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Global Maritime Analytics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Global Maritime Analytics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
  • Publish Date:August 2022

  • Number of Pages:122

  • Report ID:6316170

  • Format:PDF

  • Publisher:Mordor Intelligence LLP

$ 4750

Summary

The Global Maritime Analytics Market was valued at USD 1.10 billion in 2021 and is expected to reach USD 1.89 billion by 2027, registering a CAGR of 9.84% over the forecast period (2022-2027). With the rise of Big Data and the increasing need to make critical business decisions within a compressed timeframe, business intelligence and analytics tools have gained a substantial market share in the past years. This trend is expected to increase steadily, along with the advancement of technology and rising investments, during the forecast period.

Key Highlights
The market size reflects the spending on maritime analytics solutions across studied end-users (government and commercial) and is computed realistically. Maritime Analytics is used in predictive maintenance, voyage operations, and fleet management applications.
By enhancing overall shipping operations, enhancing ship safety, and safeguarding the environment, predictive analytics technologies have the potential to revolutionize the maritime sector. The great degree of customization that these solutions provide, depending on the requirements of any port or shipping firm, is also anticipated to support demand over the projected period. Furthermore, This fleet management solution is crucial in saving costs and resource expenditure while ensuring that the fleet complies with the prevailing standards. Hence, these fleet management solutions are increasingly becoming essential to fleet operations. The overall efficiency of a business can be greatly enhanced by eliminating services that offer marginal value.
The market is driven by the development of the latest analytical tools. Several BI tools on the market claim to be self-service. Modern self-service BI solutions mainly possess user-friendly graphical interfaces. With enough trial and error, users can often get the answers they want without calling IT for help or learning advanced database language skills. These systems can also handle millions and billions of rows drawn from multiple data sources: in-house databases, cloud storage, apps, Excel spreadsheets, and more. Also, non-technical users can generally choose and manipulate data sources and get them ready for analysis, speeding up time to insights and eliminating the IT bottleneck.
However, the software licensing, data sources, and hours of research and assistance will affect how much the maritime analytic solutions cost. Companies who want to make data-driven decisions and are large enough to cover the cost and think about long-term growth and ROI stand to gain the most from maritime data analytics. However, knowing the price of maritime Analytics alone won’t convince users to start spending money on the initiative. When it comes to data analytics, users must be fully aware of all possibilities. After all, there are other software options outside maritime analytics.
The rising adoption of big data in the marine sector during the pandemic is thriving in the market. Big data analytics is likely to be one of the most significant growth factors for the shipping industry over the next decade. It stated that the shipping industry considers the development of automated processes and functions onboard vessels to be the biggest driver of efficiency in shipping.

Key Market Trends

Government Segment is Expected to Drive the Market

The concerned government authorities worldwide have made considerable investments to enhance the onboard safety and compliance conditions on the ships to reduce marine accidents and enhance marine traffic management.
Previously, the Government of Canada extended its pilot project to develop a maritime information system for the coastal communities. The Government of Canada launched the enhanced maritime situational awareness pilot project to support the need for more user-friendly local data on coastal marine traffic.
In November 2021, the UK government released a commissioned study on opportunities in the maritime technology sector, focusing on areas such as big data analytics, smart ships, and autonomous systems.
Maritime Research conducted this research and Innovation, funded by the Department for Transport (DoT) and conducted by the London School of Economics and NLA International. The study considers all the benefits of research, development, and commercialization of new smart delivery technologies in the UK.
Moreover, the UK government recently launched a clean maritime plan to achieve zero-emission shipping and clean growth for the maritime sector by 2025. All the new vessels being ordered for use in the UK waters are designed with zero-emission propulsion capability. The plan includes a EUR 1 million competition for innovative approaches to reduce emissions from maritime sources.

Asia Pacific is Expected to Witness Fastest Growth

Due to the rising use of waterways for transportation, the rising popularity of digitization, and the expanding use of marine analytics in business operations, the Asia-Pacific region (predominantly in India, China, Japan, Malaysia, Singapore, etc.) is anticipated to have the fastest growing segment in the global maritime analytics market between 2022 and 2027. Additionally, the region’s abundance of significant manufacturers and technological giants will foster market progress in the APAC region.
China has risen from second to first, according to VesselsValue statistics as of November 2021, having a total of USD 191 billion in assets. Hence, China has the most container ships in its fleet, and as a result of the recent increase in rates and values, they have risen to the top position in terms of fleet value. Japan is ranked second, as per the same study. As owners’ trust in the market soared in response to the rate hike, the container shipping industry went on an ordering spree. Since January 2021, 516 box ships have been ordered, with Chinese firms like OOCL, SITC, and COSCO Shipping placing 46% of those orders.
As per the Ministry of Transport of China, in 2021, the container throughput of Shanghai port was about 47 million TEUs, the highest among China’s seaports. In that year, the container throughput of China’s seaports reached 249 million TEUs, with eight seaports having a throughput of more than 10 million TEUs.
The growing use of digitalization in the shipping industry and incrementing need for enhanced maritime operations through data analytics are the key factors driving the growth of the Asia Pacific maritime analytics market.
As per MLIT (Japan), in the fiscal year 2021, around 324.66 million tons of cargo were transported via coastwise shipping in Japan, increasing by 6.1 percent compared to the previous fiscal year. Commercial shipping accounted for roughly 323.76 million tons of domestic maritime freight, private shipping for the rest.

Competitive Landscape

The Global Maritime Analytics Market is inclined towards fragmentation with the evolution in technology for data sensing, connection, and exchange with a central console in real-time, transmitting data ashore, and using AI-enhanced tools to develop a deep understanding of sea vessels’ assets and machinery. Overall, the market has intense competitive rivalry among existing competitors, and the innovative strategy of different companies is expected to increase the demand for maritime analytics.

March 2022 - The 99 990 DWT post-Panamax bulk carrier M.V. Cemtex Excellence will be built by Oshima Shipbuilding Co., Ltd. under a contract between U-Ming Marine Transport Corporation and Japan’s Sumitomo Marine Co. Ltd. The vessel’s operating effectiveness and safety have been substantially boosted by its high-end eco-efficient features and an upgraded digital operating system.
July 2021 - Windward announced the launch of container insights to enhance due diligence processes in trade finance and maritime investigations. The new capability optimizes and increases the efficiency of screening processes for trade finance transactions. It enables government agencies to investigate suspicious containers, providing them with a holistic view of vessels, behaviors, companies, and containers on one platform.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support

Table of contents

1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study

2 EXECUTIVE SUMMARY

3 RESEARCH METHODOLOGY

4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's...

Methodology

Our market research methodology is designed to provide the clients with comprehensive and accurate information on various industries and markets. It includes data collection, primary interviews, macro-economic factor analysis, country-level data analysis etc.