Report : Maritime Analytics Market Forecast to 2027 - 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)
According to our latest market study on "Global Maritime Analytics Market Forecast to 2027 – 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), and Geography," the global maritime analytics market was valued at US$ 894.28million in 2019 and is expected to reach US$ 1,833.50 million by 2027; it is estimated to grow at a CAGR of 10.0% during 2020–2027.The report highlights key factors driving the market growth, and prominent players and their developments in the market.
In today’s digital age, the competition in various industries including maritime industry is very high and companies are continuously investing in solutions that could help them enhance operational productivity while reducing the overall costs. Hence, the demand for advanced solutions such as maritime data analytics has been growing at an impressive pace among commercial shippers and other end users. In shipping industry, big data issued to manage sensors on the ship and to perform predictive analysis to avoid any delays and to increase efficiency. Enhanced decision making owing to insights obtained by big data is actively being implemented to avoid and predict additional cost and it can be utilized across the ship’s lifecycle. Hamburg Port (Germany), Port of Cartagena (Columbia), Port of Rotterdam (The Netherlands), and several ports in South East Asia are actively using big data analytics solutions for their port and terminal operations. In June 2020, Windward, a maritime analytics company announced a new partnership with BP Shipping. Under this partnership, the company will deliver behavioral analytics data and other related insights to help BP Shipping in digitizing its trade practices related to sanctions compliance.
Predictive analytics solutions have the capability to transform the shipping industry by enhancing overall shipping operations, improving ship’s safety, and ensuring environment protection. Additionally, the high level of customizability offered by these solutions depending on the specific needs of any port or shipping company is expected to fuel the demand during the forecast period. With rising globalization, the demand for goods transportation will grow substantially in the coming years. Hence, the demand for advanced data processing techniques and predictive analytics will also rise among maritime companies to maximize time efficiency and cost savings. These factors are driving the demand for maritime analytics globally.
COVID–19 Impact on Maritime Analytics Market
According to the World Health Organization (WHO), the US, Turkey, Brazil, Spain, Germany, Italy, France, the UK, Russia, Iran, India, and China are some of the worst affected countries due to the COVID-19 outbreak. The COVID-19 pandemic is affecting the industries worldwide, and the global economy is anticipated to take the worst hit in 2020,which is likely to continue in 2021 as well. The outbreak has created significant disruptions in various industries, such as logistics, marine, and e-commerce. Logistics and transportation is an essential element for the smooth operations of any industry including FMCG, healthcare, retail, and automotive, among others, where shipping contributes a substantial share in the global logistics and transportation sector. The interruption in supply chains and logistics operations due to COVID-19 outbreak is affecting the growth of key shipping industry players operating globally.
The report segments the global maritime analytics market as follows:
Maritime Analytics Market – by Application
Maritime Analytics Market – by End User