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MARKET OVERVIEW- GLOBAL MARITIME ANALYTICS MARKET
The increasing use of algorithms and predictive analytics in the shipping sector and the growing trend of digitalization and automation are propelling the growth of the maritime analytics market across the world. Maritime analytics software or platforms provides numerous key benefits such as superior performance, improved productivity, cost savings, improved safety, and valuable perceptions associated with several parameters for stakeholders involved in the maritime and shipping industry. In addition, the global shipping industry is emerging at a rapid pace due to changes in the technology landscape, the rise in trade across countries, and growth in the worldwide economies and geopolitical situations. These factors pose numerous opportunities for players operating in the industry.
MARKET DRIVERS
The global Maritime Analytics market is driven by the increasing trend of digitalization in the global shipping industry. Owing to industry competitiveness and increasing customer demands, digital transformation has become a necessity for any company's competitive advantage and long-term success. Companies across the world are implementing digital technologies and systems to develop their business processes to enhance operational throughput and profits. The maritime industry is no exception to this tendency. A few major areas for digital transformation in the maritime industry are the digitalization of core operations, the development of new business models, and the use of data analytics for improved decision-making. Companies use maritime analytics to advance their regular operations, such as port operations, cargo handling, empty repositioning, vessel deployment, and freight routing. The demand for digital solutions digitalization in the maritime industry across the globe is fuelled by process optimization, cost reduction, high operational efficiency, and human error prevention.
MARKET OPPORTUNITIES
The market is expected to have a new opportunity with rising investment by the government in the maritime and shipping industry is expected to provide ample new growth opportunities in the market during the forecast period. Along with the current digitalization initiatives, governments across the world are implementing numerous technologies such as artificial intelligence, big data, and the Internet of Things (IoT) in the maritime sector. Thus, rising initiatives and investment by the governments in the field of shipping and the maritime industry is boosting the market growth. For instance, in India, in February 2021, the Major Port Authorities Bill, 2020 was passed by the Parliament of India. The bill aims to decentralize decision-making and reinforce excellence in major port governance.
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MARKET RESTRAINTS
The market has major restraining factors like a lack of skilled workforces to handle and operate maritime automation systems. Maritime Analytics being an advanced machine can significantly include investment and maintenance costs and this factor is expected to act as a hurdler for the market growth over the forecast period. Besides, the lack of a skilled workforce is another factor restraining the market growth.
MARKET GROWTH CHALLENGES
Concerns related to cyber security in Maritime Automation Systems hampered the growth of the market to a major extent which has created a major challenge for the market growth. Automation and digitization in the maritime industry, in ships worldwide, increase the threats of cyber security as these ships follow satellite directions during their voyages. Shortly, the operators of marine vessels are anticipated to connect their ships to onshore networks. Among operators and ship owners, there are concerns that better connectivity could bring about more cybersecurity risks. These concerns are understandable. Along with digitalization, the need for greater cybersecurity is an important factor. More onboard digital equipment connected to the Internet poses a broader attack surface for accidental or targeted cyberattacks, which could hamper the market growth.
CUMULATIVE GROWTH ANALYSIS
The report provides an in-depth analysis of the global Maritime Analytics market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With the increasing demand for various Maritime Analytics in various applications has led to the increasing demand for the market and is expected to witness growth at a CAGR at specific CAGR from 2021-2028.
MARITIME ANALYTICS MARKET SEGMENTAL OVERVIEW
The global Maritime Analytics market comprises different market segments like type, services type, end users and geography.
MARITIME ANALYTICS MARKET BY TYPE
The fleet management segment dominated the market in 2021 and is expected to maintain its dominance during the forecast period. Maritime analytics solution uses the power of machine learning and AI to model normal at-sea performance, identify deviations, and eventually mitigate equipment failures with adequate lead time to plan comprehensive and timely fleet maintenance. In addition, maritime analytics solution allows shipping personnel to prototype fleet management use cases and extremely precise predictive machine learning models with depth, speed, and accuracy which are not available in traditional methods.
MARITIME ANALYTICS MARKET BY SERVICE TYPE
Based on service, for the maritime analytics market, the managed service holds the major share in the market, since managed service helps the end-users in numerous ways, such as, with the help of managed services, the entire network can be managed and proper operations of the maritime analytics can be also ensured. Also, it is a cost-effective solution for the end-users with less capital and manpower. Moreover, the managed services providers assist the end-users with 24 hours dedicated team which takes care of the smooth functioning of the system and helps in the efficient use of the system.
MARITIME ANALYTICS MARKET BY END USERS
The commercial segment dominated the market in 2021 and is expected to maintain its growth at a considerable growth rate. The increased adoption of sensors, connected devices, and digital communication channels, which is associated with the critical real-time use of data, has increased the use of analytics in the maritime industry. Although the maritime industry was not among the first to adopt analytics-based solutions, the increasing seaborne trades, combined with a high level of commercial adoption, are driving the maritime analytics market growth. Moreover, cruise ships are the kind of passenger ships that come under commercial segments, and with a rising number of tourism activities and a rise in disposable income for individuals, companies are highly spending on cruise ships and numerous automation companies provide their products for equipment monitoring, navigation support, and safety improvements to shipbuilding companies.
MARITIME ANALYTICS MARKET BY GEOGRAPHY
North America is considered to be the dominating market owing to rapid industrialization in this region due to which the demand for international trade is increasing rapidly with the help of the marine sector and creating the demand for maritime analytics. Also, in this region, the U.S. is considered to be the most important market, since the country has one of the advanced marine infrastructures. In addition, the adoption of technology in the US is supporting the growth of the maritime analytics market. Similarly, Canada is emerging as an important market for maritime analytics as the country is focusing on the growth of the maritime industry of the country and regulatory bodies are helping the digitalizing maritime industry.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of the Maritime Analytics market is majorly focused on expanding the global growth of Maritime Analytics with new product innovation, business expansion, and the increasing presence of a range of manufacturers operating in Maritime Analytics has led to the growing demand for the market. Besides, the market offers a range of products in different applications to fulfill the required demand of consumers which is further contributing to healthy growth in the market.
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