The maritime analytics market is expected to grow from US$ 1,077.42 million in 2022 to US$ 2,185.88 million by 2028; it is estimated to register a CAGR of 13.3% from 2023 to 2028.
The demand for advanced solutions such as maritime data analytics among commercial shippers and other end users has been increasing rapidly. Big data is being utilized in the shipping industry to monitor sensors on ships and perform predictive analysis to avoid delays and boost productivity. The big data insights are being actively leveraged to predict and avoid price-related challenges occurring throughout a ship's life cycle, from design to operation to decommissioning. Hamburg Port (Germany), Port of Cartagena (Colombia), Port of Rotterdam (The Netherlands), and several ports in Southeast Asia are actively using big data analytics solutions for their port and terminal operations. Continuous use of maritime analytics will have a positive impact in the overall maritime analytics market size.
Maritime Analytics Market -
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Maritime Analytics Market: Strategic Insights
Market Size Value in US$ 1,077.42 million in 2022 Market Size Value by US$ 2,185.88 million by 2028 Growth rate CAGR of 13.3% from 2023 to 2028 Forecast Period 2023-2028 Base Year 2022
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Maritime Analytics Market: Strategic Insights
| Market Size Value in | US$ 1,077.42 million in 2022 |
| Market Size Value by | US$ 2,185.88 million by 2028 |
| Growth rate | CAGR of 13.3% from 2023 to 2028 |
| Forecast Period | 2023-2028 |
| Base Year | 2022 |
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Impact of COVID-19 Pandemic on Maritime Analytics Market
At global level, the maritime industry got impacted negatively. The revenue got reduced owing to temporary shutdown of sea business. At regional level, Europe’s Sea freight is an essential part of the regional economy. As per several statistics, trade activities in Asia and Europe marine routines were severely disrupted due to the COVID-19 outbreak, as 30% to 60% of outbound shipping capacity was withdrawn. Maritime shipping helps move ~75% of Europe's external trade and ~30% of the internal transport of goods in the region. Governments of various European countries announced that the COVID-19 outbreak negatively affected their transport systems as the European supply chains of various countries were closely interlinked. However, with maritime business got commenced with recovering from COIVD-19 business, the scope of maritime analytics is also improving. For instance, In August 2022, Inmarsat witnessed an upward trend in maritime data usage since the shipping industry was looking for better and increased connectivity. Imports, exports, and intra-EU maritime trade decreased in 2020. However, with the gradual start of trade business from mid-2021, the demand for using analytics increased to process more information with a minimal workforce. To ensure proper business of above-mentioned industries via sea, the European marine industry is enduring to use maritime analytics. This will help in boosting the maritime analytics market.
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Market Insights – Maritime Analytics Market
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
North America is dominated by the US, and its subsequent industrial as well as business activities contribute significantly to the overall economy of the region. Presently, the US boasts robust port infrastructure and maritime sector owing to its substantial reliance on imported goods across several industry verticals and notable outsourcing of manufacturing and production facilities over Asian economies. As a result, the country now relies on various maritime-related technical solutions and services for the smooth operation, maintenance, and expansion of its infrastructure and industry. The widespread availability of financial aid, combined with the early acceptance of technologically advanced solutions and software, supports the rapid adoption of maritime analytics-related software among end users in the US. As a result, the growing popularity of modern tools for predictive maintenance, route optimization, security, and risk management, among others, has gained significant traction in the maritime industry across the country, thereby offering numerous profitable opportunities for maritime analytics market players. In November 2021, following the completion of all closing conditions, Spire Global, Inc.—a leading provider of space-based data, analytics, and services—announced the successful acquisition of exactEarth Ltd., a leading provider of solutions that extract and provide maritime vessel data for ship tracking and situational awareness. Further, in October 2021, Spire Global, Inc. announced Maritime 2.0, with an update to its maritime solutions that provide marine data on vessel locations, weather conditions, and shipping activity, which assist businesses in better and real-time decision-making.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
End User Based Insights - Maritime Analytics Market
Based on end user, the maritime analytics market is segmented into commercial and military. The commercial segment accounted for a larger maritime analytics market share in 2022. The growing global seaborne trade is propelling the demand for maritime analytics in the commercial sector. Maritime analytics manages a ship’s sensors, and predictive analytics helps avoid delays and surge the industry’s overall operational efficiency. In the marine industry, accurate cargo tracking is essential to maintain security and privacy. This marine analytics in the commercial sector can be used for future decision-making to predict future problems and create more reliable cargo delivery options.
The global maritime analytics market size is segmented based on application, end user, and geography. Based on application, the maritime analytics market is segmented into optimal route mapping, predictive and prescriptive analytics, pricing insights, vessel safety and security, and others. Based on end user, the maritime analytics market is categorized into commercial and military. The maritime analytics market, based on region, is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
Maritech Holdings Limited; RightShip Pty Limited; ShipNet; Windward Ltd; Kpler; Kayrros; OrbitMI, Inc.; Q88 LLC; Signal Group; eeSea Aps; Shipfix Technologies SAS; Shipamax Ltd.; Veson Nautical; Siglar Carbon; ZeroNorth A/S; Pole Star Space Applications; Dataloy Systems AS; Ninety Percent of Everything Limited; SEDNA Communications Ltd; Nordic IT; LgMAR; and Trigonal Ltd. are among the key maritime analytics market players operating across the world.
The maritime analytics market players are mainly focused on the development of advanced and efficient products.
- In April 2023, Wavecrest Growth Partners and Abry Partners completed a growth investment. The capital is used to accelerate hiring, scale sales, and expand product development for related trade & commodity finance, maritime surveillance, and ESG sustainability solutions.
- In October 2022, the partnership between OrbitMI and Nautilus highlighted the importance of collaboration in the industry. Leveraging Orbit’s solution in combination with high-frequency data, Nautilus can quickly integrate to generate value by monitoring the vessel’s performance and optimizing its voyages. The complimentary offering provides a full suite of solutions—from noon and claims reporting to machine learning—based Boil-off Gas Optimisation.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Application, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
India, Canada, South Africa, and Argentina are anticipated to grow with the highest CAGR.
The key players holding majority shares in the maritime analytics market include Veson Nautical, ShipNet, Kpler, Kayrros, Rightship Pty Limited.
APAC is anticipated to grow with the highest CAGR over the forecast period in the maritime analytics market.
The global maritime analytics market was estimated to be USD 1,077.42 million in 2022 and is expected to grow at a CAGR of 13.3% during the forecast period 2023 - 2028.
Key factors attributing towards the growth of maritime analytics market is integration of digital technologies in maritime processes, operations, and business models to enhance productivity, increase security, and reduce operational costs has been growing at an unprecedented rate.
The maritime industry is investing proactively in advanced technology solutions like Artificial intelligence (AI), big data, blockchain, cloud computing, cyber security, digital twin, internet of things (IoT), machine learning, and robotic technologies.
The List of Companies - Maritime Analytics Market
- Windward Ltd.
- OrbitMI, Inc.
- Q88 LLC
- Signal Group
- eeSea Aps
- Rightship Pty Limited
- Maritech Holdings Limited
- ShipNet
- Kpler
- Kayrros
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
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- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
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- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
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Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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