New York, Dec. 22, 2022 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Maritime Analytics Market Size, Share, Growth, Trends and Global Forecast to 2028 - COVID-19 Impact and Global Analysis By Application (Optimal Route Mapping, Predictive and Prescriptive Analytics, Pricing Insights, Vessel Safety and Security, and Others) and End User (Commercial and Military)”; The global maritime analytics market size is expected to rise from USD 0.993 billion in 2021 to USD 2.15 Billion by 2028; it is estimated to grow at a CAGR of 11.7% from 2021 to 2028.
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Global Maritime Analytics Market – Report Scope:
| Market Size Value in | USD 0.993 Billion in 2021 |
| Market Size Value by | USD 2.15 Billion by 2028 |
| Growth rate | CAGR of 11.7% from 2021 to 2028. |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 161 |
| No. of Tables | 56 |
| No. of Charts & Figures | 72 |
| Historical data available | Yes |
| Segments covered | Application and End User |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Rising Trend of Digitalization in Global Shipping Industry to Drive Global Maritime Analytics Market Growth During (2021-2028):
The integration of digital technologies in maritime processes, operations, and business models to enhance productivity, increase security, and reduce operational costs has been growing at an unprecedented rate. Due to escalating customer demands and maritime analytics industry competitiveness, digital transformation has become a fundamental need for any company's long-term success and competitive advantage. Companies across the globe are adopting digitization to improve their business processes to increase operational throughput and profits. The marine industry is no exception to this tendency, and it is currently undergoing a paradigm transition because of shifting business models, technological adoption, cost structures, and increased competition. A few key areas for digital transformation in the maritime industry are the development of new business models, digitalization of core operations, and use of analytics for better decision making. Companies use maritime analytics to improve their daily operations, such as cargo handling, port operations, vessel deployment, empty repositioning, and freight routing. The demand for digital solutions in the global maritime industry is fueled by process optimization, high operational efficiency, cost reduction, and the human errors prevention. As a result, the benefits of digital solutions such as maritime analytics are expected to boost their demand in the global maritime industry.
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From a passive look-up tool to the new world of digitalization, maritime data analytics has developed. The rising usage of analytics in the maritime industry is due to the increased deployment of sensors, connected devices, and digital communication channels, which is linked to the critical real-time use of data. Further, adoption of maritime analytics solutions is projected to be influenced by a surge in the use of satellite data, as well as the integration of IT solutions and other Internet of Things (IOT) enabled applications across major logistics and freight forwarding operations. However, the COVID-19 pandemic severely affected the maritime analytics market due to the shutdown of the global economy. The continuous growth in the number of infected patients compelled governments and other authorities to impose complete restrictions on passenger shipping companies and partial on cargo marine services, severely disrupting the maritime analytics servicing activities globally. The abovementioned conditions hindered the overall business of maritime analytics market players.
Veson Nautical; Kpler; Kayrros; RightShip Pty Limited; ShipNet, are some of the key maritime analytics market players operating in the global maritime analytics market. The listing of key players is derived by considering multiple factors such as overall revenue, current maritime analytics portfolio, geographical reach, new product launches, maritime analytics market initiatives, and investment in technology up gradation, partnerships, and other market related activities. In addition to these players, there are several other important players operating in the maritime analytics market which were analyzed during the course of this market research study, such as, Windward Ltd; Signal Group; Shipfix Technologies S.A.S.; Shipamax Ltd.; Pole Star Space Applications; Nordic IT; NINETY PERCENT OF EVERYTHING LIMITED among others.
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Global Maritime Analytics Market – Industry Opportunities:
The emerging regions such as APAC, MEA, and SAM are anticipated to offer ample future growth opportunities to the maritime analytics solution providers over the forecast period of 2021 to 2028. These regions are characterized by the presence of some of the major countries that contribute a substantial fleet value to the global shipping market. China, Japan, Singapore, and South Korea are among the top ten-ship owning countries across the world. For instance, As of January 2021, China's total fleet asset value reached US$ 191 billion, whereas Japan's total fleet asset value reached US$ 187 billion, Singapore's total fleet asset value was US$ 78 billion, and South Korea's total fleet asset value reached US$ 58 billion. In addition to these markets, there are several other potential developing markets for the adoption of maritime analytics such as India, Brazil, Argentina, Indonesia, Vietnam, Malaysia, Philippines, Thailand, and Saudi Arabia, among others. All these countries are anticipated to offer ample growth opportunities for maritime analytics solution providers.
Global Maritime Analytics Market – Future Trends:
Maritime industry is investing proactively in advanced technology solutions to bring digital transformation and to become more efficient and sustainable. Artificial intelligence (AI), big data, blockchain, cloud computing, cyber security, digital twin, internet of things (IoT), machine learning, and robotic technologies are some of the key technologies that are disrupting the global maritime industry and are anticipated to drive the future growth of this industry. Artificial intelligence (AI) is being utilized in shipping industry for reducing staff & maintenance, increasing automation, achieving better navigation & safety, and minimizing human errors. IBM and Google are some of the key companies helping shipping sector in process automation. Another useful technology being used in the maritime sector for safe and transparent logistics, payments, and contracts is blockchain. IBM and Microsoft are two of the most prominent Blockchain solution providers for logistics companies. As a result, the marine sector's increasing integration of new technology will complement the adoption of maritime analytics solutions. 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 key factors expected to drive the global maritime analytics market forward in the future
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