Increasing Developments by Key Players Is Augmenting the Growth of the Global Maritime Analytics Market

Maritime Analytics Market
Maritime Analytics Market

Maritime Analytics Market, By Application (Predictive and Prescriptive Maintenance, Voyage Operations, Fleet Management, and Other Applications), By End User (Government, and Commercial), and By Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)- Size, Share, Outlook, and Opportunity Analysis, 2023 - 2030.

Market Overview:

Maritime analytics refers to the application of advanced analytics techniques, data science, and data-driven insights in the maritime industry. It involves collecting, processing, and analyzing large volumes of data generated from various sources within the maritime domain to extract valuable insights and make informed decisions.

Maritime analytics leverages technologies such as artificial intelligence (AI), machine learning (ML), big data analytics, and the Internet of Things (IoT) to analyze data related to vessels, ports, shipping routes, weather conditions, trade patterns, and other relevant maritime parameters.

Competitive Landscape:

Major players operating in the global Maritime Analytics Market include ABB Ltd., U-Ming Marine Transport Corporation, Prisma Electronics SA (Laros), Wartsila Oyj Abp, ProGen Business Solutions Private Limited, Spire Global, Inc., Amplify Mindware Private Limited, Windward Limited, and Inmarsat GHL (Connect Bidco Limited).

Key Market Drivers:

Governments and maritime organizations are increasingly focusing on improving maritime domain awareness to ensure the safety and security of maritime operations. Maritime analytics provides real-time monitoring, predictive analysis, and risk assessment, enabling proactive decision-making and reducing the likelihood of accidents or security breaches.

This is expected to augment the growth of the global maritime analytics for market. For instance, in January 2022, Sea/ partnered with a Predictive Intelligence company using artificial intelligence, in order to deliver accurate solutions to customers and to increase efficiency in pre-fixture negotiations.

The size of the worldwide Maritime Analytics Market was estimated at US$ 1,120.1 million in 2022, and from 2023 to 2030, it is predicted to increase at a compound annual growth rate (CAGR) of 13.91%.

Maritime analytics solutions enable stakeholders to optimize costs and enhance operational efficiency. By leveraging data analytics, organizations can streamline supply chain processes, optimize vessel routes, and reduce fuel consumption, leading to substantial cost savings and improved profitability.

Growing global trade and cargo activities have heightened the demand for efficient and secure maritime operations. Maritime analytics offers valuable insights into trade patterns, port congestion, vessel utilization, and cargo optimization, enabling stakeholders to make informed decisions and ensure smooth operations. This is estimated to enhance the growth of the global maritime analytics market.

The advancement of technologies such as artificial intelligence (AI), machine learning (ML), big data analytics, and Internet of Things (IoT) has revolutionized the maritime industry. These technologies, when integrated with maritime analytics, enable real-time data processing, predictive analytics, and automation, enhancing operational efficiency and decision-making capabilities.

Covid-19 Impact Analysis:

The COVID-19 pandemic-induced lockdowns and restrictions led to disruptions in global supply chains, impacting maritime operations. Maritime analytics solutions helped stakeholders analyze and mitigate the impact by providing insights into alternative routes, supply chain optimization, and real-time visibility into cargo movement. This affected the growth of the global maritime analytics for market.

Key Takeaways:

· North America is expected to dominate the growth of the global Maritime Analytics Market, owing to the presence of major maritime analytics solution providers, technological advancements, and a strong focus on maritime security. The United States and Canada are key contributors to the market growth. For instance, in April 2022, Spire Global added Weather Insights and Weather by Route solutions to the company portfolio related to maritime services and products.

· The Asia Pacific is estimated to witness high growth in the global maritime analytics for market, owing to the expanding maritime trade activities and the need for efficient port operations. China, Japan, and Singapore are emerging as key players in the market. For instance, according to the Ministry of Transport of China, in 2021, the vessel output of Shanghai port was around 47 million TEUs.

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