LONDON--(BUSINESS WIRE)--The maritime information market is expected to grow by USD 736.98 million during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Integrating AISs into maritime information solutions will help in the adoption of maritime information solutions among ports. An AIS is a ship-borne transponder system designed for maritime safety, especially collision avoidance. It comprises of a transponder unit, including a very-high-frequency transmitter/receiver, a display/terminal, and a global positioning system (GPS). This unit broadcasts messages that contain the position, identification, speed, and destination of a vessel at specific time intervals. With this technology, maritime information solutions can help provide security to the vessels approaching the ports. This also helps in securing the ports as this technology can help in detecting illegal vessels approaching the port. Thus, the integration of AIS into maritime information solutions will drive the growth of the global maritime information market during the forecast period.
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As per Technavio, the increase in seaborne trade will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Maritime Information Market: Increase in Seaborne Trade
Many countries are planning to expand their seaborne trade. Some of the examples include the route expansions of the Panama Canal and the Suez Canal and the One Belt-One Road initiative. Such initiatives will positively affect seaborne trade, which will help reshape the world's shipping network. This is likely to introduce many business opportunities for companies all over the world. The rise in seaborne trade will lead to an increase in vessel traffic, which will fuel the demand for maritime information solutions. Additionally, the Fourth Industrial Revolution is unfolding opportunities for countries and maritime transport. This will result in a rise in the number of seaborne trade activities, which will ultimately fuel the growth of the global maritime information market.
“Factors such as the rising application of analytics in maritime information management, and rapid development of new harbors will have a positive impact on the growth of the marine information market value during the forecast period,” says a senior analyst at Technavio.
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Maritime Information Market: Segmentation Analysis
This market research report segments the maritime information market by application (MIA, MIP, VT and AIS), end-user (commercial and government), and geography (APAC, Europe, MEA, North America and South America).
The European region led the maritime information market in 2019, followed by North America, APAC, MEA and South America. During the forecast period, the European region is expected to register the highest incremental growth due to factors such as the need to ensure safety and maintain efficient operations, and growing demand for maritime security.
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Some of the key topics covered in the report include:
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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