Market Share for Maritime Analytics: $2.15 billion by 2028 – Lead by Integration of Artificial Intelligence

Global maritime analytics market demand is driven by the growing trend of digital transformation within the shipping and maritime industries, as well as integration of advanced technologies such artificial intelligence and increased usage of connected devices.

New York, Dec. 22, 2022 (GLOBE NEWSWIRE) — According to The Insight Partners, “Maritime Analytics Market Size, Share, Growth, Trends and Global Forecast to 2028 – COVID-19 Impact and Global Analysis By Application (Optimal Route Mapping, Predictive and Prescriptive Analytics, Pricing Insights, Vessel Safety and Security, and Others) and End User (Commercial and Military)”; The global maritime analytics market size is expected to rise from USD 0.993 billion in 2021 to USD 2.15 Billion by 2028; it is estimated to grow at a CAGR of 11.7% from 2021 to 2028.

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Global Maritime Analytics Market – Report Scope:

The Rising Trend of Digitalization in the Global Shipping Industry will Drive Global Maritime Analytics Market growth during (2021-2028).

It is growing at an unprecedented pace that digital technologies are being integrated into maritime processes, operations, business models, and business models in order to improve productivity, increase security, reduce operational costs, and increase efficiency. Because of the increasing customer demand and increased competitiveness in the maritime analytics industry, digital transformation is a critical requirement for any company’s success and competitive advantage. All over the world, companies are adopting digital transformation to improve their business processes and increase profitability. This trend is not limited to the marine industry. It is currently going through a paradigm shift due to shifting business models and technological adoption, increased competition, and cost structures. The development of new business models, digitization of core operations, as well as the use of analytics to improve decision-making are some of the key areas of digital transformation in maritime industry. Companies can use maritime analytics to improve their day-to-day operations such as cargo handling and port operations, vessel deployment, empty positioning, freight routing, and vessel deployment. Process optimization, cost reduction and human error prevention are the key drivers of the demand for digital solutions within the maritime industry. The benefits of digital solutions, such as maritime analytics, are expected to increase their demand in global maritime industry.

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The evolution of maritime data analytics has been from a passive search tool to a new world of digitalization. The increasing use of analytics within the maritime industry can be attributed to the increase in sensors, connected devices, digital communication channels, and the critical real-time data use. The adoption of maritime analytics solutions will be affected by an increase in satellite data and the integration of IT solutions across major logistics and freight forwarding operations. Due to the global economic downturn, however, the COVID-19 epidemic severely impacted the maritime analytics market. The constant increase in the number infected patients forced governments and other authorities worldwide to place strict restrictions on passenger ship companies and some cargo marine services. This caused severe disruption in maritime analytics servicing. The overall business of the maritime analytics market players was affected by the above-mentioned conditions.

Kpler, Kayrros, RightShip Pty Limited and ShipNet are just a few of the major players in the maritime analytics market. This list of key players was compiled by taking into account multiple factors, such as total revenue, current maritime analysis portfolio, geographic reach, new product launches and investments in technology up-gradation, partnerships and other market-related activities. These players are not the only ones that operate in the maritime market. This market research study also examined the market for Windward Ltd.; Signal Group; Shipfix Technologies S.A.S.Shipamax Ltd., Pole Star Space Applications; Nordic IT and NINETY PERCENT of EVERYTHING LIMITED are just a few.

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Global Maritime Analytics Market – Industry Opportunities:

In the next 2021-2028 period, the emerging regions of APAC, MEA, SAM will offer plenty of growth opportunities for maritime analytics solution providers. These regions are distinguished by the presence of major countries that provide significant fleet value to the global shipping industry. China, Japan and South Korea are the top ten ship-owning countries in the world. China’s total assets reached US$ 191 trillion as of January 20, 2021. Japan’s total assets reached US$ 182 billion. Singapore’s total assets reached US$ 778 billion and South Korea’s combined fleet assets reached US$ 558 billion. Other potential emerging markets include India, Brazil and Indonesia as well as the Philippines, Thailand, Thailand, Indonesia, Vietnam and Malaysia. These countries will offer many growth opportunities to maritime analytics solutions providers.

Global Maritime Analytics Market – Future Trends:

The maritime industry invests in technology solutions that will enable digital transformation. This will allow the industry to be more sustainable and efficient. Big data, artificial intelligence (AI), cloud computing, cybersecurity, cyber security and digital twin are just a few of the technologies that are disrupting the maritime industry. These technologies will be driving the industry’s future growth. Artificial intelligence (AI) is being utilized in shipping industry for reducing staff & maintenance, increasing automation, achieving better navigation & safety, and minimizing human errors. Google and IBM are key players in the automation of shipping processes. Blockchain technology is also being used in the maritime industry for secure and transparent payments, logistics and contracts. Microsoft and IBM are the two most well-known Blockchain solutions providers for logistics businesses. Consequently, maritime analytics solutions will be complemented by the increasing integration of technology within the marine sector. Moreover, the growth in collaborations between the maritime industry stakeholders, technology solution providers and investments by maritime companies to develop big data infrastructure, as well as the expansion of funding opportunities in Europe, APAC, are other key factors that will drive the global maritime analysis market forward.

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