LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global maritime information market to grow at a CAGR of over 10% during the period 2018-2022, according to their latest report.
Technavio highlights the increase in seaborne trade as one of the key emerging trends in the global maritime information market. Several countries are planning to expand their seaborne trade. The route expansions of the Panama Canal and the Suez Canal and the One Belt-One Road initiative are some of the examples. These initiatives are expected to positively affect the seaborne trade, which will help reshape the world's shipping network. Various business opportunities will evolve for companies all over the world.
The rise in seaborne trade will lead to an increase in the vessel traffic, which will drive demand for maritime information solutions. Moreover, the Fourth Industrial Revolution is unfolding the opportunities for countries and maritime transport. This will increase the number of seaborne trade activities, which will ultimately fuel the growth of the global maritime information market.
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In this report, Technavio analysts highlight the need for empowering cybersecurity at sea as a key factor contributing to the growth of the global maritime information market:
Need for empowering cybersecurity at sea
In the commercial sector, shipping is becoming more reliant on technologies, especially for communication, navigation, and to monitor and control ships. Port management and cargo handling systems are also becoming digitized and can be controlled in real time through wireless networks.
According to a senior analyst at Technavio for machine to machine (M2M) and connected devices, “Players in the market are providing cybersecurity solutions to protect data from cyber attacks. Maritime information solutions will help in the effective management of ports and will improve the safety and security of the vessels near a port. All these factors are expected to fuel the growth of the global maritime information market during the forecast period.”
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Global maritime information market segmentation
This market research report segments the global maritime information market into the following applications (maritime information analytics, maritime information provision, vessel tracking, and automatic identification system), end-user (commercial and government), and key regions (the Americas, APAC, and EMEA).
Of the four major applications, the maritime information analytics segment held the largest market share in 2017, accounting for nearly 42% of the market. The market share for this application is expected to increase nearly 2% by 2022. The fastest growing application is automatic identification system, which will account for nearly 8% of the total market share by 2022.
EMEA was the leading region for the global maritime information market in 2017, accounting for a market share of nearly 46%. By 2022, EMEA is expected to continue dominating the market and register the highest market growth.
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