The Maritime Analytics market was valued at US$ 894.28 million in 2019 and is projected to reach US$ 1,833.50 million by 2027; it is expected to grow at a CAGR of 10.0% from 2020 to 2027.
The growing trend of digital transformation in shipping and maritime industry coupled with increased adoption of connected devices and digital solutions for enhanced productivity are some of the key factors for the global maritime analytics market. However, lack of skilled workforce and cyber security concerns may act as hindering factor for the growth of the market. Despite some limitations, the rising adoption of maritime analytics among commercial end users and integration of advanced technologies such as artificial intelligence by maritime analytics solution providers for enhanced performance are some of the factors that are anticipated to drive the future growth of maritime analytics market globally.
Predictive analytics solutions have the capability to transform the shipping industry by enhancing overall shipping operations, improving ship’s safety, and ensuring environment protection. Additionally, the high level of customizability offered by these solutions depending on the specific needs of any port or shipping company is expected to fuel the demand during the forecast period. With rising globalization, the demand for goods transportation will grow substantially in the coming years. Hence, the demand for advanced data processing techniques and predictive analytics will also rise among maritime companies to maximize time efficiency and cost savings. These factors are driving the demand for maritime analytics globally.
The maritime analytics market is segmented into application, end user, and geography. Based on application, the maritime analytics market is divided into optimal route mapping, predictive & prescriptive analytics, pricing insights, vessel safety and security, and others. The Predictive & prescriptive analytics segment is expected to be the largest segment during the forecast period. Based on end user, the market is divided into commercial and defense. The commercial segment contributed a substantial share in 2019 and is anticipated to be the fastest growing segment during the forecast period. Geographically, the market is segmented into five major regions ?North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM). In 2019, Europe held the largest share followed by North America and APAC. APAC is projected to be the fastest growing region from 2020 to 2027.
The overall maritime analytics market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the maritime analytics market with respect to all the segments. It also provides the overview and forecast for the global maritime analytics market based on all the segmentation provided with respect to five major regions ? North America, Europe, Asia Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the maritime analytics market.
ABB Ltd., exact Earth, Itransition, Planet Labs Inc., Prisma Electronics SA, ShipNet, SparkCognition, Spire Global, SINAY SAS, and Windward Ltd. are among the major players operating in the global maritime analytics market.