DUBLIN--(BUSINESS WIRE)--The "Maritime Analytics Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The Maritime Analytics Market is expected to register a CAGR of 16.82%, during the forecast period 2019-2024
The global maritime analytics market is expected to grow at a steady rate over the forecast period, owing to the increasing global seaborne trade and the rising need for enhancing internal and external efficiency in the sector. Maritime data analytics has developed from a passive look-up tool to the new world of digitalization.
The use of analytics for driving various operations in the maritime industry can be termed as one of the major advancements over the past decade. Earlier, data was collected periodically through manual labor who would gather data from different points in ships, ports, and points that affected the stakeholder in the maritime industry, but the collected data was not leveraged to derive further insights.
Due to the increased use of sensors, network devices, and digital communication channels and advanced technical know-how that is associated with and essential for real-time use of data have increased the application of analytics in the maritime industry.
Although the maritime industry was not among the earliest adopters of analytics-based solutions, high level of adoption in the commercial segment has been one of the major drivers for the growth of the study market.
The benefits of data analytics extend from predicting and scheduling maintenance, pricing insights, design optimization, operation management, increased probability in identification in illegal movements etc., by decision support system, based on the real-time as well as past gathered data and associating the factors and predictor variables impacting the criterions.
Evolution in technology aids data sensing, connection, and exchange with a central console in real-time, transmitting data ashore, and the use of AI enhanced tools to develop an in-depth understanding of sea vessel assets and machinery have created support platforms for fleet managers, hence, creating an opportunity for the market studied to grow.
Scope of the Report
Maritime data analytics is the term given to collecting, analyzing, and disseminating information on shipping activities. The core of the data is the ship specification, commercial operation, ownership, and movements.
Key Market Trends
Commercial Industry to Hold Major Share
- The commercial users have benefitted by the increasing applications and developments of advanced sensor technology, which aids data generation related to the engine, fuel, traffic, cargo, weather, etc.
- The demand for maritime analytics solutions is expected to increase, as cargo flows are set to expand across all segments, with containerized and major dry bulk commodities trades projected to record the fastest growth.
- Emphasis on analytics helps in bringing consequences by providing information about the presence of effective information systems in different place, which has led to the generation of vast volumes of data for gaining and processing analytical insights. Analytics solutions are being developed across the industries to enhance efficiency, productivity, and safety issues.
- By the end of 2019 , the world's maritime industry is expected to have new anti-pollution measures ( IMO 2020) imposed by the International Maritime Organization,which is the regulator for the global shipping industry. These new anti-pollution measures aim to reduce the amount of high-sulfur ingredients in bunker fuels.
North Americas is Expected to Occupy Significant Share
- The United States leads the market for analytics, which has kept afloat by investing heavily to develop cutting edge solutions to enhance the productivity of marine analytics in a large number of companies,
- Since April 2019, AMO (Air and Marine Operations') puts an official prohibition on unlawful people and cargo approaching U.S. borders, investigates criminal networks, provides domain awareness in the air and maritime environments, and responds to contingencies and national taskings.
- United States customs and border protection, maintains the record of more than 11 million maritime containers at seaports in order to analyze them by knowing about the material inside the container, the risk involved in products that can hamper the American people, and ensuring that all proper revenues are collected. Working with the trade community, programs like the Container Security Initiative and the Customs-Trade Partnership Against Terrorism help to increase security and safeguard the world's trade industry.
- ORBCOMM in collaboration with Maerospace, provide satellite Automatic Identification System (AIS) data which is used for maritime navigational and safety efforts and ship tracking for Government of Canada for monitoring Canadian and global marine traffic.
- The maritime analytics market is fragmented. Evolution in technology aids data sensing, connection, and exchange with a central console in real-time, transmitting data ashore, and the use of AI enhanced tools to develop deep understanding of sea vessel assets and machinery.
- Overall, the competitive rivalry among existing competitors is high. Moving forward, innovative strategy of different companies expected to increase the demand for marrine analytics. Some of the key developments in the area are:
- ON June 2018, exactEarth Ltd, a leading provider of Satellite AIS (S-AIS) data services, and IHS Markit (Nasdaq: INFO), a world leader in critical information, analytics and solutions, announced an alliance agreement that will provide a new combined tracking service, AIS Platinum, offering unprecedented frequency and coverage of vessel movements worldwide.
- On November 2018, Windward Partners with IHS markit to Boost Maritime Risk Modelling for Insurers, Governments and Shipping Cos.
Key Topics Covered:
1.1 Scope of the Study
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
3.1 Study Deliverables
3.2 Study Assumptions
3.3 Analysis Methodology
3.4 Research Phases
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Force Analysis
4.3 Industry Policies
5 MARITIME ANALYTICS MARKET DYNAMICS
5.2 Factors Driving the Growth of the Maritime Analytics Market
5.3 Factors Challenging the Growth of the Maritime Analytics Market
6 MARKET SEGMENTATION
6.1.1 Predictive and Prescriptive Maintenance
6.1.2 Voyage Operations
6.1.3 Fleet Management
6.1.4 Other Applications
6.3.1 North America
6.3.3 Asia Pacific
6.3.4 Rest Of The World
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Windward Limited
7.1.2 exactEarth Limited
7.1.3 Spark Cognition Inc.
7.1.4 Laros Inc.
7.1.5 ABB Ltd
7.1.6 U-MING Marine Transport Corp
7.1.7 Eniram Ltd
7.1.8 ProGen Business Solution
7.1.9 Amplify Mindware Pvt Ltd
7.1.10 Inmarsat PLC
8 MARKET INVESTMENT ANALYSIS
9 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/tmk3j