The maritime analytics market in Europe is expected to grow from US$ 411.55 million in 2019 to US$ 898.77 million by 2027; it is estimated to grow at a CAGR of 10.8% from 2020 to 2027.
Surge in digitalization trend in shipping industry is affecting the Europe maritime analytics market in a positive way. The integration of digital technologies in maritime processes, operations, and business models to enhance productivity, increase security, and reduce operational costs has been growing at an unprecedented rate is driving the Europe maritime analytics. Digital transformation has now become a critical need for sustainable growth and competitive advantage for any enterprise, owing to increasing customer demands and rising marine industry competition. Companies across Europe are embracing digitalization to transform their business processes for achieving high operational throughput and increasing their profits. The maritime industry is no exception to this trend and it is presently going through a paradigm shift with evolving business models, technology adoption, changing cost structures, and increasing competition levels. The key areas for digital transformation in maritime industry include development of new business models, digitalization of core operations, and using analytics for better decision making. Maritime analytics is being used by companies to optimize their daily operations, cargo handling, port operations, vessel deployment, empty repositioning, and cargo routing among other tasks. Advantages of digitalization, such as process optimization, high operational efficiency, cost reduction, and prevention of human errors, are expected to create a significant demand for maritime analytics solutions across Europe which will drive the Europe maritime analytics. Escalating demand for upgraded maritime operations through data analytics is among the other factors expected to positively influence the demand for maritime analytics which will drive the Europe maritime analytics market
Europe, especially the UK, is severely affected by the COVID-19 outbreak which has affected the maritime analytics market also. The trade activities in Europe marine routines have been severely disrupted as 30% to 60% outbound shipping capacity withdrawn due to the outbreak which has affected the maritime analytics market across Europe badly. Maritime shipping helps in moving around 75% of the Europe’s external trade and around 30% of internal transport of goods in the region. The governments of various European countries have already announced that the coronavirus outbreak has affected their transport systems in a negative manner as the European supply chains of various countries are closely interlined with each other. The Association of “European Freight Forwarders” and “Polish Chamber of Forwarding and Logistics” have already raised warnings regarding the limited export loads as well as delays in port operations, owing to non-availability of operators and manpower. All these factors are expected to impact the maritime industry in the region. The coronavirus outbreak's impact is anticipated to be quite severe in the year 2020 and it is likely to continue in 2021 as well. Hence, the ongoing COVID-19 crisis is expected to impact the growth of the maritime analytics market of in Europe for the next few quarters.
Based on end user, the commercial segment led the Europe maritime analytics market in 2019. The commercial marine includes offshore, inshore, coastal zone, and short sea commercial marine businesses. The swift adoption of analytics in commercial maritime is propelled by the growing demand for digitalization and optimized cost efficiency. Besides, owing to several advantages offered, such as enhanced performance, productivity, safety, and commercial benefits, which includes optimal route mapping in case of extreme weather, are uplifting the maritime analytics market in Europe. The commercial sector is benefitted by growing applications and developments of innovative analytics technology, which helps efficient data generation associated with the fuel, engine, traffic, cargo, and weather which is driving the Europe maritime analytics market. Further, maritime analytics manages a ship’s sensors, and predictive analytics helps avoid delays and surge the industry’s overall operational efficiency which is further boosting the maritime analytics market growth for Europe region. Advantages of analytics, such as cost efficiency, productivity, safety, and operational efficiency in commercial sector, are expected to increase the demand for maritime analytics in coming years, thereby boosting the growth of the Europe maritime analytics market.
The overall Europe 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 Europe maritime analytics market. The process also serves the purpose of obtaining overview and forecast for the Europe maritime analytics market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the 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, Europe maritime analytics market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the Europe maritime analytics market. ABB Ltd., exactEarth Ltd., Itransition, Planet Labs Inc., Prisma Electronics SA, ShipNet, SINAY SAS, Spire Global, and Windward Ltd. are among the key players operating in the Europe maritime analytics market.