The Commercial Segment to Dominate Europe Maritime Analytics Market during 2021-2028
According to The Insight Partners market research study on “Europe Maritime Analytics Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast – by Application, End User and Country,” is expected to reach US$ 1,058.62 million by 2028 from US$ 466.30 million in 2021. The market is estimated to grow at a CAGR of 12.4% from 2021 to 2028. The report provides trends prevailing in the Europe maritime analytics market along with the drivers and restraints pertaining to the market growth. Growing digitalization in shipping industry and rising need for enhanced maritime operations through data analytics are major factors driving the growth of the Europe maritime analytics market. However, concerns related to cyber security together with absence of skilled workforce may hinder the growth of Europe maritime analytics market.
As per several statistics, due to the COVID-19 outbreak, the trade activities in Europe marine routines have been severely disrupted, nearly 30% to 60% outbound shipping capacity was withdrawn. The governments of various European countries have already announced that the pandemic has negatively affected their transport systems as the European supply chains of various countries are closely interlinked. Therefore, all types of freight services, including land, sea, and air, were badly affected in the past few months. The Association of “European Freight Forwarders” and “Polish Chamber of Forwarding and Logistics” have already raised warnings regarding limited export loads and delays in port operations due to the non-availability of operators and workforce. These factors are expected to impact the maritime industry in the region and thus impact the growth of the maritime analytics market.
The market for Europe maritime analytics is segmented into application, end user and country. Based on application, the market is segmented into optimal route mapping, predictive and prescriptive analytics, pricing insights, vessel safety and security, and others. In 2020, the predictive and prescriptive analytics segment held the largest share in Europe maritime analytics market. Based on end user, the market is divided into commercial and military. The commercial segment is expected to be the fastest growing segment over the forecast period. Based on country, the Europe maritime analytics market is segmented into France, Germany, Italy, UK, Russia and rest of Europe. In 2020, UK held the largest share in Europe maritime analytics market. Furthermore, in this present scenario of COVID 19 pandemic, the Europe maritime analytics market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the Europe countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for maritime analytics.
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 some of the leading companies in the Europe maritime analytics market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
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