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The Maritime Information Market is size forecasted to increase by USD 1.02 billion at a CAGR (Compound Annual Growth Rate) of 9.97% between 2022 and 2027. The growth of the market depends on several factors, including the need to comply with strict regulations, the rising demand for operational efficiency enhancement, and the integration of AIS into solutions.
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The market share growth by the commercial segment will be significant during the forecast period. The segment includes port management, commercial shipping, hydrographic and charting, business intelligence, commercial fishing, and commercial offshore.
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The commercial segment showed a gradual increase in the market share of USD 666.96 million in 2017 and continued to grow by 2021. The growing need to protect maritime resources from advanced security threats is encouraging marine companies to adopt solutions. Companies are outsourcing information management to specialized service providers. This results in high-spending solutions, which will boost the growth of the global market during the forecast period.
The need to comply with strict regulations is notably driving the market growth, although factors such as the high cost of implementation may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The need to comply with strict regulations is notably driving the market growth. Companies are providing cybersecurity solutions to protect data from cyberattacks. For instance, Inmarsat has developed Fleet Secure to provide shipping operators and managers with tools to protect their fleets from cyberattacks by detecting vulnerabilities and responding to threats. It consists of three components, namely maritime-specific ultrasonic thickness measurement (UTM), managed service, and integration with Fleet Xpress.
Solutions help in the efficient management of ports and improve the safety and security of the vessels near a port. In January 2019, the European Union Agency for Network and Information Security (ENISA) held its first Transport Cybersecurity conference. A wide range of stakeholders, including those from the aviation, maritime, road, rail, and other public transportation sectors, discussed the security of cities and infrastructures at this conference. The agency highlighted security concerns regarding IoT environments in the ENISA 2018 Cyber Threat Landscape. The regulations by such agencies are expected to propel the growth of the global market during the forecast period.
The increase in seaborne trade is a key trend influencing the market growth. Many countries are planning to expand their seaborne trade. For example, the routes of the Panama Canal, the Suez Canal, and the One Belt-One Road initiative have been expanded. Such initiatives will positively impact the seaborne trade, which will help reshape the world's shipping network. This, in turn, is likely to introduce many business opportunities for companies globally.
The rise in seaborne trade will lead to an increase in vessel traffic, which will fuel the demand for solutions. In addition, the Fourth Industrial Revolution is unfolding the opportunities for countries and maritime transport. This will lead to a rise in the number of seaborne trade activities and, in turn, fuel the growth of the global market during the forecast period.
The high cost of implementation may impede the market growth. The cost of deploying solutions is high, which inhibits the growth of the market. The high cost is due to the cost of software licensing, implementation, maintenance, customization, and training. Most Companies provide on-premises solutions. As a result, ports need to manage all the costs, including infrastructure, maintenance, and training.
The ports that purchase software also need trained IT professionals with relevant skills to manage the software. Moreover, the software needs to be upgraded regularly to keep pace with the current market trends. These factors will increase the implementation and maintenance costs of this software. Thus, the high cost of implementation is expected to restrict the growth of the global market during the forecast period.
The market research and growth report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market forecasting report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 15 market Companies, including:
Qualitative and quantitative analysis of Companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize Companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize Companies as dominant, leading, strong, tentative, and weak.
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Europe is estimated to account for 43% of the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
European ports are adopting solutions to ensure safety and maintain efficient operations. For instance, the European Maritime Safety Agency (EMSA) provides SafeSeaNet, a vessel traffic monitoring and information system. This system enhances maritime safety, port and maritime security, marine environment safety, and the efficiency of maritime traffic and maritime transport. These factors will drive the growth of the market in the region during the forecast period.
The market is at the forefront of revolutionizing shipping operations and environmental protection. Governing agencies worldwide emphasize real-time data utilization in the maritime sector, enhancing fleet management through Internet of Things (IoT) integration and satellite communication systems. Artificial intelligence (AI), machine learning (ML), and data analytics facilitate predictive maintenance capabilities, optimizing offshore energy, fisheries, navigation, and weather forecasting.
Cargo tracking and environmental monitoring mitigate risks while addressing cybersecurity threats and data privacy concerns. Advanced maritime information systems harness big data for supply chain efficiency, aligning with sustainability goals through digitalization, automation, and consolidation of eco-friendly solutions. Despite challenges like maritime accidents, piracy incidents, and environmental disasters, the shipping industry navigates international trade with resilience and innovation.
The market growth analysis report forecasts market growth by revenue at global, regional, and country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Market Scope |
|
Report Coverage |
Details |
Page number |
175 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.97% |
Market growth 2023-2027 |
USD 1.02 billion |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
8.47 |
Regional analysis |
Europe, North America, APAC, Middle East and Africa, and South America |
Performing market contribution |
Europe at 43% |
Key countries |
US, Japan, UK, Germany, and Greece |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
BAE Systems Plc, Elbit Systems Ltd., Inmarsat Global Ltd., Intelsat US LLC, Kongsberg Gruppen ASA, L3Harris Technologies Inc., Lockheed Martin Corp., Maritec Solutions, Maxar Technologies Inc., Nisshinbo Holdings Inc., Northrop Grumman Corp., ORBCOMM Inc., Raytheon Technologies Corp., Saab AB, Spire Global Inc., Teledyne Technologies Inc., Thales Group, Windward Ltd., Garmin Ltd, and Singapore Telecommunications Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our market research report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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