The fishing vessels lead global vessel monitoring system software market growth at 12.8% CAGR during 2020–2027
According to our latest market study on “Vessel Monitoring System Software Market to 2027 – COVID-19 Impact and Global Analysis and Forecast by Vessel Type (Fishing Vessels and Others) and Application (Fisheries Management and Others); and Geography” the market was valued at US$ 457.29 million in 2019 and is projected to reach US$ 1168.85 million by 2027; it is expected to grow at a CAGR of 12.8% from 2019 to 2027.
The report highlights the key factors driving the market growth, and prominent players and their developmentsin the market.
The increasing demand from fisheries and cargo vessel sectors to have an eye on trade to curb unauthorized dealings. Countries such as Thailand and South Korea have started using VMS software to monitor their vessels and ensuring that fisheries are carrying marine products legally. Another factor is the need for a mandatory environment to install VMS. Backed by government support, VMS is a standard system of fisheries monitoring and control globally. The European government has mandated that all European countries should have this system to transmit the data quickly and allow the commission to monitor effectively. Besides, increasing international trade of goods other than fisheries at a large scale is projected to influence the demand for advanced tracking solutions such as VMS software. Additionally, by integrating automatic identification system-based tools and other sophisticated techniques, VMS's adoption rate among the end-user industries would increase exponentially. As mentioned earlier, the integration of the systems will assist in managing critical challenges related to each mile-marker, terminal, anchorage, and buoy. Those as mentioned earlier are projected to fuel the market growth during the forecast period.
Applied Satellite Technology Ltd; Beijing Highlander Digital Technology Co., Ltd.; BlueTraker; CLS Fisheries; ORBCOMM Inc; Orolia Maritime; Satlink S.L.; ShipNet; SRT Marine Systems plc; THINKmarine Co., Ltd.; Trackwell, Visma; and Wärtsilä Corporation are the leading players operating in the vessel monitoring system software market. Several other players are also functioning and are contributing significant revenues in the vessel monitoring system software market.
COVID-19 Impact on Global Vessel Monitoring System Software Market
The increasing spread of virus has urged governments across the globe to impose strict restrictions on the movement of humans and vehicles. The lockdown imposition has resulted in lesser production of goods and commodities. The vessel monitoring market players also experienced a slowdown in the volumes attributing to the fact that the production units were operating with a limited workforce. This has had a negative impact on the market.
The COVID-19 has spread significantly across APAC and North America. Europe and SAM regions are also hit hard. The regions have significant numbers of market players. The ICT and transportation industries are adversely affected due to COVID-19, and since the start of 2020, these industries have been reflecting declining trend. With the imposition of lockdown across countries in North America, Europe, and Asia, the industries have been witnessing declining trend. The fisheries industry requires a significant number of human labors, and on the contrary, the COVID-19 virus is spreading through human involvement, the sector is unable to function properly. Compared to that of 2017, the vessel activities were reduced by over 69% during the lockdown, the fishing activities were reduced by 84% and the passenger traffic by 78%.
Report : Vessel Monitoring System Software Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Vessel Type (Fishing Vessels and Others) and Application (Fisheries Management and Others)
The report segments the global vessel monitoring system software market as follows:
By Vessel Type