Maritime Analytics Market Is Estimated To Witness High Growth Owing To Opportunity In Fleet Optimization

Poonam

Maritime Analytics Market Is Estimated To Witness High Growth Owing To Opportunity In Fleet Optimization

Maritime analytics utilizes data science techniques to gather, store, and analyze data sets from ships and fleets for monitoring ship operations, performance levels, and maintenance. It helps identify patterns, gain insights and optimize processes. Maritime analytics provides fleet optimization capabilities through route planning, adaptive navigation, weather routing, predictive analytics for component failure and maintenance, fuel consumption monitoring, and emission monitoring. This improves vessel efficiency, reduces costs and enhances safety.

The global Maritime Analytics Market is estimated to be valued at US$ 1275.91 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The opportunity for fleet optimization through maritime analytics is driving the market growth. Fleet optimization assists shipping companies to decrease costs through efficient routing of ships, lower fuel consumption and reduced downtime. It provides real-time monitoring of vessel performance to identify anomalies and optimize operations. With huge volumes of data being generated from sensors on modern ships, maritime analytics enables extraction of insights to improve fleet management. The data-driven decision making enhances productivity and reduces operational costs substantially. This presents a huge market opportunity for maritime analytics solution providers to develop advancedanalytics platforms focusing on fleet optimization and management.

Porter's Analysis

Threat of new entrants: The maritime analytics market requires huge investments in technology, data collection and analysis capabilities which act as entry barriers. Bargaining power of buyers: Due to availability of substitute maritime analytics solutions from different vendors, bargaining power of buyers is moderate. Bargaining power of suppliers: Major vendors enjoy higher bargaining power due to their proprietary technologies and capabilities. Threat of new substitutes: Emergence of advanced technologies like AI, blockchain and IoT enables new disruptive solutions thereby increasing threat of substitutes. Competitive rivalry: Intense competition exists among key global players to expand presence through innovative offerings.

SWOT Analysis

Strengths: Proprietary predictive analytics capabilities and vast experience in maritime domain. Weaknesses: High dependency on technology disruptions and economic cycles. Opportunities: Growing digitalization and increasing integration of advanced technologies. Threats: Rising geopolitical tensions and security threats faced by global maritime trade.

Key Takeaways

The global Maritime Analytics Market Growth is expected to witness high growth during the forecast period of 2023 to 2030. The market size for 2023 is estimated at US$ 1275.91 Bn. Regional analysis indicates Asia Pacific dominates currently due to strong presence of container ports and shipping companies across major economies like China and India. The region is anticipated to record fastest CAGR during the forecast years.

Key players operating in the maritime analytics market are Inmarsat GHL (Connect Bidco Limited), Windward Limited, Amplify Mindware Private Limited, Spire Global, Inc., ProGen Business Solutions Private Limited, Spark Cognition Inc., Wartsila Oyj Abp, Prisma Electronics SA (Laros), U-Ming Marine Transport Corporation, and ABB Ltd. Key players are investing heavily towards developing advanced AI and IoT based solutions. They are also focusing on strategic collaborations and partnerships to expand global presence.

Regional Analysis

Asia Pacific dominates the global maritime analytics market holding around 35% share currently. Presence of major container ports and commercial shipping routes across China, India, Japan and South Korea has boosted adoption of maritime analytics solutions. Rapid growth of international trade and government initiatives to modernize ports infrastructure is further propelling the regional market. Southeast Asian economies are emerging as new hotspots and are expected to fuel market growth at a promising rate during the forecast period.

For more insights, read- https://www.pressreleasebulletin.com/maritime-analytics-market-trends-size-and-share-analysis/

Poonam

Seafaring in the Digital Age: Maritime Analytics for Smarter Decision-Making

2023-07-11

As the maritime industry sails into the digital age, a new compass emerges to guide seafarers towards smarter decision-making: maritime analytics. By harnessing the power of data and advanced analytical tools, maritime stakeholders can navigate the ever-changing landscape with confidence and efficiency. By leveraging historical data and sophisticated modeling techniques, smarter business strategies can be formulated, enhancing profitability and competitiveness. In addition, Maritime Analytics provides valuable insights into safety and risk management. With maritime analytics as their compass, maritime stakeholders can navigate the complex waters of the industry, making smarter decisions that drive success in the digital era.

Growing Demand For Fleet Digitalization And Cost Optimization Drives Growth In The Maritime Analytics Market

2024-02-08

The growing need for digitalization of fleets to gain actionable insights and optimize costs is a major factor driving the adoption of maritime analytics solutions. The global Maritime Analytics Market is estimated to be valued at US$ 1469. This trend is expected to significantly drive the maritime analytics market during the forecast period. Segment Analysis The global maritime analytics market is dominated by risk and compliance management sub segment. Key Takeaways The global maritime analytics market analysis is expected to witness high growth over the forecast period between 2024 to 2031.

Maritime Analytics Market To Reach US$1,120.1 Million In 2023

2023-10-27

The global Maritime Analytics Market Share is estimated to be valued at US$1,120. These companies are focused on expanding their Segment Analysis: The maritime analytics market can be segmented based on the application and end-user. In terms of application, the market can be divided into fleet management, port management, maritime safety and security, and others. In terms of end-user, the maritime analytics market can be categorized into shipping companies, port authorities, government, and others. In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the maritime analytics market.

Global Maritime Analytics Market Is Estimated To Witness High Growth Owing To Increasing Adoption of AI and IoT Technologies

2023-08-24

Driver: Increasing Adoption of AI and IoT TechnologiesThe maritime industry is increasingly adopting AI and IoT technologies to improve operational efficiency and reduce costs. D) Key Takeaways:In summary, the global Maritime Analytics Market is expected to witness significant growth due to the increasing adoption of AI and IoT technologies in the maritime industry. In terms of market size, the global maritime analytics market is projected to grow at a CAGR of 13. In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the maritime analytics market. Key players operating in the global maritime analytics market include Inmarsat GHL (Connect Bidco Limited), Windward Limited, Amplify Mindware Private Limited, Spire Global, Inc.

Maritime Security Market Should Register an Impressive CAGR of 7% From 2021 to 2027

2022-10-06

The latest publication of Fairfield Market Research on the global maritime security market suggests that the market will possibly reach the revenue of US$38 Bn by the end of forecast period, 2021 – 2027. This consequently raises demand for marine safety and security, in turn driving the growth of maritime security market. com/report/maritime-security-market Security Management Remains the Largest Application Area for Maritime Security Market PlayersAgainst security services, demand for maritime security solutions will continue to be on a higher side. In 2019, the application of maritime security in security management accounted for a revenue share of over 40%, which warrants the higher market attractiveness of maritime security management. com/report/maritime-security-market About UsFairfield Market Research is a UK-based market research provider.

Maritime Security Market Share Forecast, The Role of Airport Capacity

2023-01-03

To defend against numerous marine hazards, maritime safety serves to safeguard ports and offers coastal surveillance technology and services. Historically, semaphore methods and operations like coast guard as well as sea marshal patrol were the only components of maritime safety. Key Players:Maritime Security Market Share are BAE Systems (UK), Elbit Systems Ltd (Israel), ESC Global Security (Estonia), Harris Corporation (US), Honeywell International Inc. Application OutlookVessel safety is anticipated to hold the greatest share of the Maritime Security Market Share over the projection period because of higher risk susceptibility. Industry NewsTo function, the marine industry must be able to handle complex procedures and changing Maritime Security Market Share situations.

WHO TO FOLLOW