The maritime analytics market size is projected to reach US$ 3.99 billion by 2031 from US$ 1.54 billion in 2023. The market is expected to register a CAGR of 12.7% during 2023–2031. Rising digitization in the global maritime industry and increasing demand for enhanced maritime operations through data analytics are likely to remain key trends in the market.
The demand for maritime analytics market is anticipated to grow with the rising digitization in the global maritime industry and increasing demand for enhanced maritime operations through data analytics. The demand for innovative solutions such as maritime data analytics among commercial shippers and various end-users has been increasing rapidly. Big data is being implemented rapidly in the shipping industry to perform predictive analysis and to monitor sensors on the ship.
Maritime analytics is the methodical analysis of data to provide stakeholders in the maritime ecosystem with insights and tools to enable them to make better decisions for their businesses. It’s the process of collecting and analyzing data to produce and distribute meaningful information and actionable intelligence around shipping-related activities at any scale and for countless applicable use cases. Maritime analytics is a broad field with a broad range of applications across the maritime industry. Shipping professionals, including ship owners and managers, supply chain professionals, cargo owners, port authorities and global maritime organizations, can benefit significantly from smart data analytics. The use of data-driven solutions and analytics expands beyond just situational awareness and real-time tracking.
Big data is utilized to manage ship sensors and for predictive analysis, which is needed to prevent delays and enhance the total operational efficiency of the industry. In the shipping industry, proper cargo tracking is essential to ensure confidentiality and necessary safety. Data obtained through proper tracking of shipments over numerous years, information on the reasons for vessel losses at sea, losses of containers inside or outside terminals or warehouses, and other problems related to dispatch (for example, the reasons for damage to the goods) may be received. This big data for the shipping industry can be utilized to make decisions in the future to forecast and prevent costly problems and to create more reliable cargo delivery options. As big data holds several advantages in the maritime industry, it is gaining traction and is driving the market.
The transition towards digitalization and automation is rushing up in the maritime industry. Digital solutions and technologies are being used to strengthen competitiveness and enhance operational efficiency. They are also being effected to spur the industry with the decarbonization path to realize zero emissions from international shipping by mid-century. Data streams from sensors and other sources of information can be used for decision-making and enhanced monitoring, control, quality assurance and verification. Thus, the rising digitalization holds new and several opportunities in the maritime analytics market.
Key segments that contributed to the derivation of the maritime analytics market analysis are application and end user.
The geographic scope of the maritime analytics market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America is anticipated to dominate the market in the forecast period. High technology adoption trends in various industries in the North American region have fuelled the growth of the maritime analytics market. Factors such as increased adoption of digital technologies and high technological spending by government agencies are expected to drive the North American maritime analytics market growth. Moreover, a strong emphasis on research and development in the developed economies of the US and Canada is forcing the North American players to bring technologically advanced solutions into the market. In addition, the US has a large number of engineering software market players who have been increasingly focusing on developing innovative solutions. All these factors contribute to the region's growth of the maritime analytics market.
The regional trends and factors influencing the Maritime Analytics Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Maritime Analytics Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 1.54 Billion |
| Market Size by 2031 | US$ 3.99 Billion |
| Global CAGR (2023 - 2031) | 12.7% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Application
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Maritime Analytics Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Maritime Analytics Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The maritime analytics market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the maritime analytics market are listed below:
The “Maritime Analytics Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
North America is anticipated to dominate the maritime analytics market in 2023.
Rising digitization in the global maritime industry and increasing demand for enhanced maritime operations through data analytics are some of the factors driving the maritime analytics market.
The use of advanced technologies in the maritime industry is anticipated to drive the market in the forecast period.
The key players holding majority shares in the global maritime analytics market are Windward Ltd., OrbitMI, Inc., Veson Nautical, Signal Group, eeSea Aps, RightShip, Maritech, Shipnet, Kpler, KAYRROS.
The global maritime analytics market is expected to reach US$ 3.99 billion by 2031.
The expected CAGR of the maritime analytics market is 12.7%.