of the key technologies that are contributing to the advancement of the global maritime industry.
Furthermore, increase in collaborations between maritime industry stakeholders and technology solution providers, rise in the number of maritime analytics solution providers, investments by maritime companies in big data infrastructure development, and growth of funding opportunities in Europe and APAC are some of the other factors projected to penetrate the maritime analytics market growth in the future.
Monitoring and tracking the location of ships constantly is a vital process in the maritime industry. Continuous tracking mitigates collision risks and makes ship navigation easier. Continuous tracking is creating demand for analytics which in turn will have a positive impact on maritime analytics market.
IoT integration in the maritime industry helps streamline and simplify location data acquisition while facilitating the tracking of different parameters, including machine conditions, emissions, structural integrity, and propulsion data. This transparency enables businesses to detect bottlenecks quickly. Wattson Elements (France) has developed connected ports for ports and boats, while LuxC (Denmark) ensures last-mile vessel safety by utilizing collision avoidance and near-shore navigation systems.
The use of advanced technologies such as AI, IoT, and blockchain is expected to contribute to the growth of the maritime analytics market during the forecast period.
Market Dynamics
Drivers
- Rising Trend of Digitalization in Global Maritime Industry
- Increasing Demand for Enhanced Maritime Operations Through Data Analytics
Restraints
- Concerns Related to Cyber Security and Lack of Skilled Workforce
Opportunities
- Growing Shipping Market and Use of Advanced Technologies in Developing Region
Future Trends
- Use of Advanced Technologies in Maritime Industry
Companies Mentioned
- Windward Ltd.
- OrbitMI, Inc.
- Q88 LLC
- Signal Group
- eeSea Aps
- Rightship Pty Limited
- Maritech Holdings Limited
- ShipNet
- Kpler
- Kayrros
For more information about this report visit https://www.researchandmarkets.com/r/g59ey8
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