Maritime Analytics Market Size & Share, Regional Analysis, Future Growth, Trends Evaluation, Demands and Forecast to 2028, The Insight Partners

According to our latest research study on "Maritime Analytics Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Application, End User, and Geography," the market is expected to grow from US$ 1,077.42 million in 2022 to US$ 2,185.88 million by 2028; it is estimated to register a CAGR of 13.3% from 2023 to 2028.

Maritime analytics is a process of collecting, analyzing, and interpreting critical information related to diverse shipping activities. The growing use of algorithms and predictive analytics in the shipping industry, coupled with the rising trend of automation and digitalization, is driving the growth of maritime analytics solutions worldwide. In the shipping & maritime industry, maritime analytics offers stakeholders key benefits such as enhanced productivity, superior performance, better safety, cost savings, and valuable insights related to various parameters. The global shipping industry is evolving steadily owing to increasing trade across countries, changing technology landscape, and uncertainty in global economies and geopolitical conditions. All these factors pose various challenges and opportunities for companies operating in the shipping industry.

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The demand for advanced solutions such as maritime data analytics among commercial shippers and other end users has been increasing rapidly. Big data is being utilized in the shipping industry to monitor sensors on ships and perform predictive analysis to avoid delays and boost productivity. The big data insights are being actively leveraged to predict and avoid price-related challenges occurring throughout a ship's life cycle, from design to operation to decommissioning. Hamburg Port (Germany), Port of Cartagena (Colombia), Port of Rotterdam (The Netherlands), and several ports in Southeast Asia are actively using big data analytics solutions for their port and terminal operations. Continuous use of maritime analytics will have a positive impact in the overall maritime analytics market size.

The Key Players In The Global Maritime Analytics Market Are:

•Windward Ltd.
•OrbitMI, Inc.
•Q88 LLC
•Signal Group
•eeSea Aps
•Rightship Pty Limited
•Maritech Holdings Limited
•ShipNet
•Kpler
•Kayrros

Impact of COVID-19 Pandemic on Maritime Analytics Market

At global level, the maritime industry got impacted negatively. The revenue got reduced owing to temporary shutdown of sea business. At regional level, Europe's Sea freight is an essential part of the regional economy. As per several statistics, trade activities in Asia and Europe marine routines were severely disrupted due to the COVID-19 outbreak, as 30% to 60% of outbound shipping capacity was withdrawn. Maritime shipping helps move ~75% of Europe's external trade and ~30% of the internal transport of goods in the region. Governments of various European countries announced that the COVID-19 outbreak negatively affected their transport systems as the European supply chains of various countries were closely interlinked. However, with maritime business got commenced with recovering from COIVD-19 business, the scope of maritime analytics is also improving. For instance, In August 2022, Inmarsat witnessed an upward trend in maritime data usage since the shipping industry was looking for better and increased connectivity. Imports, exports, and intra-EU maritime trade decreased in 2020. However, with the gradual start of trade business from mid-2021, the demand for using analytics increased to process more information with a minimal workforce. To ensure proper business of above-mentioned industries via sea, the European marine industry is enduring to use maritime analytics. This will help in boosting the maritime analytics market.

The global economy experienced substantial implications of the COVID-19 pandemic in 2020, and the impacts lasted in 2020 and early 2021. Electronics, semiconductors, maritime transport, and automobile industries were affected by the outbreak. A sharp decline in the growth of the industries hampered the maritime analytics market growth. The manufacturing sector witnessed severe losses due to the temporary shutdown of factories and low production volumes. This had a negative impact on the maritime industry globally, owing to limitations on sea trade. The COVID-19 pandemic posed many difficulties related to supply chain, shipping, logistics, and maritime traffic. However, with the relaxation of lockdown measures and the beginning of vaccination drives, the manufacturing and construction companies started working again. With the ease of travel restrictions, the maritime industry regained momentum. As per the UNCTAD's Review of Maritime Transport 2021, the maritime trade reduced by 3.8% in 2020, reflecting an initial shock, and later it started to increase. The onset of the crisis strengthened digitalization by reducing paperwork within the shipping industry, including ports, report observes, need for interoperability, and standards in electronic documentation.

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The Segments and Sub-Section of Maritime Analytics Market are shown below:

By Application (Optimal Route Mapping, Predictive and Prescriptive Analytics, Pricing Insights, Vessel Safety and Security, and Others) and

By End User (Commercial and Military)

End User Based Insights - Maritime Analytics Market

Based on end user, the maritime analytics market is segmented into commercial and military. The commercial segment accounted for a larger maritime analytics market share in 2022. The growing global seaborne trade is propelling the demand for maritime analytics in the commercial sector. Maritime analytics manages a ship's sensors, and predictive analytics helps avoid delays and surge the industry's overall operational efficiency. In the marine industry, accurate cargo tracking is essential to maintain security and privacy. This marine analytics in the commercial sector can be used for future decision-making to predict future problems and create more reliable cargo delivery options.

The global maritime analytics market size is segmented based on application, end user, and geography. Based on application, the maritime analytics market is segmented into optimal route mapping, predictive and prescriptive analytics, pricing insights, vessel safety and security, and others. Based on end user, the maritime analytics market is categorized into commercial and military. The maritime analytics market, based on region, is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).

The Insight Partners Maritime Analytics Market Research Report Scenario includes:

•The report provides qualitative and quantitative trends of global Maritime Analytics Market across type, type of products, service, and geography.
•The report starts with the key takeaways (Chapter Two), highlighting the key trends and outlook of the global Maritime Analytics Market.
•Chapter Three provides the research methodology of the study.
•Chapter Four further provides PEST analysis for each region.
•Chapter Five highlights the key industry dynamics in the Maritime Analytics Market, including factors that are driving the market, prevailing deterrent, potential opportunities as well as future trends. Impact analysis of these drivers and restraints is also covered in this section.
•Chapter Six discusses the global Maritime Analytics Market scenario, in terms of historical market revenues, and forecast till the year 2028.
•Chapter Seven to ten discuss Maritime Analytics Market segments by type, type of application, service, and geography across North America, Europe, Asia-Pacific, Middle East and Africa, South and Central America. They cover market revenue forecast, and factors driving and governing growth.
•Chapter Eleven describes the industry landscape analysis. It provides detailed description of various business activities such as market initiatives, new developments, mergers and joint ventures globally along with a competitive landscape.
•Chapter Twelve provides the detailed profiles of the key companies operating in the global Maritime Analytics Market. The companies have been profiled on the basis of their key facts, business description, products and services, financial overview, SWOT analysis, and key developments.
•Chapter Thirteen, i.e. the appendix is inclusive of a brief overview of the company, glossary of terms, contact information, and the disclaimer section.

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