April 23, 2024
Maritime Analytics Market

Maritime Analytics Market Propelled By Adoption Of Data-Driven Decision Making

Maritime analytics involve collection, analysis and interpretation of data generated onboard ships and from external sources to enhance safety, operational efficiency and reduce costs. It utilizes data from navigation systems, sensors, machinery monitoring systems and external sources like weather reports. This helps identify patterns, predict outcomes and optimize operations. The growing need for data-driven decision making to improve safety and reduce costs is a major factor driving adoption of maritime analytics solutions.

The global Maritime Analytics Market is estimated to be valued at US$ 1275.91 Bn in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The adoption of data-driven decision making is growing among shipping companies to enhance safety and reduce costs. Maritime analytics helps shipping companies leverage data to identify inefficiencies, predict risks, automate processes and make informed decisions. This trend is contributing significantly to the growth of maritime analytics market. By analyzing data from various sources, maritime analytics solutions help shipping companies improve voyage optimization, prevent accidents, reduce fuel consumption and maintenance costs. The data-driven insights assist managers and captains in better planning and operations, thereby increasing productivity and profitability. This factor is driving increased investments in maritime analytics technologies.

SWOT Analysis

Strength: Maritime Analytics solutions offer real-time visibility and digitization of maritime operations. This helps operators improve decision making and reduce costs.
Weakness: Lack of standardized data models and data integration across maritime stakeholders poses challenges. Onboard connectivity and bandwidth limitations also impact the scope of analytics.
Opportunity: Adoption of IoT sensors and integration with 5G networks opens up opportunities to develop advanced analytics capabilities around risk management, autonomous shipping, and predictive maintenance.
Threats: Data privacy and cybersecurity threats can undermine trust in maritime analytics solutions. Competition from open-source alternatives also poses a threat.

Key Takeaways

The global Maritime Analytics Market Growth is expected to witness high growth. Regional analysis comprises Regional analysis comprises Asia Pacific dominates the market currently due to the large maritime trade activity in countries like China, Japan, and South Korea. The region is expected to continue its dominance during the forecast period backed by rising investments to develop smart ports.

Key players operating in the Maritime Analytics are Inmarsat GHL (Connect Bidco Limited), Windward Limited, Amplify Mindware Private Limited, Spire Global, Inc., ProGen Business Solutions Private Limited, Spark Cognition Inc., Wartsila Oyj Abp, Prisma Electronics SA (Laros), U-Ming Marine Transport Corporation, and ABB Ltd. The major players are focused on product launches, partnerships, and expansions to increase their market share. For instance, in 2022, Spire Global partnered with Bureau Veritas to provide maritime risk intelligence through weather and ship-tracking data analysis.

The global Maritime Analytics market size for 2023 is US$ 1275.91 Bn and is projected to grow at a CAGR of 13.% during the forecast period. Solution segments including sales and purchase, risk and fleet management, crewing and crew welfare management are expected to surge with increased digitalization. Analytics capabilities around cargo tracking, emissions monitoring are also witnessing high traction. The evolution of autonomous ships powered by advanced analytics will further propel the market opportunities.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it