Maritime Analytics Market to hit $2.15Bn, Globally, by 2028 at 11.7% CAGR – Exclusive Study by The Insight Partners

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New York, June 08, 2022 (GLOBE NEWSWIRE) — The Insight Partners published latest research study on “Maritime Analytics Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Application (Optimal Route Mapping, Predictive and Prescriptive Analytics, Pricing Insights, Vessel Safety and Security, and Others) and End User (Commercial and Military),” the global maritime analytics market growth is driven by rising trend of digitalization in global shipping industry, increasing demand for enhanced maritime operations through data analytics.

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Market Size Value in US$ 993.39 million in 2021
Market Size Value by US$ 2.15 billion by 2028
Growth rate CAGR of 11.7% from 2021 to 2028.
Forecast Period 2021-2028
Base Year 2021
No. of Pages 161
No. Tables 56
No. of Charts & Figures 72
Historical data available Yes
Segments covered Application and End User
Regional scope North America; Europe; Asia Pacific; Latin America; MEA
Country scope US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Maritime Analytics Market: Competitive Landscape and Key Developments:
Maritech Holdings Limited; RightShip Pty Limited; ShipNet; Windward Ltd; Kpler; Kayrros; OrbitMI, Inc.; Q88 LLC; Signal Group; eeSea ApS; Shipfix Technologies S.A.S.; Shipamax Ltd.; Veson Nautical; Siglar Carbon; ZeroNorth A/S; Pole Star Space Applications; Dataloy Systems AS; NINETY PERCENT OF EVERYTHING LIMITED; SEDNA Communications Ltd; Nordic IT; LgMAR; and Trigonal Ltd. are among the key players profiled during the study of the maritime analytics market. In addition, several essential maritime analytics market players were studied and analyzed to get a holistic view of the market and its ecosystem.

In November 2021, RightShip announced that it is focusing on its footprint expansion in previously unexplored areas, particularly in Asia Pacific. In terms of maritime decarburization, Japan is a leader. It requires substantial innovation and a commitment to decarbonize its supply chain operations by 2030 to build carbon-neutral vessels.

In September 2021, Maritech Holdings Limited partnered with RightShip to offer better marine due diligence services to customers. Sea/trade clients will have access to RightShip’s Safety Score, GHG Rating, and RightShip Dry Bulk Inspections results without leaving the Sea/trade platform, thus, increasing digital agility.

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Maritime analytics is a process of collecting, analyzing, and interpreting critical information related to diverse shipping activities. The growing usage of algorithms and predictive analytics in the shipping industry and the rising trend of automation and digitalization drive the growth of the maritime analytics market across the globe. Maritime analytics offers various key benefits such as enhanced productivity, superior performance, better safety, cost savings, and valuable insights related to various parameters for stakeholders involved in the shipping and maritime industry. The global shipping industry is evolving at a steady pace owing to the surge in trade across countries, change in technology landscape, and uncertainty in global economies and geopolitical conditions. These factors pose various challenges and opportunities for companies operating in the maritime analytics industry. Companies are continually investing in innovative solutions to increase the profitability of their operations and acquire a competitive advantage. In such a situation, the high volume of fragmented data can be used by utilizing maritime analytics to acquire important insights that can improve operational efficiency and decision-making. Companies are rapidly adopting marine data analytics solutions for streamlining maritime operations, improving ship chartering, anticipating and scheduling maintenance, and pricing insights. A few of the primary reasons driving the global marine analytics market share growth are the growing trend of digital transformation in the shipping and maritime industry and increasing usage of connected devices and digital solutions for greater efficiency. However, a scarcity of skilled workers and concerns about cyber security could stifle the maritime analytics market’s expansion. Despite a few limitations, the rising adoption of maritime analytics among commercial end users and the integration of advanced technologies, such as artificial intelligence, by maritime analytics solution providers for enhanced performance are expected to propel the global maritime analytics market growth in the future.

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Maritime Analytics Market in APAC to Grow at Highest CAGR during Forecast Period.
The rapid technological advancements, government initiatives, economic digitization, and rise in middle-income discretionary income are a few  factors propelling the region’s overall economic growth, which is gradually driving it from a developing to a developed stage. In 2021, among the ten leading countries, China has registered the highest increase in the value of ship owning. The country owns the high number of container ships, and consequently, the recent surge in international trade has pushed it to the top spots in terms of fleet value. Japan maintains its second place in this list. The marine analytics market in APAC is expected to experience new growth opportunities with the persistent development of new technologies by various maritime analytics industry players. In January 2021, Spire Global collaborated with Pole Star to provide all global data, for satellite, terrestrial, and Dynamic AIS, to one of the six branches of the US Armed Forces. The collaborative efforts originated with Spire Global providing solely satellite-based AIS data for 70 degrees North and above (the Arctic region), which assists in providing critical maritime data services to government agencies.

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Maritime Analytics Market: Application Overview
Based on application, the maritime analytics market report is segmented into optimal route mapping, predictive and prescriptive analytics, pricing insights, vessel safety and security, and others. In 2020, the prescriptive and predictive analytics segment dominated the market. Predictive and prescriptive analytics plays a critical role in the digitalization of the maritime industry. Predictive analytics collects the historical data and incorporates into a machine Learning (ML) model that considers main trends and patterns. With the growing demand for advanced maritime products, the corresponding supply chain demand also surges consequently. The marine industry is continuously inclined to adopt sophisticated technologies such as ML algorithms and artificial intelligence (AI) to meet the supply-demand gap. For instance, in September 2020, Windward Ltd., a maritime analytics company, introduced a maritime predictive intelligence solution, which utilizes Maritime Artificial Intelligence Analytics (MAIA). It comprises 10 billion data points and 300 behavioral analysis models, empowering organizations to make swift decisions and enhance operations. This solution offers predictive intelligence based on vessel identification, actual location, cargo visibility, and navigation mode. Hence, advancements in the marine industry propel the market growth.

Surge in Demand for Enhanced Maritime Operations through Data Analytics to Propel Maritime Analytics Market Growth during 2021–2028:
In today’s digital age, the competition in the maritime industry is high and companies are continuously investing in solutions that could help them in enhancing operational productivity while reducing overall costs. As a result, the demand for advanced solutions, such as maritime data analytics, has been increasing rapidly among commercial shippers and other end users. Big data is being utilized in the shipping industry to monitor sensors on ships and perform predictive analysis to avoid delays and boost productivity. The big data insights avoid delays and predict costly issues across the ship’s lifecycle, from design to operation to decommissioning. Hamburg Port (Germany), Port of Cartagena (Columbia), Port of Rotterdam (The Netherlands), and several ports in Southeast Asia are actively using big data analytics solutions for their ports and terminal operations. For instance, in September 2021, DTN—a leading data, analytics, and technology firm—partnered with OrbitMI, a global provider of marine software and data products, to change weather analytics and improve results for the shipping sector with integrated operational information. The partnership gives shipping customers a single site for vessel and fleet management with actionable visualizations for confident decisions.

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