Leading Trends and Opportunities in Analytics, Provision, Vessel Tracking, and AIS Applications

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Maritime Information Market

Maritime Information MarketMaritime Information Market

Maritime Information Market

Dublin, April 09, 2024 (GLOBE NEWSWIRE) — The “Maritime Information Market Report by Application (Maritime Information Analytics, Maritime Information Provision, Vessel Tracking, AIS (Automatic Identification System)), End-User (Government, Commercial), and Region 2024-2032” report has been added to ResearchAndMarkets.com’s offering.

The global maritime information market reached US$ 2 billion in 2023. Looking forward, the market is projected to reach US$ 4.3 billion by 2032, exhibiting a growth rate (CAGR) of 8.9% during 2023-2032. The market is experiencing steady growth driven by increasing concerns about maritime safety, security, and environmental protection, the escalating demand for efficient and optimized shipping operations, and stringent regulations implemented by governing agencies to enhance safety in the maritime industry.

Growing concerns about maritime safety and security

Increasing concerns about maritime safety, security, and environmental protection are pivotal in driving the market. Maritime accidents, piracy incidents, and environmental disasters are underscoring the need for robust data and information systems in the maritime sector. In addition, ship owners and operators are increasingly investing in advanced technologies and information systems that provide real-time tracking, monitoring, and analytics capabilities. These systems enable proactive risk management, ensuring the safety of vessels, crew, and cargo. Moreover, regulatory bodies and international organizations are imposing stringent regulations and reporting requirements on the maritime industry, further catalyzing the demand for comprehensive maritime information solutions to ensure compliance and transparency. Overall, the imperative to enhance safety, security, and environmental stewardship in the maritime sector is contributing to the growth of the market.

Expanding shipping industry

The expanding shipping industry is strengthening the growth of the market. As international trade is growing, the demand for efficient and optimized shipping operations is rising. The maritime sector plays a critical role in the global supply chain, with maximum global trade transported by sea. This growth in shipping activities necessitates advanced information systems to manage vessels, cargo, and routes effectively. To remain competitive and meet consumer demands for faster and more reliable shipping services, shipping companies are increasingly relying on maritime information solutions. These solutions provide real-time data on vessel positions, weather conditions, port congestion, and more, enabling efficient route planning, cargo tracking, and on-time deliveries. The need for improved operational efficiency and cost reduction in the shipping industry is propelling the adoption of maritime information technology.

Regulatory compliance requirements

Governments and international organizations are introducing stringent regulations to enhance safety, security, and environmental standards in the maritime industry. These regulations encompass various aspects, including vessel tracking and monitoring, emissions control, and safety reporting. To meet these requirements, ship owners and operators are investing in advanced information systems and technologies. In addition, the International Maritime Organization (IMO) is implementing regulations, such as the International Convention for the Safety of Life at Sea (SOLAS) and the International Maritime Solid Bulk Cargoes (IMSBC) Code. These regulations necessitate accurate cargo information, safety equipment data, and real-time communication capabilities. Compliance with these regulations is not only a legal obligation but also crucial for avoiding penalties and maintaining a positive industry reputation.

Rise in global trade and cargo volumes

The growing global trade and cargo volumes are offering a favorable market outlook. As international commerce is expanding, the maritime sector is facing increasing demands for the transportation of goods and commodities. Trade globalization is leading to larger vessels, more complex supply chains, and a need for greater efficiency. Maritime information systems enable shipping companies to optimize their operations, reduce transit times, and handle larger cargo volumes effectively. Moreover, the shift towards e-commerce and digital trade, further increasing the reliance on maritime transport for the movement of goods. This rise in demand is underscoring the importance of real-time information for efficient cargo handling and supply chain management.

Maritime Information Industry Segmentation

The report provides an analysis of the key trends in each segment of the market, along with forecasts at the global, and regional levels for 2024-2032. The report has categorized the market based on application and end-user.

Breakup by Application:

  • Maritime Information Analytics

  • Maritime Information Provision

  • Vessel Tracking

  • AIS (Automatic Identification System)

According to the report, maritime information analytics represented the largest segment due to the increasing demand for data-driven insights in the maritime industry.

This segment involves the analysis of vast datasets to provide valuable insights into vessel behavior, route optimization, fuel efficiency, and predictive maintenance. Maritime companies are leveraging analytics to enhance operational efficiency, reduce costs, and improve safety and environmental compliance. With the growth of big data and machine learning (ML) capabilities, maritime information analytics is poised for further expansion.

Maritime information provision involves the collection, processing, and dissemination of real-time information related to weather conditions, port congestion, navigation hazards, and maritime regulations. This segment caters to the need for accurate and up-to-date information for safe and efficient voyage planning and execution. Shipping companies, port authorities, and maritime service providers rely on this segment to access crucial data for decision-making and operational management.

