by Maritime analytics is the process of gathering insights from data collected via ships, ports and supply chains to optimize operations and decision making. Maritime analytics solutions provide predictive maintenance, fleet management, cargo and supply chain visibility, fuel optimization, predictive voyage calculations and environmental monitoring which helps improve productivity, safety, efficiency and sustainability.
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:
Digital transformation and sustainability needs are driving the adoption of maritime analytics solutions globally. As maritime operations generate huge amounts of data from assets like ships, ports and entire supply chains, advanced analytics on this data helps shipping companies optimize operations, increase productivity and efficiencies while reducing environmental impact. Maritime analytics uses technologies like machine learning, artificial intelligence and big data to process data from Internet of Things devices on-board vessels and ports to generate predictive insights. This helps companies meetcarbon reduction targets through solutions like predictive voyage optimization and fuel consumption monitoring. Such digitally enabled sustainability initiatives are propelling the maritime analytics market growth significantly.
SWOT Analysis
Strength: Maritime analytics solutions help optimize maritime vessel and cargo operations through real-time monitoring and data-driven insights. This improves operational efficiency and reduces costs.
Weakness: Lack of skilled professionals slows adoption of advanced analytics in the maritime industry. Data integration challenges also exist due to the diverse nature of data sources.
Opportunity: The increasing use of sensors, IoT, and digital technologies is generating large volumes of data from maritime assets. Analytics tools can help extract more value from this maritime “big data”.
Threats: Data privacy and security concerns may limit sharing of sensitive operational and location data. Rising fuel costs also impact industry profitability.
Key Takeaways
The global maritime analytics market demand is expected to witness high growth driven by the need for optimized operations in shipping. Maritime firms are increasingly leveraging analytics to gain actionable insights from data captured by vessels, ports, cargo, and other marine assets and infrastructure. 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
indicates North America currently dominates maritime analytics adoption supported by significant technology investments. However, Asia Pacific is emerging as the fastest growing regional market due to the expansion of international trade routes coupled with initiatives to modernize ports and digitize logistics chains in countries like China, India and Japan.
Key players
operating in the maritime analytics market include ABS Group, Maritime International, Windward, Ericsson, Wilhelmsen, and BigOceanData. These solution providers offer software and services utilizing machine learning, AI, and advanced algorithms to glean insights related to vessel performance, fuel efficiency, predictive maintenance, route optimization, and supply chain visibility. Integrating digital capabilities is a key focus area.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
