The maritime analytics market in North America is expected to grow from US$ 283.42 million in 2019 to US$ 519.82 million by 2027; it is estimated to grow at a CAGR of 8.5% from 2020 to 2027.
Growing demand for enhanced maritime operations via data analytics is affecting the North America maritime analytics market in a positive way. In today’s digital age, the competition in various industries including maritime industry is very high and companies are continuously investing in solutions that could help them in enhancing operational productivity while reducing the overall costs herby drive the North America maritime analytics market. Hence, the demand for advanced solutions such as maritime data analytics has been growing at an impressive pace among commercial shippers and other end users. In shipping industry, big data in being used to manage sensors on the ship as well as to perform predictive analysis to avoid any delays and increase efficiency. The enhanced decision making owing to insights obtained by big data is actively being used to avoid and predict costly issues and it can be utilized across the ship’s lifecycle from manufacturing to operation. So, growing need for better maritime operations due overall productivity and cost reduction is expected to increase the demand of maritime analytics solutions, thereby driving the North America maritime analytics market. Growing trend of digitalization in shipping industry is among the other factors expected to positively influence the demand for maritime analytics, which will drive the North America maritime analytics market.
North America region is highly affected by the COVID-19 outbreak, especially the US. This region is crucial for the demand of maritime analytics solutions owing to the presence of developed countries such as the US and Canada. Logistics and transportation is an essential element for the smooth operations of any industry, including FMCG, healthcare, retail, and automotive, where shipping contributes a substantial share in the global logistics and transportation sector. The countries, such as the US, are major markets for the growth of maritime analytics market. Thus, the interruptions in supply chains and logistics operations due to COVID-19 outbreak are affecting the growth of key maritime analytics market players operating in the North America region. The inter-country maritime trade between the US, Canada, and Mexico is also getting affected due to restrictions imposed by various governments to contain virus spread in their respective countries as a result maritime analytics market is also getting affected for North America 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 in North America for the next few quarters.
Based on application, the predictive and prescriptive analytics segment led the North America maritime analytics market in 2019. Predictive and prescriptive analytics plays a crucial role in the digitalization of the maritime industry. Predictive analytics takes up the historical data and incorporates into a machine learning model, which considers key trends and patterns. It is then applied to current data in order to predict what would happen in the future. Prescriptive analytics is the next level of predictive data, which recommends several courses of action and potential outcomes of each action. Asset owners in the industry are hugely adopting predictive and prescriptive analytics owing to its potential benefits, such as cost savings in maintenance which is driving the North America maritime analytics market. This application is the logical next step in the analytics industry and a crucial new frontier for the marine sector. The predictive and prescriptive analytics segment is expected to dominate the North America maritime analytics market because of its advantages, such as cost saving in maintenance as well as forecasting feature.
The overall North America 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 North America maritime analytics market. The process also serves the purpose of obtaining overview and forecast for the North America 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, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the North America maritime analytics market. ABB Ltd., exactEarth Ltd., Itransition, Planet Labs Inc., Prisma Electronics SA, ShipNet, SINAY SAS, SparkCognition, Spire Global, and Windward Ltd. are among the key players operating in the North America maritime analytics market.