maritime information Market

The maritime information market size was valued at US$ 2,808.87 million by 2028 from US$ 1,882.01 million in 2021. it is expected to grow at a CAGR of 6.2% during 2021-2028.

The use of digital technologies has gained momentum in the maritime industry, with businesses leveraging them to improve efficiency, security, and cost-effectiveness. To remain profitable and competitive, companies worldwide embrace digitization to enhance internal operations, productivity, and revenue streams. The maritime sector changes significantly due to shifting business models, technological advancements, competitive pressures, and cost structures. Digital transformation is a key factor in this paradigm shift, with businesses adopting new models, digitizing essential processes, and applying analytics for better decision-making. Maritime information optimizes daily activities such as freight routing, cargo handling, port operations, vessel deployment, and empty repositioning. The need for process improvement, operational efficiency, cost reduction, and human error minimization drives the demand for digital solutions in the global maritime sector. As a result, the global maritime information market size is expected to experience significant growth in the coming years.

Maritime information solution providers are expected to find ample growth opportunities in North American countries like the US and Canada in the upcoming years. The region is witnessing a rising trend of Industry 4.0, which is driving the adoption of emerging technologies such as IoT, AI, and big data in the maritime industry. Consequently, the increasing automation in the region and the integration of new technologies in the marine industry are fueling the demand for maritime information solutions.

The increasing adoption of digitalization in the shipping sector is fueling the growth of the maritime information market in Europe. To achieve a competitive edge and ensure sustainable growth, European businesses are embracing digital transformation owing to the industry's competitiveness and customer demands. In this regard, players in the maritime sector are utilizing maritime information to enhance their day-to-day operations, which include port operations, cargo handling, vessel deployment, vacancy repositioning, and cargo routing.

In the Asia Pacific region, the growth of the maritime industry and technological advancements have opened up new opportunities for suppliers, especially in emerging markets. Adopting digital technologies in marine processes, operations, and business models has become increasingly prevalent as it improves productivity, enhances safety, and reduces operational costs. China's maritime information market growth has been propelled by its significant investment in domestic and overseas shipping, leading to the growth of shipping ports and the production of marine equipment. According to the Naval Intelligence report, China is the largest producer of shipping containers, ship-to-shore cranes, and shipbuilding orders globally. Furthermore, China's naval fleet has surpassed that of the US in terms of the total number of warships, which is expected to drive the growth of the maritime information market over the forecast period.

The key players profiled in the maritime information market study are BAE Systems Plc, Spire Global, Iridium Communications Inc, L3Harris Technologies Inc, Lockheed Martin Corp, ORBCOMM Inc, Saab AB, Thales Group, Windward Ltd, Northrop Grumman Corp, Polestar, Oneocean, Fujitsu Limited, and Siemens AG. The maritime information market report provides detailed market insights, which helps the key players to strategize the growth in coming years.

Continuous advancements in maritime information technology reinforce the maritime information market share. A recent example of this is Lockheed Martin's partnership with significant Greek industrial partners in August 2021 to support the Hellenic Navy Modernization program. This move will enable the Greek-US industry team, led by Lockheed Martin, to initiate work on the program swiftly and provide employment opportunities in various specialties within the maritime industry, along with supporting efforts to re-capitalize Greek shipyards. The program's work will involve shipboard modernization, maintenance, testing, and the integration of combat systems.

The market for maritime information is classified into three segments: platform, application, and end-user. The platform segment is further divided into on-shore and vessel. The application segment includes fleet management, vessel tracking, and maritime security. Lastly, the end-user segment is divided into commercial and government.

The market for maritime information is divided into five key regions, namely North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). Europe is currently leading the market with the highest share, followed by North America. The Asia Pacific region is projected to exhibit the highest compound annual growth rate (CAGR) in the maritime information market from 2022 to 2028.