The Predictive and Prescriptive Analytics Segment to Dominate North America Maritime Analytics Market during 2021-2028
According to The Insight Partners market research study on “North America Maritime Analytics Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast – by Application, End User and Country,” is expected to reach US$ 602.58 million by 2028 from US$ 306.55 million in 2021. The market is estimated to grow at a CAGR of 10.1% from 2021 to 2028. The report provides trends prevailing in the North America maritime analytics market along with the drivers and restraints pertaining to the market growth. Rising trend of digitalization in shipping industry and increasing demand for enhanced maritime operations through data analytics are major factors driving the growth of the North America maritime analytics market. However, concerns related to cyber security and lack of skilled workforce may hinder the growth of North America maritime analytics market.
The interruptions in supply chains and logistics operations due to COVID-19 outbreak are affecting the growth of crucial shipping industry players operating in North America. In addition, the US–China trade war also affected the maritime trade in 2019. The restrictions posed by various states on the movement of people are causing a shortage of labor and workforce required for the proper functioning of the shipping transportation network in the country. The intercountry maritime trade between the US, Canada, and Mexico is also getting affected due to restrictions imposed by various governments to contain virus spread in their respective countries. Presently, the US is the worst-affected country due to the COVID-19 outbreak, as per the World Health Organization (WHO) statistics. Hence, the region’s economy has seen a decline in the past few months, impacting the growth of various industries, including the maritime industry. However, maritime analytics solutions offer various benefits to help shipping companies efficiently manage their operations and achieve cost savings. These solutions are anticipated to help companies in regaining their profits. Hence, the demand for these solutions may not face the impact of COVID-19 pandemic to the extent that the maritime industry is facing. The crisis will have a low to medium impact on the maritime analytics market growth, depending on the situation in specific countries.
The market for North America 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 North America 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 North America maritime analytics market is segmented into US, Canada and Mexico. In 2020, US held the largest share in North America maritime analytics market. Furthermore, in this present scenario of COVID 19 pandemic, the North America maritime analytics market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the North America 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; Veson Nautical; Pole Star Space Applications; Sedna Communications Ltd; Nordic IT; LgMAR; and Trigonal Ltd. are some of the leading companies in the North America 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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