May 20, 2024

Maritime Analytics Market: Increasing Demand for Data-driven Insights to Drive Market Growth

The Global Maritime Analytics Market is estimated to be valued at US$1,120.1 million in 2023 and is expected to exhibit a CAGR of 13.91% over the forecast period from 2023 to 2030, according to a new report published by Coherent Market Insights.

Market Overview:
Maritime analytics involves the use of big data analytics and business intelligence tools to improve operational efficiency, safety, and decision-making in the maritime industry. The market offers various products and solutions, such as fleet management systems, predictive maintenance tools, and risk assessment platforms. These products provide advantages such as real-time monitoring, reduced fuel consumption, optimized route planning, and enhanced safety and security. With the increasing need for data-driven insights and digital transformation in the maritime sector, the demand for maritime analytics solutions is expected to grow rapidly.

Market Key Trends:
One key trend in the maritime analytics market is the adoption of artificial intelligence (AI) and machine learning (ML) technologies. These technologies enable companies to analyze large volumes of data in real-time, identify patterns, and make data-driven predictions. AI and ML algorithms can be used to predict vessel reliability and maintenance requirements, optimize fuel consumption, and detect anomalies in vessel behavior or cargo. By leveraging AI and ML, companies in the maritime industry can improve operational efficiency, reduce costs, and enhance decision-making.

Porter’s Analysis:

The maritime analytics market is expected to witness high growth with a CAGR of 13.91% over the forecast period from 2023 to 2030. This growth can be attributed to increasing technological advancements and the need for efficient and cost-effective maritime operations.

Threat of new entrants: The threat of new entrants in the maritime analytics market is moderate. Although there are no significant barriers to entry, the market is highly competitive, with several established players dominating the industry. New entrants would need to invest in advanced technologies and establish strong partnerships to compete effectively.

Bargaining power of buyers: The bargaining power of buyers in the maritime analytics market is high. Buyers have access to a wide range of maritime analytics solutions and can choose from multiple vendors. They also have the power to negotiate prices and contract terms, considering the availability of alternative solutions.

Bargaining power of suppliers: The bargaining power of suppliers in the maritime analytics market is low to moderate. While there are several suppliers of maritime analytics solutions, the market is dominated by a few key players. Suppliers need to differentiate their offerings and provide value-added services to maintain their position in the market.

Threat of new substitutes: The threat of new substitutes in the maritime analytics market is low. Maritime analytics solutions provide unique insights and capabilities that are essential for optimizing maritime operations. There are no direct substitutes that can match the level of data-driven decision-making offered by these solutions.

Competitive rivalry: The competitive rivalry in the maritime analytics market is high. The market is characterized by intense competition among established players, as well as new entrants. Key players are continuously innovating and improving their solutions to stay ahead of the competition.

Key Takeaways:

The Global Maritime Analytics Market is expected to grow at a CAGR of 13.91% over the forecast period. This growth can be attributed to the increasing demand for advanced analytics solutions in the maritime industry.

In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the maritime analytics market. The region has a well-developed maritime industry and is witnessing significant investments in advanced technologies and analytics solutions.

Key players operating in the maritime analytics market include Inmarsat GHL (Connect Bidco Limited), Windward Limited, Amplify Mindware Private Limited, Spire Global, Inc., ProGen Business Solutions Private Limited, Spark Cognition Inc., Wartsila Oyj Abp, Prisma Electronics SA (Laros), U-Ming Marine Transport Corporation, and ABB Ltd. These key players are focused on strategic partnerships, product innovations, and geographic expansions to gain a competitive edge in the market.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it