Global Vessel Monitoring System Software Market Share and Size Revenue Is Projected To Reach $11.57 Billion, At a CAGR Of 4.3% by 2030

Washington, DC, July 14, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Vessel Monitoring System Software Market By Vessel Type (Fishing Vessels, Cargo Vessels, Passenger Ship Ferries, Service Vessels, And Others), By End-User (Fisheries Management, Naval Ships, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.

“According to the latest research study, the demand of global Vessel Monitoring System Software Market size & share in terms of revenue was valued at USD 8.75 billion in 2022 and it is expected to surpass around USD 11.57 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 4.3% during the forecast period 2023 to 2030.”

What is Vessel Monitoring System Software? How big is the Vessel Monitoring System Software Industry?

Vessel Monitoring System Software Report Coverage & Overview:

In the industry of commercial fishing, the software known as vessel monitoring system is utilized for the purpose of monitoring the functionalities of fishing vessels. The monitoring, control, and surveillance systems cannot function well without these essential products. It has been reported that software for vessel monitoring systems is used to improve the management of maritime activities, in addition to ensuring that appropriate fishing practices are followed and preventing illegal fishing. In addition to this, the device assists the authorities in identifying any unlawful fishing activities that may be taking place in regions that are forbidden. In addition to this, the software used for vessel monitoring systems can also assist in the detection of unidentifiable ships that have violated national limits. The rapid development of new technologies and the integration of vessel monitoring system software with satellite communications tools, surface temperature monitors, traffic management, and time weather forecasting systems have led to an increase in the demand for this type of software.

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Global Vessel Monitoring System Software Market: Growth Dynamics

In order to improve the overall state of the sector worldwide, there is an urgent demand for increased surveillance of illicit fishing in the region.

The expansion of the global market for software used in vessel monitoring will be driven in large part by the rising demand for identifying illegal activities that are taking place in waterways. The global market trends will be embellished by an increase in the allocation of funding for increasing the safety of vessels when they are sailing on the ocean. It is projected that the enormous demand for the repair and restoration of boats would serve as the driving force behind the demand in the global market. In addition to this, the growth of commerce activities conducted via sea routes, in conjunction with the necessity of updating older vessels by repairing them and installing new software for vessel monitoring systems, will fuel the expansion of the global market. The incorporation of AI and machine learning techniques into the software of vessel monitoring systems has further increased product demand, which has contributed to the acceleration of the market's expansion on a global scale.

Additionally, new product launches and product improvements are projected to provide impetus to the global market for vessel monitoring system software. This is likely to occur all over the world. To set the record straight, the American Bureau of Shipping, which operates as a marine classification organization in the United States, recently launched a new maritime software as a service company known as ABS Wavesight. In addition to that, the latter will be releasing new items, which will result in an increased product portfolio. In the years to come, these sorts of moves will direct the expansion of the market in every region of the world.

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Report Scope

Vessel Monitoring System Software Market: Segmentation Analysis

The global market for software for vessel monitoring systems may be broken down into three categories: vessel type, end-user, and region.

In vessel type terms, Fishing vessels, cargo vessels, passenger ship ferries, service vessels, and other types of vessels are separated from one another in the market for vessel monitoring system software on a global scale. In addition to this, it is anticipated that the fishing vessels segment will record the highest CAGR over the course of the forecast period. This is due to the fact that the fishing vessels sector amassed more than half of the global market share in 2022. The segmental expansion in the timing of the forecasting process may be attributable to the extensive use of fishing vessels for operations related to commercial fishing. In addition to this, these vessels are fitted with cutting-edge fishing gear and technologies that will help improve overall fishing operations. Therefore, the software for the vessel monitoring system may be simply installed on fishing vessels, making it possible to monitor fishing activities and manage fishing operations more effectively.

