According to the new research report titled “Maritime Analytics Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 2,185.88 million by 2028 and register a CAGR of 13.3% from 2023 to 2028.
At present, the competition in various industries, including maritime industry is rising. The companies are making investment on advanced solutions at constant basis which could help the maritime industry players to improve operational productivity while lowering overall costs. At global scale, Europe held the largest maritime analytics market size owing to the robust marine sector, expanding digitalization trend, a significant number of maritime analytics solution providers, and supportive government regulations for developing the shipping industry. Europe contributed ~47% revenue share to the overall market, while North America and APAC held the second and third positions, respectively, in 2022. In terms of revenue generation, employment creation, and infrastructure development, the maritime industry is critical to Europe’s overall economy.
The European maritime analytics market size is driven by ship-owning countries such as Greece, Norway, Germany, the UK, and Denmark. In January 2021, the ship fleet in Greece increased by more than US$ 51.8 billion in total value, with total asset value reaching US$ 145 billion. North America is another important market supporting the expansion of the maritime analytics market by promoting the adoption of maritime analytics solutions. In North America, the US and Canada are among the key markets adopting maritime analytics on a large scale. In January 2021, the ship fleet in the US increased by more than US$ 1.2 billion in total value, with total asset value reaching US$ 96 billion.
The global maritime analytics market is segmented based on application, end user, and geography. Based on application, the maritime analytics market is segmented into optimal route mapping, predictive and prescriptive analytics, pricing insights, vessel safety and security, and others. Based on end user, the maritime analytics market is categorized into commercial and military. The market, based on region, is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
Key Findings of Study:
APAC is anticipated to be the fastest-growing region, which is likely to register an impressive CAGR of 16.2% during 2023–2028. APAC consists of several developing economies, such as China, India, and many Southeast Asian countries, with a high potential for the future maritime analytics market growth. In January 2021, the ship fleet in China increased by more than US$ 53 billion in total value, with total asset value reaching US$ 191 billion. Japan, Singapore, and South Korea are other key countries contributing significantly in terms of fleet value and adoption of maritime analytics. The rising trend of digitalization, positive economic growth, increasing technology adoption across industries, and growing investments in shipping infrastructure development are expected to provide ample growth opportunities for maritime analytics market players during the forecast period.
All major regions, such as Europe, Asia Pacific, and North America, witnessed a sudden decline in economic growth and trade activity in 2020. A significant drop in the maritime logistics & transportation sector was also observed in response to the COVID-19 pandemic in 2020 and early 2021, which negatively impacted the maritime analytics market growth. Nevertheless, the growth rate bounced back to pre-pandemic levels from 2021 onward, and the market is projected to grow at a steady pace from 2023 to 2028.