The global maritime analytics market size was valued at US$ 1,120.1 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 13.91% from 2023 to 2030. This is primarily driven by the rising adoption of Maritime Analytics in the shipping industry and the growing number of vessels in the industry. In addition, the rising usage of waterways for transport and the rise in the middle-income discretionary income are some of the other factors boosting the growth of the market. The increasing adoption of big data technology in the shipping industry is also boosting the market growth.
Global Maritime Analytics Market: Regional Insights
North America is anticipated to show robust growth in the global maritime analytics market during the forecast period. The U.S. contributed the major share across the region in the market, as the country is witnessing major investments in development of novel technologies to increase the efficiency and productivity of marine operations. Moreover, with increasing SMEs in the industry that implement marine analytics, the growing transportation and logistics operations, and presence of major market players along with growing investment in maritime analytics; the market is likely to witness substantial growth in North America, in the near future.
Asia Pacific is also projected to show significant growth in the global maritime analytics market during the forecast period. This growth is attributed to rise in digitization, increasing use of waterways for transportation, and increase in use of maritime analytics in business operations in the region. Moreover, presence of major manufacturers as well as technology giants across the region, is also expected to fuel growth of the global maritime analytics market over the forecast period.
Figure 1: Global Maritime Analytics Market Share (%), By Region, 2022
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Global Maritime Analytics Market Drivers:
Rise in digitization in maritime industry to drive the market growth
Recent advancements and digitalization in blockchain, AI, automation, and IoT have become highly important factors for maritime transportation. These solutions help to streamline current procedures, development of fresh commercial opportunities, and alteration of trade geography and supply chains. The digitalization and automation in maritime sector is growing rapidly. Several companies are deploying digital solutions to increase operational efficiency and to boost their competitiveness. Moreover, the adoption of digitization in maritime industry is also to shift toward decarbonization in the industry. These factors in turn are expected to drive growth of the global maritime analytics market over the forecast period.
Growing seaborne trades to fuel the market pace
The seaborne trades are growing all over the world. As per the U.K. Board of Trade report 2022, shipping handles over 95% of all imports and exports in terms of volume from the U.K. and the maritime industry of the country generated over GBP 47 billion in commercial revenue and GBP 17 billion in gross value. Moreover, as per the United Nations Conference on Trade and Development, the COVID-19 pandemic created megatrends that may change maritime transport in the longer term. The pandemic has catalyzed automation and digitalization, which offers cost saving and efficiency. Such megatrends are expected to augment growth of the global maritime analytics market during the forecast period.
Global Maritime Analytics Market Opportunities:
Growing demand for commodities transportation to bring in growth opportunities in the global maritime analytics market during the forecast period. With progressing globalization, the need for commodities transportation has increased significantly. Due to this, marine firms are adopting advanced data processing techniques and predictive analytics for maximizing their productivity and cost savings. These factors are thus expected to create lucrative opportunities in the global maritime analytics market in the coming future.
Rise in use of big data analytics powered by AI in maritime is anticipated to create business opportunities in the global maritime analytics market during the forecast period. The optimization of maritime business is a difficult tasks due to its complexity and sensitivity to various dynamically changing factors. Moreover, the need for sophisticated analytics is growing for avoiding delays and monetary losses, erratic weather patterns, long routes with plenty of checkpoints, and limited alternatives of cargo unloading to handle unstructured and massive volumes of data. Thus, this in turn will generate growth opportunities in the global maritime analytics market.
Maritime Analytics Market Report Coverage
|Market Size in 2022:
|US$ 1,120.1 Mn
|Historical Data for:
|2017 to 2021
|2023 to 2030
|Forecast Period 2023 to 2030 CAGR:
|2030 Value Projection:
|US$ 3,174.2 Mn
Inmarsat GHL (Connect Bidco Limited), Windward Limited, Amplify Mindware Private Limited, Spire Global, Inc., ProGen Business Solutions Private Limited, Spark Cognition Inc., Wartsila Oyj Abp, Prisma Electronics SA (Laros), U-Ming Marine Transport Corporation, and ABB Ltd
|Restraints & Challenges:
Global Maritime Analytics Market Trends:
Penetration of Internet of Things (IoT) at sea is a recent trend
Internet of Things refers to networking of devices including cars, machinery, structures, and other things, with the internet or other systems. In maritime sector, IoT will remain a crucial component, as it offers various benefits. The adoption of IoT at sea is increasing all over the world with increase in technological development in maritime sector. The use of IoT in turn generates large amount of data, for which companies require analytics solutions. Thus, this trend is expected to continue in the global maritime analytics market over the forecast period.
Use of edge computing is a growing trend in the market
To develop a secure, quick, and dependable internet, it will majorly require edge computing, as the IoT continues to expand and the need for connectivity increases. Edge computing in maritime industry is used for processing data close to the location where it is created for decreasing latency, increase efficiency, and reduce circumvent bandwidth restrictions. Thus, growing use of edge computing in the industry is expected to support growth of the global maritime analytics market over the forecast period.
