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The vessel traffic management system market share is expected to increase by USD 533.83 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.61%.
This vessel traffic management system market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by end-user (commercial and military) and geography (APAC, Europe, North America, MEA, and South America). The vessel traffic management system market report also offers information on several market vendors, including Elcome International LLC, HENSOLDT AG, Indra Sistemas SA, Kongsberg Gruppen ASA, Leonardo Spa, Rolta India Ltd., Saab AB, Thales Group, Tokyo Keiki Inc., and Wartsila Corp. among others.
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The enhanced port and harbor security and safety is notably driving the vessel traffic management system market growth, although factors such as lack of training on VTMS may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the vessel traffic management system industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Vessel Traffic Management System Market Driver
One of the key factors driving growth in the vessel traffic management system market is the enhanced port and harbor security and safety. The use of VTMS helps maintain the security and safety of vessels. A few VTMS can locate the vessels near the harbor within a specific radius. These vessels can be seen by harbors in a graphical overview, which helps identify if a vessel is in the wrong location or if its location information is incorrect. By viewing the vessels in the graphical overview, harbor managers can also monitor the direction in which the vessel is moving and alert sailors in case of a potential collision. VTMS also contributes to security by supporting enforcement agencies in identifying the vessels with illegal cargo or potentially dangerous vessels. This software helps forecast accurate and precise water behavior, which helps vessel operators in making an informed decision to safely guide vessels to the harbor. Such advantages help in the efficient management of harbor operations, which, in turn, encourages the adoption of this software.
Key Vessel Traffic Management System Market Challenge
The lack of training on VTMS will be a major challenge for the vessel traffic management system market. The implementation of VTMS in enterprises is complex, and end-users require extensive training to understand all its functionalities. Developing countries such as China and Brazil are still lagging in terms of the adoption of VTMS because of the lack of proper training in using this software. In addition, vendors in these countries are unaware of the benefits of employing this software, and those that have adopted the technology do not have sufficient knowledge to use it to its optimum efficiency. Hence, the lack of expertise is a major challenge to the adoption of VTMS.
This vessel traffic management system market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the vessel traffic management system market encompasses successful business strategies deployed by the key vendors. The vessel traffic management system market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The vessel traffic management system market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
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45% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for vessel traffic management systems in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The economic expansion in countries such as Japan, China, and Indonesia will facilitate the vessel traffic management system market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
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The vessel traffic management system market share growth by the commercial segment will be significant during the forecast period. The growing need to protect maritime resources from advanced security threats is driving companies to adopt VTMS. However, the complexity of the entire maritime infrastructure has increased with the high adoption of different types of advanced solutions, such as automatic identification systems (AISs), which has made it difficult for end-users to manage maritime information solutions. To overcome such challenges, companies are opting for converged management systems, which are a combination of multiple solutions.
This report provides an accurate prediction of the contribution of all the segments to the growth of the vessel traffic management system market size and actionable market insights on post COVID-19 impact on each segment.
Vessel Traffic Management System Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.61% |
Market growth 2022-2026 |
$ 533.83 million |
Market structure |
Fragmented |
YoY growth (%) |
3.93 |
Regional analysis |
APAC, Europe, North America, MEA, and South America |
Performing market contribution |
APAC at 45% |
Key consumer countries |
US, China, Germany, UK, and Japan |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Elcome International LLC, HENSOLDT AG, Indra Sistemas SA, Kongsberg Gruppen ASA, Leonardo Spa, Rolta India Ltd., Saab AB, Thales Group, Tokyo Keiki Inc., and Wartsila Corp. |
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, Market condition analysis for the forecast period |
Customization purview |
If our 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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Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by End-user
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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