Middle East and Africa Maritime Analytics Market Growth and Analysis by 2027

The maritime analytics market in MEA is expected to grow from US$ 29.93 million in 2019 to US$ 43.93 million by 2027; it is estimated to grow at a CAGR of 5.3 % from 2020 to 2027.

The UAE, Saudi Arabia, and South Africa are major economies in MEA. Increasing digitalization trend in shipping industry is expected to upswing the MEA maritime analytics market. The 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. Digital transformation has now become a critical need for sustainable growth and competitive advantage for any enterprise, owing to the increasing customer demands and rising industry competition. Companies across MEA are embracing digitalization to transform their business processes for achieving high operational throughput and for increasing their profits. The maritime industry is no exception to this trend and it is presently going through a paradigm shift with evolving business models, technology adoption, changing cost structures, and increasing competition levels. The key areas for digital transformation in maritime industry include development of new business models, digitalization of core operations, and using analytics for better decision making. Maritime analytics is being used by companies to optimize their daily operations, cargo handling, port operations, vessel deployment, empty repositioning, and cargo routing among other tasks. Process optimization, high operational efficiency, cost reduction, and prevention of human errors are some of the key factors that are fueling the demand of digital solutions in MEA maritime industry. Hence, all these benefits that are offered by digital solutions such as maritime analytics is anticipated to drive the MEA maritime analytics market.

Further, in case of COVID-19, countries across MEA such as, Iran, Saudi Arabia, Qatar, South Africa, got the high number of COVID-19 confirmed cases and deaths. The COVID-19 outbreak has impacted the economies of the MEA region in a significant manner with decline in oil production activities, tourism sector, capital markets, and remittances. The disruptions in global supply chains and capital flows have also impacted the domestic production and demand in various countries of MEA region. The transportation and logistics sector especially air and ocean freight is impacted severely in Gulf Cooperation Council (GCC) countries which comprise of many major transit hubs. Shortages in staff capacity and lockdown measures in various countries such as Saudi Arabia, Kuwait, and UAE, the shipping and transportation industry is facing slowdown in operations which may impact the market growth of maritime analytics solution to some extent in the region. 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 MEA 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 MEA maritime analytics market. The MEA maritime analytics market is expected to grow at a good CAGR during the forecast period.

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

 

                 

MEA Maritime Analytics Market Segmentation

MEA Maritime Analytics Market – By Application

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

MEA Maritime Analytics Market – By End User

• Commercial
• Military

MEA Maritime Analytics Market, by Country

• Saudi Arabia
• UAE
• South Africa
• Rest of MEA

MEA Maritime Analytics Market - Companies Mentioned

• ABB Ltd.
• exactEarth Ltd.
• ShipNet
• SparkCognition
• Windward Ltd.  

Middle East and Africa Maritime Analytics Report Scope