Maritime Analytics Market Overview and Forecast by 2031
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.
Maritime Analytics Market Analysis
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 Market Overview
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.
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Maritime Analytics Market: Strategic Insights
Market Size Value in US$ 1,077.42 million in 2022 Market Size Value by US$ 2,185.88 million by 2028 Growth rate CAGR of 13.3% from 2023 to 2028 Forecast Period 2023-2028 Base Year 2022
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Maritime Analytics Market: Strategic Insights
| Market Size Value in | US$ 1,077.42 million in 2022 |
| Market Size Value by | US$ 2,185.88 million by 2028 |
| Growth rate | CAGR of 13.3% from 2023 to 2028 |
| Forecast Period | 2023-2028 |
| Base Year | 2022 |
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Maritime Analytics Market Drivers and Opportunities
Increasing Implementation of Big Data in Maritime to Favor Market
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.
Rising Digitalization in Maritime Industry.
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.
Maritime Analytics Market Report Segmentation Analysis
Key segments that contributed to the derivation of the maritime analytics market analysis are application and end user.
- Based on applications, the maritime analytics market is divided into optimal route mapping, predictive and prescriptive analytics, pricing insights, vessel safety and security, and others. The optimal route mapping segment is anticipated to hold a significant market share in the forecast period.
- By end user, the market is segmented into commercial and military. The military segment is anticipated to hold a significant market share in the forecast period.
Maritime Analytics Market Share Analysis by Geography
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.
Maritime Analytics Market Report Scope
Maritime Analytics Market News and Recent Developments
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:
- Spire Global, Inc. and Signal Ocean agreed to partner together to drive the digitization of the maritime economy. Under this agreement, Spire and Signal Ocean will partner to leverage their respective strengths. Spire will contribute to the firm’s proprietary datasets, which are relevant for precise monitoring of the maritime domain. (Source: Spire Global, Inc., company website, February 2024)
- Maritime insight and data specialist Lloyd’s List Intelligence and commodities and data analytics provider Vortexa announced a strategic tie-up on future product, market analysis, editorial and commercial collaboration. (Source: Vortexa Company Website, January 2024)
Maritime Analytics Market Report Coverage and Deliverables
The “Maritime Analytics Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Maritime analytics market size and forecast at global, regional, and country levels for all the key market segments covered under the scope.
- Maritime analytics market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Maritime analytics market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the maritime analytics market.
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Application, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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%.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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