(MENAFN- PR Newswire) DUBLIN, Feb. 13, 2024 /PRNewswire/ -- The "Global Maritime Analytics Market: Analysis By Application, By End User, By Region Size, Trends and Forecast to 2028" report has been added to
The global maritime analytics market value stood at US$1.20 billion in 2022 and is forecast to reach US$2.44 billion by 2028. The market is expected to grow at a
CAGR of 13.6% over the projected period of 2023-2028.
Market Segmentation Analysis:
By Application: Predictive and Prescriptive Analytics, Optimal Route Mapping, Vessel Safety and Security, Pricing Insights and, Others.
The predictive and prescriptive analytics segment dominated the market and is expected to be the fastest growing segment in the forecasted years. Predictive analytics employs historical data, statistical algorithms, and machine learning to forecast future events or behaviors, anticipating potential issues like vessel maintenance or optimal route planning by analyzing data patterns. It not only predicts potential scenarios but also advises on actions to enhance results. This includes suggesting the most suitable actions based on predictive insights, enabling improved decision-making for route optimization, fuel efficiency strategies, and operational improvements in the maritime domain.
By End User: Commercial Shipping and Military.
Commercial Shipping dominates the market due to the pivotal role of Maritime analytics within this sector and is expected to be the fastest growing segment in the forecasted period. The prevalence of maritime analytics in commercial shipping fuels the global market growth by significantly enhancing operational efficiency, ensuring safety, and curbing costs. This criticality arises from analytics solutions becoming indispensable for navigating global trade complexities, meeting rising demands for data-driven insights and efficiency tools. Consequently, the sector's dominance arises from its transformative impact and the quest for enhanced efficiency and safety in shipping.
By Region: North America, Europe, Asia Pacific, and the Rest of the World.
North America is the largest region of the maritime analytics market and presents a promising landscape. Notably, countries like the US, Canada, and Mexico contribute significantly to this market, each shaped by unique elements shaping their maritime analytics realm. In the US, the market thrives owing to extensive coastlines and major ports, fostering a strong demand for analytics solutions. Emphasizing maritime security and leveraging advanced technologies like AI, IoT, and satellite tracking systems further drive the adoption of analytics for vessel monitoring and port optimization. Canada's market steadily grows due to reliance on maritime trade, focusing on marine safety, environmental conservation, and efficient port management, especially in navigating Arctic shipping routes.
The Asia Pacific is the fastest-growing region of the maritime analytics sector. Across the Asia Pacific region, China stands as a pivotal maritime hub, bolstering the analytics market with extensive shipping activities and an emphasis on security. Japan leverages analytics for port optimization and maritime safety, driven by technological advancements.
South Korea's prominent shipbuilding industry and focus on marine preservation drive analytics adoption, while India experiences growth due to strategic geography and initiatives like the Sagarmala project, emphasizing port-led development and security measures. These countries' collective efforts fortify maritime operations, secure trade routes, and emphasize environmental conservation, driving the growth of the regional maritime analytics market.
Drivers and Trends Fueling the Market
Growing seaborne trades and an increasing emphasis on efficient maritime operations Enhanced concern for environmental sustainability The rising popularity of marine tourism Stringent regulatory adherence, enforcing compliance and sustainable practices Technological integrations such as IoT and AI within maritime systems
The key players of the global maritime analytics market are:
Wartsila ABB Spire Global. Windward SparkCognition RightShip Prisma Electronics ShipNet Veson Nautical Kpler OrbitMI Amplify Mindware
Key Topics Covered:
1. Executive Summary
2.1 Maritime Analytics: An Overview
2.2 Maritime Analytics Segmentation: An Overview
3. Global Market Analysis
3.1 Global Maritime Analytics Market: An Analysis
3.2 Global Maritime Analytics Market: Application Analysis
3.3 Global Maritime Analytics Market: End User Analysis
4. Regional Market Analysis
4.1 North America Maritime Analytics Market: An Analysis
4.2 Europe Maritime Analytics Market: An Analysis
4.3 Asia Pacific Maritime Analytics Market: An Analysis
4.4 Rest of World Maritime Analytics Market: An Analysis
5. Impact of COVID-19
5.1 Impact of COVID-19 on Maritime Analytics Market
5.2 Post COVID-19 Impact on Maritime Analytics Market
6. Market Dynamics
6.1 Growth Drivers
6.1.1 Growing Seaborne Trades
6.1.2 Increasing Demand for Enhanced Maritime Operations
6.1.3 Increased Focus On Environmental Sustainability
6.1.4 Rising Popularity Of Marine Tourism
6.1.5 Growing Regulatory Adherence
6.2.1 Concerns Related to Cyber Security and Lack of Skilled Workforce
6.2.2 Increasing Costs Associated with Complexity Source
6.3 Market trends
6.3.1 Penetration of Internet of Things (IoT)
6.3.2 Integration of Artificial Intelligence and Blockchain
6.3.3 Cloud-based solutions and SaaS delivery
6.3.4 Focus on predictive maintenance
6.3.5 Rising Demand for Commodities Transportation
6.3.6 Adoption in Developing Regions
7. Competitive Landscape
7.1 Global Maritime Analytics Market Players by Services
8. Company Profiles
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