The Commercial Segment to Dominate Middle East and Africa Maritime Analytics Market during 2021-2028
According to The Insight Partners market research study on “Middle East and Africa Maritime Analytics Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast – by Application, End User and Country,” is expected to reach US$ 47.79 million by 2028 from US$ 31.44 million in 2021. The market is estimated to grow at a CAGR of 6.2% from 2021 to 2028. The report provides trends prevailing in the Middle East and Africa maritime analytics market along with the drivers and restraints pertaining to the market growth. Upward trend of digitalization in shipping industry and rise in the need for enhanced maritime operations through data analytics are major factors driving the growth of the Middle East and Africa maritime analytics market. However, risks pertaining to cyber security together with absence of skilled workforce may hinder the growth of Middle East and Africa maritime analytics market.
In the Middle East & Africa, Iran, Saudi Arabia, Qatar, South Africa, and the UAE have reported a high number of COVID-19 confirmed cases and deaths. The COVID-19 outbreak has impacted the economies of the Middle East and Africa significantly with a decline in oil production activities, tourism sector, capital markets, and remittances. The disruptions in the Middle East & Africa supply chains have impacted capital flows, domestic production and demand in various countries of the region. The transportation and logistics sectors, especially air and ocean freight, are impacted severely in Gulf Cooperation Council (GCC) countries that comprise many major transit hubs. Moreover, shortages in staff capacity and lockdown measures in various countries such as Saudi Arabia, Kuwait, and the UAE have aggravated the economic problems.
The market for Middle East and Africa 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 Middle East and Africa 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 Middle East and Africa maritime analytics market is segmented into Saudi Arabia, UAE, South Africa and rest of Middle East and Africa. In 2020, UAE held the largest share in Middle East and Africa maritime analytics market. Furthermore, in this present scenario of COVID 19 pandemic, the Middle East and Africa maritime analytics market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the Middle East and Africa countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for maritime analytics.
ShipNet; Windward Ltd; Kpler; Q88 LLC; Signal Group; Veson Nautical; and LgMAR are some of the leading companies in the Middle East and Africa 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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