Europe Maritime Analytics Market Analysis, Size, and Share by 2027

The maritime analytics market in Europe is expected to grow from US$ 411.55 million in 2019 to US$ 898.77 million by 2027; it is estimated to grow at a CAGR of 10.8 % from 2020 to 2027.

The France, Germany, UK, Italy, and Russia are major economies in Europe. The escalating demand for upgraded maritime operations through data analytics is expected to boost up the Europe maritime analytics 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 in enhancing 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 Europe shipping industry, big data in being used to manage sensors on the ship and to perform predictive analysis to avoid any delays and to increase efficiency. The enhanced decision making owing to insights obtained by big data is actively being used to avoid and predict costly issues and it can be utilized across the ship’s lifecycle from manufacturing to operation. With growing globalization level, the demand for goods transportation will grow substantially in the coming years. Hence, the demand for advanced data processing techniques will also rise among maritime companies to maximize time efficiency and cost savings. Advantages such as productivity, cost reduction etc. is expected to create demand of upgraded maritime operations through data analytics, which is further anticipated to drive the Europe maritime analytics market.

Further, in case of COVID-19, Europe is highly affected specially UK. Due to COVID-19 outbreak, the trade activities in Europe marine routines have severely disrupted due to 30% to 60% outbound shipping capacity withdrawn. Maritime shipping helps in moving around 75% of the Europe’s external trade and around 30% of internal transport of goods in the region. The governments of various European countries have already announced that the coronavirus outbreak has affected their transport systems in a negative manner as the European supply chains of various countries are closely interlined with each other. The Association of “European Freight Forwarders” and “Polish Chamber of Forwarding and Logistics” have already raised warnings regarding the limited export loads and well as delays in port operations, owing to non-availability operators and manpower. All these factors are expected to impact the maritime industry in the region and thus have some impact on the growth of maritime analytics market also. The coronavirus outbreak's impact is anticipated to be quite severe in the year 2020 and likely in 2021. Hence, the ongoing COVID-19 crisis and critical situation will impact the maritime analytics market growth of the Europe region for the next few quarters.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Europe maritime analytics market. The Europe maritime analytics market is expected to grow at a good CAGR during the forecast period.

                                              Europe Maritime Analytics Market,By Country, 2019 (%)

                                           

Europe Maritime Analytics Market Segmentation

Europe Maritime Analytics Market – By Application

• Optimal Route Mapping
• Predictive and Prescriptive Analytics
• Pricing Insights
• Vessel Safety and Security
• Others

Europe Maritime Analytics Market – By End User

• Commercial
• Military

Europe Maritime Analytics Market, by Country

• France
• Germany
• Italy
• UK
• Russia
• Rest of Europe

Europe Maritime Analytics Market - Companies Mentioned

• ABB Ltd.
• exactEarth Ltd.
• Itransition
• Planet Labs Inc.
• Prisma Electronics SA
• ShipNet
• SINAY SAS
• Spire Global
• Windward Ltd.

Europe Maritime Analytics Report Scope