by The maritime industry has been steadily adopting new digital technologies and solutions to streamline operations and enhance safety. Maritime analytics leverages big data technologies and solutions to gather insights from data sources across maritime operations. Vessel tracking systems, onboard sensors, CCTV and other IoT devices generate huge amounts of data daily. Maritime analytics helps operators and fleet owners analyze this data to optimize route planning, predict equipment failures, detect anomalies and ensure regulatory compliance. It aids in data-driven decision making for safer and more efficient operations.
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 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving the adoption of maritime analytics is the implementation of digital solutions across maritime infrastructure. Ports and terminals are digitizing assets and operations to enhance visibility, productivity and throughput. Predictive maintenance through analytics helps schedule maintenance activities in advance to reduce downtime. Regulatory reforms like the IMO 2030 and 2050 targets have further highlighted the need for analytics to track emissions and fuel consumption patterns. Maritime analytics is being leveraged to develop digital twins of ships and simulate scenarios to optimize design and efficiency. Integration of AI and machine learning is enabling the development of autonomous vessels. This will transform maritime logistics and unlock higher benefits of analytics through autonomous data collection and analysis.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the maritime analytics market is moderate. Established players dominate the market and new entrants require significant capital investments for research and development.
Bargaining power of buyers: The bargaining power of buyers in the maritime analytics market is high. Buyers have many options to choose from and price sensitivity is high.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Few dominant players operate in the market and suppliers have threat of forward integration by market players.
Threat of new substitutes: The threat of substitutes is low. There are limited alternatives available for maritime analytics solution.
Competitive rivalry: Competition is high among established players. Market players differentiate by features, services and customer experience.
Key Takeaways
The Global Maritime Analytics Market Size is expected to witness high growth. Maritime analytics solutions help shipping companies optimize voyage costs and enhance operational efficiencies. 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 4.5% over the forecast period 2023 to 2030.
Regional analysis: North America dominated the maritime analytics market in 2023 owing to strong presence of maritime analytics vendors and rising demand from shipping companies. Asia Pacific is expected to grow at the fastest pace during the forecast period supported by rising seaborne trade and investments in maritime infrastructure.
Key players: Key players operating in the Maritime Analytics Market are Kitchen Magic, Rev-A-Shelf, Knape & Vogt Manufacturing Company, Enclume Design Products, Kesseböhmer Clever Storage, ShelfGenie Franchise Systems, LLC, Old Dutch International, Anchor Hocking, LLC, Blum Australia Pty Ltd, Inter IKEA Systems B.V., Flywell International Corp, Masterclass Kitchens, and Others. Market players focus on product innovation and customer acquisition to increase market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
