The maritime analytics market is expected to register a CAGR of 16.82% over the forecast period (2020 - 2025). The continuously evolving nature of the shipping industry is making the global economy and technical innovations to pose new challenges and opportunities.
- It is owing to the increasing global seaborne trade and the rising need for enhancing internal and external efficiency in the sector. Maritime data analytics has developed from a passive look-up tool to the new world of digitalisation.
- The increase in the adoption of sensors, connected devices and digital communication channels is associated with essential real-time use of data has increased the application of analytics in the maritime industry.
- Although the maritime industry is not among the earliest adopters of analytics-based solutions, the increasing seaborne trades along with a high level of adoption in the commercial segment is driving the maritime analytics market growth. However, the complex structure of the solution and increased cost associated with the implementation is limiting market growth for maritime analytics.
Scope of the Report
The growing analytics industry towards predictive and prescriptive analytics is penetrating a wide range of industrial applications. The scope of the study for maritime analytics market is limited to the respective applications of the type of solutions offered by the vendors for both government and commercial end-users globally.
Key Market Trends
Commercial Industry to Hold Major Share
- The commercial users have benefitted by the increasing applications and developments of advanced sensor technology, which aids data generation related to the engine, fuel, traffic, cargo, weather, etc. The demand for maritime analytics solutions is expected to increase, as cargo flows are set to expand across all segments with containerised and significant dry bulk commodities trades.
- European Commission has stated in the 2018 report that the Mediterranean Sea has the highest sulphur oxide emission due to international shipments in the year 2005 with the value 764,000 metric tons. Also, it is expected to witness a drastic reduction to 167,000 metric tons by the year 2020 but will still hold the leading position. The shipping companies are moving with sustainable strategies to reduce these emissions and adopting such analytics solutions for emission monitoring.
- According to the International Maritime Organization, the world’s maritime industry is expected to have new anti-pollution measures by the end of 2019. These new anti-pollution measures aim to reduce the amount of high-sulfur ingredients in “bunker” fuels; drive the demand for maritime analytics solution for its monitoring.
- As the maritime industry includes both shipbuilding and recreational craft along with increasing fleet size across the world, the demand for maritime analytics solutions across its operations is increasing. The marine insurers are also adopting the maritime analytics software solutions to optimise risk selection, improve productivity and deliver better results.
North Americas is Expected to Witness Fastest Growth
- The United States leads the market in the analytics industry, which has kept afloat by investing heavily to develop cutting edge solutions to enhance the productivity of marine operations. Moreover, due to increasing SMEs in the sector, adopting maritime analytics, the market is growing significantly in the region.
- In 2019, Air and Marine Operations (AMO) has put an official prohibition on unlawful people and cargo approaching U.S. borders, investigates criminal networks, provides domain awareness in the air and maritime environments. Also, the United States Trade Representative and the United Kingdom signed an agreement over the marine technology SMEs in both the countries enabling governments and the private sector to access one another’s markets.
- In the year 2018, AMO seized or disrupted approximately 301,553 pounds of marijuana, 283,503 pounds of cocaine, 180,444 pounds of methamphetamine, 2,373 arrests, and 47,744 apprehensions of illegal aliens.
- ORBCOMM, in collaboration with Maerospace, provide satellite Automatic Identification System (AIS) data which is used for maritime navigational and safety efforts and ship tracking for Government of Canada for monitoring Canadian and global marine traffic. These government regulations over security and collaborations by the companies in maritime sectors are creating demand for the market for the inspection applications.
The maritime analytics market is inclined towards fragmentation with the evolution in technology for data sensing, connection, and exchange with a central console in real-time, transmitting data ashore, and the use of AI enhanced tools to develop a deep understanding of sea vessel assets and machinery. Overall, the market has intense competitive rivalry among existing competitors and innovative strategy of different companies expected to increase the demand for maritime analytics.
- March 2019 - ioCurrents announced the completion of a USD 5 million financing round by Imagen Capital Partners, to support the continued roll-out of its MarineInsight analytics platform. The company has planned to incorporate this capital to provide machine learning-based predictive analytics on the performance of engines, generators, and other vessel assets, derived from aggregated data sets collected on the ship.
- February 2019 - Spire Global Inc. launched a new business unit called Spire Maritime and is dedicated to developing satellite data and analytics solutions for the Maritime industry. With this new unit, the company will be able to place even greater focus on the high growth opportunities in maritime AIS data and analytics for activities at sea.
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