DUBLIN--(BUSINESS WIRE)--The "Maritime Analytics Market 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)" report has been added to ResearchAndMarkets.com's offering.
The global maritime analytics market is expected to grow from US$ 993.39 million in 2021 to US$ 2,150.88 million by 2028; it is estimated to grow at a CAGR of 11.7% from 2021 to 2028.
In today's digital age, the competition in the maritime industry is high and companies are continuously investing in solutions that could help them in enhancing operational productivity while reducing overall costs. As a result, the demand for advanced solutions, such as maritime data analytics, has been increasing rapidly among commercial shippers and other end users.
Big data is being utilized in the shipping industry to monitor sensors on ships and perform predictive analysis to avoid delays and boost productivity. The big data insights predict costly issues across the ship's lifecycle, from design to operation to decommissioning. Hamburg Port (Germany), Port of Cartagena (Columbia), Port of Rotterdam (The Netherlands), and several ports in Southeast Asia are actively using big data analytics solutions for their ports and terminal operations.
For instance, in September 2021, DTN a leading data, analytics, and technology firm partnered with OrbitMI, a global provider of marine software and data products, to change weather analytics and improve results for the shipping sector with integrated operational information. The partnership gives shipping customers a single site for vessel and fleet management with actionable visualizations for confident decisions.
Further, in May 2021, Danelec Marine partnered with ioCurrents to analyze operational data and improve fleet operations. By partnering with ioCurrents a pioneer in real-time remote vessel analytics and artificial intelligence the maritime industry is poised to take advantage of the latest technological innovations to improve fleet operations.
Predictive analytics technologies can alter the shipping sector by improving overall shipping operations, increasing ship safety, and protecting the environment. Additionally, the high level of customization offered by these solutions depending on the specific needs of any port or shipping company is expected to fuel the maritime analytics market during the forecast period.
The need for goods transportation would increase significantly in the future as globalization rises. As a result, maritime enterprises would demand advanced data processing techniques and predictive analytics to maximize time efficiency and cost savings. These factors are propelling the global demand for maritime analytics market.
North America is a crucial region for the demand for maritime analytics market owing to the presence of key markets, such as the US and Canada. Logistics and transportation are essential for the smooth operations of most of the industries, such as FMCG, healthcare, retail, and automotive, where shipping contributes a substantial share in the global logistics and transportation sector. Countries, such as the US, are major markets for the growth of the maritime analytics market.
Thus, the interruptions in supply chains and logistics operations due to the COVID-19 outbreak are negatively affecting the growth of the key shipping industry players operating in North America. Additionally, the US-China trade war affected the maritime analytics market in 2019.
A substantial freight in the US comes by shipping and the restrictions posed by various states on the movement of people are causing a shortage of labor and manpower required for proper functioning of shipping transportation network in the country. The inter-country maritime trade among the US, Canada, and Mexico is also getting affected due to restrictions imposed by various governments to contain the SAR-CoV-2 spread.
Presently, the US is the world's worst-affected country due to the COVID-19 outbreak, as per the World Health Organization (WHO) statistics. Hence, the region's economy has seen a decline in the past few months, which is negatively impacting the growth of various industries, such as the maritime analytics industry. However, maritime analytics market offers several benefits that can help shipping companies efficiently manage operations and achieve cost reduction. The solutions are anticipated to help companies in regaining their profits.
Market Dynamics
Market Drivers
- Rising Trend of Digitalization in Global Shipping Industry
- Increasing Demand for Enhanced Maritime Operations Through Data Analytics
Market Restraints
- Concerns Related to Cyber Security and Lack of Skilled Workforce
Market Opportunities
- Developing Regions to Drive Future Growth
Future Trends
- Advanced Technologies to Transform Maritime Industry
Companies Mentioned
- Maritech Holdings Limited
- RightShip Pty Limited
- ShipNet
- Windward Ltd
- Kpler
- Kayrros
- OrbitMI, Inc.
- Q88 LLC
- Signal Group
- eeSea ApS
- Shipfix Technologies S.A.S.
- Shipamax Ltd.
- Veson Nautical
- Siglar Carbon
- ZeroNorth A/S
- Pole Star Space Applications
- Dataloy Systems AS
- NINETY PERCENT OF EVERYTHING LIMITED
- SEDNA Communications Ltd
- Nordic IT
- LgMAR
- Trigonal Ltd.
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