Vessel Monitoring System Software Market to Grow at a CAGR of 12.8% to reach US$ 1168.85 Million from 2020 to 2027

The vessel monitoring system software market was valued at US$ 457.29 million in 2019 and is expected to grow at a CAGR of 12.8% during the forecast period to reach US$ 1168.85 million by 2027.

The government across the world are increasing defense and boarder control spending each year owing to rising threat to homeland. There is an increasing need to track illegal fishing activities, movement of goods, people, and illicit material. Also, with the integration of advanced technologies such as artificial intelligence (AI) and machine learning (ML) in advanced vessel monitoring system software to provide better insights for research and development purposes. Moreover, the vessel monitoring system software is not just limited to seaborne vessel application it can be integrated with any surface or airborne machine, vehicle or drone. The vessel monitoring systems are equipped with various technologies such as GPS antenna and receiver, computer, and a transmitter. These components not only help vessels operator navigate through the sea or water body but also allow the governing or border security bodies to monitor the movement and traffic in territory.

Further, vessel monitoring system software allows the governing body to identify any vessel and illegal fishing activities in restricted territory or during restricted time and further it assist to detect and track non-permitted or unidentified vessel operating or breaching the national borders. With continuous innovation in technology the vessel monitoring system software’s are now integrated with technologies like surface temperate monitor, traffic and collision management, satellite communication, real time weather forecast etc. which is enabling vessel operators to optimize and streamline their operations. Thus, rising need for tracking due to unauthorized activities is one of the major factor contributing towards the growth of vessel monitoring system software market during the forecast period.

Impact of COVID-19 Pandemic on Vessel Monitoring System Software Market

The outbreak of the COVID-19 virus negatively affects the vessel monitoring system software market. The imposition of lockdown and movement of vehicles by government bodies to reduce curb the spread of the virus has negatively impacted the trade of products worldwide. Owing to the low business of trade, the number of cargo vessels, fisheries vessels has decreased drastically, which limited the use of VMS. Also, due to the temporary shutdown of manufacturing units, the procurement of new ships had negatively impacted, resulting in less VMS adoption. This factor has been analyzed while estimating the market size of the vessel monitoring system software market in 2020.

Lucrative Regions for Vessel Monitoring System Software Market

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Market Insights

Growing opportunities for Cargo Tracking

An increasing seaborne trade across the globe results in the rising investment in safety and security system which boosts the growth of the vessel monitoring system software market. Further, advancements in repair, restoration and upgrade of vessels is projected to fuel the growth for vessel monitoring system software market. Additionally, increase in trade activities backed retrofitting of old system with new advanced vessel monitoring system software to optimize and streamline the operations are among other factors forecasted to create growth opportunities for vessel monitoring system software market players. Advancements including near real-time tracking provides a brief analysis of the fleet, including risks, security threats, and various regulatory territories. Further, complete situational awareness along with global visibility and actionable intelligence to increase the operational efficiency.

Vessel Type Market Insights

Based on application, the vessel monitoring system software market is segmented into: Fishing Vessel and Others. Fishing vessels are ships or boat used for catch fish from sea or any inner land water body like lake or river. There are majorly two type in fishing vessel i.e. artesian and commercial vessel. The artisan vessels are comparatively small in size and capacity compared to commercial fishing vessels also are cheaper. These ships are major use in sea and inner land water body. Whereas, commercial vessels are used for large-scale commercial fishing activities in sea or deep sea areas. The vessel capacity also varies in this category of vessel and these vessels are equipped with various technology and machinery to optimize and streamline fishing operations.

Vessel Monitoring System Software Market, by Vessel Type– 2019 and 2027

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Application Market Insight

Based on application, the vessel monitoring system software market is segmented into: Fisheries Management and Others. One of the primary application of vessel management system is to monitor the action and movement of fishery vessels in the sea or water bodies. As per the international laws a country has exclusive economic zone to 200 nautical miles (370km) from its costal region which implies other state fishery or other vessel cannot access it without any approval. Furthermore, vessel management system assists fishing vessel to report their catch, for instance as per European Union regulation fishing vessels are require to report about their weekly catch, transshipment, catch on entry and catch on exit, port of landing etc. Furthermore, the specification and calibration of vessel management system differs from country to country according to reporting norms set by the particular governing authorities for fishery

Strategic Insights

The players operating in the enterprise content management market focus on strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:

• In Dec 2020, Applied Satellite Technology (AST) Ltd received a contract for delivering its Vessel Monitoring Solution for 400 inshore vessels over the next year from Welsh Government, UK.

• In Oct 2019, Orolia Maritime declared on collaboration with SRH Marine to combine Orolia Maritime’s M-SecureSync cyber security capabilities into its new automated digital services distribution platform.

Global Vessel Monitoring System Software Segments:

Vessel Monitoring System Software Market – By Vessel Type

• Fishing Vessel
• Others

Vessel Monitoring System Software Market – By Application

• Fisheries Management
• Others

Vessel Monitoring System Software Market – By Geography

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • Germany
  • Italy
  • Spain
  • UK
  • Rest of Europe

• Asia Pacific (APAC)
  • Australia
  • China
  • India
  • Japan
  • Rest of APAC
• Middle East & Africa (MEA)
  • Saudi Arabia
  • UAE
  • South Africa
  • Rest of MEA
• South America (SAM)
  • Brazil
  • Rest of SAM

Companies

• ORBCOMM Inc.
• Applied Satellite Technology Ltd
• Beijing Highlander Digital Technology Co., Ltd.
• BlueTraker
• CLS Fisheries
• Orolia Maritime
• Trackwell
• ShipNet
• Wärtsilä Corporation
• THINKmarine Co., Ltd.
• Visma
• Satlink S.L.
• SRT Marine Systems plc