Vessel tracking is a vital application within the market, focusing on monitoring the real-time positions and movements of vessels at sea. This technology utilizes satellite-based tracking systems, such as automatic identification system (AIS) and satellite communication, to provide accurate vessel location data. Vessel tracking is essential for navigation safety, maritime security, and search and rescue operations. It enables stakeholders to track vessel movements, identify potential collisions, and ensure compliance with international regulations.

AIS is a specialized sub-segment of vessel tracking that allows vessels to broadcast their identity, position, course, and speed to other nearby vessels and coastal authorities. It enhances situational awareness, collision avoidance, and maritime traffic management. AIS is mandated for use on most commercial vessels, making it a critical component of maritime information systems.

Breakup by End User:

According to the report, commercial represented the largest segment.

The commercial sector includes a diverse range of entities, such as shipping companies, logistics providers, port operators, cargo owners, and offshore energy companies. These commercial users rely on maritime information solutions for various purposes, including vessel management, cargo tracking, supply chain optimization, and operational efficiency. The need to reduce operational costs, enhance competitiveness, and improve overall business performance is driving the adoption of maritime information technology within the commercial sector. Additionally, as global trade and shipping activities are expanding, the demand for real-time data and insights in the commercial maritime industry is rising.

The government sector in the market encompasses agencies and authorities responsible for maritime safety, security, and regulatory compliance. This includes coast guards, maritime law enforcement agencies, port authorities, and environmental protection agencies. Governments use maritime information systems to monitor vessel traffic, enforce maritime regulations, respond to emergencies, and ensure compliance with international maritime conventions. The emphasis on maritime security and environmental protection is leading to increasing government investments in advanced information technology for maritime surveillance and management.

Breakup by Region:

  • Europe

  • North America

  • Asia Pacific

  • Middle East and Africa

  • Latin America

According to the report, Europe accounted for the largest market share on account of its extensive maritime activities, including shipping, port operations, and offshore energy exploration.

The region is home to major maritime economies, such as the Netherlands, Denmark, and Norway. European countries prioritize maritime safety, environmental sustainability, and technological innovation, leading to a high demand for advanced maritime information systems.

North America is another significant region in the market, particularly due to extensive coastlines and maritime trade in the United States and Canada. The region has a strong focus on maritime security, port efficiency, and environmental protection, leading to substantial adoption of maritime information technology. The presence of major ports on the East and West coasts and the Great Lakes ensures a steady demand for vessel tracking, cargo management, and maritime analytics solutions in North America.

The Asia Pacific region is characterized by its rapid economic growth, making it a dynamic segment in the market. Countries like China, Japan, South Korea, and Singapore are major players in global shipping and trade. The Asia Pacific region is witnessing significant maritime traffic and investments in port infrastructure. As a result, there is a growing need for maritime information systems to manage and optimize these operations efficiently.

The Middle East and Africa region, with its extensive coastlines, ports, and offshore oil and gas operations, represents a developing but promising segment in the market. Countries like the United Arab Emirates, Saudi Arabia, and South Africa are investing in maritime technology to improve port operations, enhance maritime security, and support offshore activities.

Latin America is an emerging segment in the market, with countries like Brazil, Chile, and Mexico playing key roles in the maritime industry. The vast coastline, shipping activities, and offshore exploration in the region offer growth opportunities for maritime information solutions.

Leading Key Players in the Maritime Information Industry

Key players in the market are actively engaged in several strategic initiatives to meet the evolving demands of the industry. They are continuously investing in research and development (R&D) activities to enhance their data analytics and predictive maintenance capabilities, enabling more efficient vessel operations. They are also expanding their service offerings to provide comprehensive maritime information solutions, including vessel tracking, weather forecasting, and environmental monitoring, catering to the diverse needs of their consumers. Collaborations and partnerships with other industry stakeholders are common to create integrated solutions and provide a seamless experience for end-users. Additionally, these players are focusing on cybersecurity measures to protect sensitive maritime data and ensure the safety and security of vessels and cargo in an increasingly interconnected maritime ecosystem.

The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

  • Inmarsat

  • L3 Technologies

  • ORBCOMM

  • Raytheon Company

  • Thales Group

  • exactEarth

  • Iridium Communications

(Please note that this is only a partial list of the key players, and the complete list is provided in the report)

Key Attributes

Report Attribute

Details

No. of Pages

149

Forecast Period

2023-2032

Estimated Market Value (USD) in 2023

$2 Billion

Forecasted Market Value (USD) by 2032

$4.3 Billion

Compound Annual Growth Rate

8.9%

Regions Covered

Global

For more information about this report visit https://www.researchandmarkets.com/r/2kt4qq

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