On the basis of end-user, Fisheries management, naval ships, and other types of vessels are some of the markets served by the vessel monitoring system software industry around the world. In addition, the naval ships sector, which had accumulated a significant portion of the global industry share in 2022, is anticipated to lead the expansion of the segmental market in the years to come. The increase in the need for monitoring systems to be installed in naval vessels may be a factor in the segmental growth that is predicted to occur within the allotted amount of time. In addition, these ships need software that allows them to navigate bodies of water, monitor their own movement, and keep track of other vehicles operating inside their bounds.

The global Vessel Monitoring System Software market is segmented as follows:

By Vessel Type 

• Fishing Vessels
• Cargo Vessels
• Passenger Ship Ferries
• Service Vessels
• Others

By End-User

• Fisheries Management
• Naval Ships
• Others

Browse the full “Vessel Monitoring System Software Market By Vessel Type (Fishing Vessels, Cargo Vessels, Passenger Ship Ferries, Service Vessels, And Others), By End-User (Fisheries Management, Naval Ships, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” Report at https://www.zionmarketresearch.com/report/vessel-monitoring-system-software-market

Competitive Landscape

Some of the main competitors dominating the global Vessel Monitoring System Software market include - 

• Wärtsilä Corporation
• ORBCOMM Inc.
• Beijing Highlander Digital Technology Co. Ltd.
• BlueTraker
• Applied Satellite Technology Ltd
• CLS Fisheries
• THINKmarine Co. Ltd.
• Orolia Maritime
• Trackwell
• ShipNet
• Visma
• Satlink S.L.
• SRT Marine Systems plc.

 Key Insights from Primary Research:

• As per the analysis shared by our research analyst, the global vessel monitoring system software market is projected to expand annually at the annual growth rate of around 4.3% over the forecast timespan (2023-2030)
• In terms of revenue, the global vessel monitoring system software market size was evaluated at nearly $8.75 billion in 2022 and is expected to reach $11.57 billion by 2030.
• The global vessel monitoring system software market is anticipated to record massive growth over the forecast period owing to an increase in the allocation of funds for improving the security of vessels in oceans.
• In terms of vessel type, the fishing vessels segment is slated to register the fastest CAGR over the forecast period.
• On the basis of application, the fisheries management segment is slated to dominate the segmental surge over the forecast period.
• Region-wise, the North American vessel monitoring system software market is projected to register the highest CAGR during the assessment period.

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Key questions answered in this report:

• What is the market size and growth rate forecast for Vessel Monitoring System Software industry?
• What are the main driving factors propelling the Vessel Monitoring System Software Market forward?
• What are the leading companies in the Vessel Monitoring System Software Industry?
• What segments does the Vessel Monitoring System Software Market cover?
• How can I receive a free copy of the Vessel Monitoring System Software Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2023−2030
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Vessel Type, By End-User, and By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

It is expected that Europe, which accounted for more than two-fifths of the revenue generated by the global vessel monitoring system software market in 2022, will experience a substantial increase throughout the course of the assessment timeframe. It is possible that stringent legislation imposed by the EU in 2023-2030 pertaining to the safety of cargo ships as well as fishing vessels would cause the expansion of the market in Europe in 2023-2030. The EU programme requires that the vessel monitoring systems of vessels record weekly catches, ports of landing, transshipments, catches on arrival, and catches on leaving. This information must be provided by the vessels. In addition to this, it is essential for the vessel monitoring systems used by the EU to automate the collecting of catch data and the transmission of data between the various countries that make up the EU. These kinds of activities are going to stimulate the expansion of the market in Europe.

In addition, it is expected that the software industry for vessel monitoring systems in North America would record the highest CAGR throughout the course of the evaluation timeline. The presence of large companies in countries such as the United States and Canada is one of the reasons that is expected to contribute favourably to the expansion of the regional sector in the coming years.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Vessel Monitoring System Software Market: Opportunities

Flourishing commercial fishing business activities will generate new growth horizons for the global market

A surge in the import and export of oils through sea routes has resulted in humungous demand for vessel monitoring system software, thereby creating new avenues of growth for the global vessel monitoring system software market. The thriving fishing industry will generate new facets of growth for the global market.

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