North America Maritime Analytics Market 2027 by Developments and Strategic Insights

The maritime analytics market in North America is expected to grow from US$ 283.42 million in 2019 to US$ 519.82 million by 2027; it is estimated to grow at a CAGR of 8.5 % from 2020 to 2027.

The US, Canada, and Mexico are major economies in North America. The growing trend of digitalization in shipping industry is expected to escalate the North America 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 the North America 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. Advantages of digitalization such as productivity, more security, less operational cost etc. is expected to create significant demand of maritime analytics solutions in marine industry, which is further anticipated to drive the North America maritime analytics market.

Further, in case of COVID-19, North America region is highly affected specially US. The North America region is a crucial region for the demand of maritime analytics solutions owing to the presence of developed countries such as the US and Canada in this region. Logistics and transportation is an essential element for the smooth operations of any industry including FMCG, healthcare, retail, automotive and others, where shipping contributes a substantial share in the global logistics and transportation sector. The countries like the US are major markets for the growth of maritime analytics market and thus the interruptions in supply chains and logistics operations due to COVID-19 outbreak is affecting the growth of key shipping industry players operating in the North America region. The inter country 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 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 North America 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 North America maritime analytics market. The North America maritime analytics market is expected to grow at a good CAGR during the forecast period.

                                 North America Maritime Analytics Market, By Country,2019 (%)

                 

North America Maritime Analytics Market Segmentation

 
North America Maritime Analytics Market – By Application

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

North America Maritime Analytics Market – By End User

• Commercial
• Military

North America Maritime Analytics Market, by Country

• US
• Canada
• Mexico

North America Maritime Analytics Market - Companies Mentioned

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

North America Maritime Analytics Report Scope