Maritime Analytics Market is expected to reach US$ 2,150.88 million by 2028

According to our latest research study on “Maritime Analytics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Application, End User, and Geography,” the 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.

Maritime analytics is a process of collecting, analyzing, and interpreting critical information related to diverse shipping activities. The growing use of algorithms and predictive analytics in the shipping industry, coupled with the rising trend of automation and digitalization, is driving the growth of maritime analytics solutions worldwide. In the shipping & maritime industry, maritime analytics offers stakeholders key benefits such as enhanced productivity, superior performance, better safety, cost savings, and valuable insights related to various parameters. The global shipping industry is evolving steadily owing to increasing trade across countries, changing technology landscape, and uncertainty in global economies and geopolitical conditions. All these factors pose various challenges and opportunities for companies operating in the shipping industry. Companies are continually investing in innovative solutions to increase the profitability of their operations and acquire a competitive advantage over their competitors. In such a situation, the enormous volume of fragmented data can be used to acquire valuable insights that can improve operational efficiency and decision-making utilizing tools such as maritime analytics. Companies are increasingly turning to marine data analytics solutions for goals such as streamlining maritime operations, improving ship chartering, scheduling maintenance, and pricing insights.

Maritime Analytics Market Share – by Region, 2022

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Source: The Insight Partners Analysis

Primary drivers for the global market include the growing trend of digital transformation in the shipping & maritime industry and increasing usage of connected devices and digital solutions for greater efficiency. However, a scarcity of skilled workers and concerns about cyber security could stifle the market expansion. Despite a few limitations, the rising adoption of maritime analytics among commercial end users and the integration of advanced technologies such as artificial intelligence by maritime analytics solution providers for enhanced performance are expected to propel the global maritime analytics market in the near future.

Impact of COVID-19 Pandemic on Maritime Analytics Market  

The global economy experienced substantial implications of the COVID-19 pandemic in 2020, and the impacts lasted in 2020 and early 2021. Electronics, semiconductors, maritime transport, and automobile industries were affected by the outbreak. A sharp decline in the growth of the industries hampered the maritime analytics market growth. The manufacturing sector witnessed severe losses due to the temporary shutdown of factories and low production volumes. This had a negative impact on the maritime industry globally, owing to limitations on sea trade. The COVID-19 pandemic posed many difficulties related to supply chain, shipping, logistics, and maritime traffic. However, with the relaxation of lockdown measures and the beginning of vaccination drives, the manufacturing and construction companies started working again. With the ease of travel restrictions, the maritime industry regained momentum. As per the UNCTAD's Review of Maritime Transport 2021, the maritime trade reduced by 3.8% in 2020, reflecting an initial shock, and later it started to increase. The onset of the crisis strengthened digitalization by reducing paperwork within the shipping industry, including ports, report observes, need for interoperability, and standards in electronic documentation. During the COVID-19 recovery phase, the rise in the adoption of technology and data analytics in maritime has gone up. Technological adoption is projected to fuel the global maritime analytics market size. Moreover, the maritime industry has observed a gradual increase as commercial shipping was recovering following the COVID-19 pandemic peak in early 2021, the penetration of maritime analytics is anticipated to witness a significant demand for which in turn will fuel the overall maritime analytics market growth.

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 in the industry. During this study, several major maritime analytics market players were analyzed to get a holistic view of the global market and its ecosystem.

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