Digital transformation in the maritime industry has enabled users to collect vital information on the ownership, movement, specifications, and commercial activities of naval vessels. Maritime information solutions help ships adapt to rough sea conditions by monitoring multiple parameters, thus enabling users to make better strategic and operational decisions. In addition, these solutions offer benefits such as enhanced productivity and overall safety while ensuring the efficiency of maritime operations. Such factors are bolstering the Maritime Information Market size.
Maritime information solutions play an important role in ensuring the security of the economy; hence, these solutions are widely used by government agencies across the world. These solutions help various countries reduce maritime threats such as human trafficking, terrorist attacks, environmental destruction, and illegal immigration by sea. Furthermore, there has been a significant increase in the number of ships crossing the oceans due to the liberalization of world trade, which is boosting the demand for these solutions. In addition, the International Maritime Organization (IMO) has mandated all ships to have an Automatic Identification System (AIS) to monitor ship traffic and avoid collisions with other ships. Moreover, manufacturers in the maritime industry are funding research and development activities to achieve the ability to accurately detect signals from naval vessels. Such factors are bolstering the Maritime Information Market size.
With the rising maritime traffic, it has become essential to improve the safety and security of ships and preserve their environment. For instance, according to India's Ports Department, in 2020, cargo traffic at the main ports of India was 414.20 million tonnes, which increased by 12.9% in 2021 compared to the first quarter of 2020. Furthermore, the exchange of information encourages various parts of the maritime industry supply chain to work together for smooth operation. Integrated systems with vessel traffic monitoring capabilities and effective tracking systems, such as AIS and Synthetic Aperture Radar (SAR), have become vital for ships, which is contributing to the maritime information market growth.
A few of the major companies operating in the maritime information market are Inmarsat, L3 Harris Technologies, ORBCOMM, Raytheon Company, Thales Group, exactEarth, and Iridium Communications. For instance, in April 2022, Spire Global introduced weather information solutions for the maritime industry. The company collects global weather data through a fully deployed constellation of more than 100 satellites that reach remote areas, including open oceans, that have been challenging to observe. Spiers delivers weather insights and saves customers time and costs by combining weather data with marine expertise through machine learning and artificial intelligence.
In September 2022, BAE Systems announced its plan to launch the first multi-sensor satellite cluster into low Earth orbit by 2024 to deliver high-quality maritime information and intelligence in real-time from space to military customers.
The COVID-19 pandemic caused long-term effects on marine trade and transportation. Ports, shipping operations, and supply chains were adversely affected by the pandemic-related restrictions. Raw material shortage, lead-time issues, blank sailings, port closures, shortened port hours, equipment and labor shortages, and transportation capacity restrictions were a few of the difficulties marine vessel operators faced during the crisis. These impediments seriously damage transportation services and jeopardize the smooth operation of supply chains and trade flows. The maritime industry in several nations and areas released several port marine circulars connected to the COVID-19 crisis.
Governments of various countries imposed travel restrictions and closed borders to control the spread of SARS-CoV-2. As a result, ports and airports were shut down. Approximately 90% of world trade is transported by sea. Additionally, the social and physical distancing measures imposed by governments of various countries have led port authorities to limit their vessel operations, which reduced the demand for maritime information and analytics solutions. However, with the upliftment of lockdown and successful vaccination processes in 2021, several companies have resumed their operations, and ease of travel restriction helped the maritime industry regain its momentum. Thus, in 2021, the demand for maritime information solutions increased across the world.
The marine industry is embracing digitalization to improve efficiency, build smarter ships and fleets, and attain readiness for global trade expansion. Global supply networks are expanding and growing more complex with a rise in consumer demand. Marine businesses need to continuously work and implement new strategies to maximize efficiencies and streamline supply chains in the highly competitive global marketplace. The integration of innovative technologies such as AI, blockchain, IoT, and automation into maritime operations enables the easy arrangement of inventory data, tracking and management of ships, tracking of information, and generation of electronic invoices. Using these technologies, shipping businesses can reduce the amount of time spent on shipping, receiving, tracking, and gathering order data. These technologies aid in developing fresh commercial prospects, and transforming supply networks. End users can successfully manage supply chain activities by leveraging design and simulation tools, warehouse management, transportation and yard management, and end-to-end logistics network control aided by maritime information. Additionally, stricter environmental regulations continue to influence the maritime transportation industry since transporters must save costs and ensure sustainability in operations. Thus, the increasing need to efficiently manage complex supply chain operations drives the maritime information market share.
The maritime information market is segmented on the basis of platform, application, and end-user. Based on platform, the maritime information market is segmented into on-shore and vessel. The vessel segment held a larger market share in 2021. Companies operating in the maritime information market offer a range of marine solutions and services for a fleet of offshore vessels capable of servicing an extensive range of complex marine projects. Modern fleet incorporates new technologies, efficient propulsion systems, and proven reliability to serve a wide range of services such as subsea construction and towing operations. A growing number of fleet vessels is increasing the demand for advanced maritime information software and services for vessel operations and management is propelling the market growth.
The regional trends and factors influencing the Maritime Information Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Maritime Information 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 2021 | US$ 1.88 Billion |
| Market Size by 2028 | US$ 2.81 Billion |
| Global CAGR (2021 - 2028) | 6.2% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Platform
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Maritime Information 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 Information Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
Players operating in the maritime information market are mainly focused on the development of advanced and efficient products.
The maritime information market is segmented on the basis of platform, application, and end-user. Based on platform, the market is bifurcated into on-shore and vessel. Based on application, the market is segmented into fleet management, vessel tracking, and maritime security. Based on end-user, the market is bifurcated into commercial and government.
The maritime information market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, Europe led the market with a substantial revenue share, followed by North America and Asia Pacific. The maritime information market analysis helps to understand the upcoming trends, new technologies, and macro and micro factors that is expected to influence the market growth in coming years.
The US held the largest market share in 2022, followed by Germany.
The incremental growth, expected to be recorded for the Maritime information market during the forecast period, is US$ 851.58 million.
North America is the fastest growing regional market, followed by Europe.
US and Germany are expected to register high growth rates during the forecast period.
The key players, holding majority shares, in Maritime Information market includes Thales; Lockheed Martin; Northrop Grumman; L3Harris; and Bae Systems.
Emergence of Big Data Analytics and IoT, Information collected from large operation systems, such as ships and ports, is verified using data analytics which includes information about container weight, type, and destination. Additionally, it can analyze the ship’s trim, stability, engine performance, and communication data, among others. Big data analytics on ships can provide insights into historical container patterns and maritime conditions.
Need for Efficient Management of Complex Supply Chain Operations driving the need for Maritime information market. The marine industry is embracing digitalization in a bid to improve efficiency, build smarter ships and fleets, and attain readiness toward global trade expansion. Global supply networks are expanding and growing more complex with a rise in consumer demand. Marine businesses need to continuously work out and implement new strategies to maximize efficiencies and streamline supply chains in the fiercely competitive global marketplace.
The global Maritime Information market was estimated to be US$ 1,882.01 million in 2021 and is expected to grow at a CAGR of 6.2%, during the forecast period 2022 - 2028.