Global Maritime Analytics Market Restraints:
Growing costs related to complexity to hinder the market growth
The cost of maritime analytics solutions is increasing with growing maritime analytics. As these solutions can be complicated, to make them user-friendly can increase the cost of these solutions. For instance, the user-friendly features such as advanced search function, unique filters, and advanced report management can add into the overall cost of maritime analytics solutions. Moreover, as the platform for these solutions deals with all maritime-related data input sources such as radar, AIS, LRIT, and Sat AIS, the cost of maritime solutions increases significantly. This factor in turn is expected to hamper growth of the global maritime analytics market over the forecast period. However, market players are seeking development of cost-effective solutions with high efficiency to cater the growing demand, which is likely to support the market growth.
Regulations on data collections and data privacy to limit the market growth
Along with several other industries, cyber-attacks are becoming common in the global maritime analytics market. The industry however has stringent regulations for collection of data and privacy of data. Thus, the adoption of maritime analytics is impacted adversely. Moreover, the geolocation difficulties are also expected to hinder the market growth in the coming years.
Figure 2: Global Maritime Analytics Market Share (%), By End User, 2022
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Global Maritime Analytics Market Segmentation:
The global maritime analytics market report is segmented into Application and End User.
Based on Application, the market is segmented into Predictive and Prescriptive Maintenance, Voyage Operations, Fleet Management, and Other Applications. Out of which, Predictive and Prescriptive Maintenance is expected to dominate the global market over the forecast period and this is attributed to the growing demand leading to various strategic activities among several companies. Predictive analytics offer actionable insights based on data for maritime firms. It offers a forecast of the possibilities of future outcomes, and these statistics can help these companies in the future development. Thus, the demand for maritime analytics is growing in predictive and prescriptive maintenance, which in turn is driving growth of the segment.
Voyage Operations segment is also expected to witness significant growth in the near future and this is owing to the growing demand for maritime analytics in the voyage operations, as these are one of the most significant applications of maritime analysis. The data gathered from years of shipment tracking can provide information regarding the causes of loss of vessels at sea, loss of containers, and other issues in the shipment. Thus, these factors are expected to augment growth of the global maritime analytics market during the forecast period.
Based on End User, the market is segmented into Government, and Commercial. Out of which, Government is expected to dominate the global market over the forecast period and this is attributed to the increasing investment by government of countries around the world in maritime analytics. Concerned government authorities around the world are making major investments for enhancing the onboard safety and compliance conditions on the ships for reducing maritime accidents and for improving marine traffic management. Recently the government of Canada introduced maritime situational awareness pilot project for cater the demand for more user-friendly local data on marine traffic.
Commercial segment is also expected to witness significant growth in the near future and this is owing to the growing number of commercial activities and trade. The international trades are mostly seaborne, which are now the active channels for development in economy of several countries. With increasing tourist and commercial traffic, the safety concerns of sea routes are also growing. This is further creating the demand for maritime analytics in the commercial sector. Thus, the segment is likely to show strong growth in the market over the forecast future.
Global Maritime Analytics Market: Key Developments
In July 2021, Windward Ltd. launched container insights for enhancing due diligence processes in maritime investigations as well as in trade finance investigations. Thus novel feature can optimize and increase the efficiency of screening process in transactions of trade finance.
In April 2022, Spire Global, Inc. added Weather by Route and Weather Insights solutions to the company’s maritime industry portfolio. These novel solutions offer an analysis of impacts of forthcoming weather conditions to customers on their operations.
In December 2021, U-Mining Marine Transport Corporation received a D grade in 2021 from Carbon Disclosure Project (CDP), showing that the business began to the impact of its actions on the environment.
In May 2022, Wartsila OYJ ABP, announced to have received and developed the orders for 70 vessels. According to the company the number of vessel development continues to increase and the company accounts for over 20% of the market share.
Global Maritime Analytics Market: Key Companies Insights
The global maritime analytics market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis.
Some of the key players in the global maritime analytics market are Inmarsat GHL (Connect Bidco Limited), Windward Limited, Amplify Mindware Private Limited, Spire Global, Inc., ProGen Business Solutions Private Limited, Spark Cognition Inc., Wartsila Oyj Abp, Prisma Electronics SA (Laros), U-Ming Marine Transport Corporation, and ABB Ltd.
*Definition: Maritime Analytics is an industry solution that helps ship owners to gain insights from the vast amount of data they collect, such as weather information, technical data, vessel & cargo tracking, and much more. These insights help ship operators make informed decisions, reduce operating expenses, improve fleet management, and more. The technology can be applied to any aspect of the shipping cycle, from port call optimization to real-time ship & container tracking.
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