Maritime Information Market size is set to grow by USD 1.04 billion from 2024-2028, Need to comply with strict regulations boost the market, Technavio

NEW YORK, June 3, 2024 /PRNewswire/ -- The global maritime information market size is estimated to grow by USD 1.04 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 9.55%  during the forecast period. 

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Market Driver

The maritime information market is poised for growth due to expanding seaborne trade routes, such as the Panama and Suez Canal expansions and the One Belt-One Road initiative. This trend will increase vessel traffic, fueling the demand for advanced solutions in shipping operations, port management, fleet tracking, and maritime security. The Fourth Industrial Revolution introduces technologies like machine learning, artificial intelligence, IoT, and blockchain, enhancing port efficiency and environmental monitoring.

Airports and warehouses also benefit from maritime information technology, ensuring seamless transportation and yard management. Amidst this dynamic landscape, maritime information solutions play a crucial role in managing ships, shipping businesses, and cargo traffic, while safeguarding the marine industry from threats and ensuring compliance with nautical signs and coastal authorities' regulations. 

Market Challenges

•         Maritime information solutions play a crucial role in various industries, including shipping, offshore energy, fisheries, and port management. However, the high cost of deployment is a significant barrier to market growth. This expense stems from software licensing, implementation, maintenance, customization, and training.

•         Ports, as the primary consumers, bear the brunt of these costs, managing infrastructure, maintenance, and training for on-premises systems. Post-implementation, software upgrades are necessary to stay current with market trends.

•         Key aspects of these systems include land-to-ship communications, dangerous cargo movements, commercial fishing activities, navigation, weather forecasting, cargo tracking, environmental monitoring, vessel tracking, and security.

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Segment Overview 

1. End-user 
• 1.1 Commercial
• 1.2 Government
2. Application 
• 2.1 MIA
• 2.2 MIP
• 2.3 VT
• 2.4 AIS
3. Geography 
• 3.1 Europe
• 3.2 North America
• 3.3 APAC
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Commercial-  The maritime information market is segmented by end-users, including land-to-ship communications, dangerous cargo movements, commercial fishing activities, Maritime Organizations, and various maritime operations. The growing need for enhanced security measures against advanced threats in the maritime domain is driving the adoption of maritime information solutions. However, the complexity of managing multiple solutions, such as Automatic Identification Systems (AIS), vessel tracking, and satellite communication systems, has become a challenge for end-users.

To address these challenges, converged maritime information management solutions are gaining popularity. These solutions integrate multiple functionalities, such as actionable intelligence APIs, fleet management, weather forecasting, cargo tracking, environmental monitoring, and navigation, into a single system. Key areas of application include shipping lines, cargo handling, maritime information systems, offshore energy, fisheries, port management, and naval vessels. Maritime information analytics and provision are essential for mitigating risks associated with maritime operations, including rough sea conditions, marine accidents, shipping incidents, oceanic vessels, and human trafficking.

Additionally, maritime information solutions are crucial for monitoring and preventing collisions, tracking systems, and ensuring compliance with international maritime regulations. Key technologies, such as Artificial intelligence (AI) and Machine learning (ML), are being integrated into maritime information systems to provide real-time insights and improve decision-making capabilities. AIS, Iridium Communications, and satellites play a vital role in providing reliable communication and tracking services in remote areas.

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Research Analysis

The Maritime Information Market encompasses a range of advanced technologies and services designed to optimize maritime operations and ensure safety and security at sea. Key areas of focus include environment monitoring, ship traffic management, and cargo tracking using satellite communication systems and AI-ML technologies. Maritime information technology plays a crucial role in offshore energy exploration, fisheries management, port management, navigation, and weather forecasting.

Remote areas, such as those in the high seas, benefit significantly from these innovations, enabling real-time monitoring and response to potential issues like human trafficking, collisions, and environmental hazards. AIS and Iridium Communications are essential components of these systems, providing critical data on ship locations and conditions.

The Maritime Information Market encompasses a wide range of data and services essential for effective maritime operations. This includes real-time vessel tracking, port information, weather conditions, navigational charts, and regulatory compliance data. The market caters to various maritime sectors such as shipping, offshore oil and gas, fisheries, and military. The data is delivered through various channels like satellite communication, AIS (Automatic Identification System), and web portals.

The market is driven by the increasing demand for efficient and safe maritime operations, growing global trade, and stringent regulatory requirements. The use of advanced technologies like IoT, AI, and machine learning is transforming the market by providing real-time insights and predictive analytics. The market is expected to grow significantly in the coming years due to these factors.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
• Commercial
• Government
• Application
• MIA
• MIP
• VT
• AIS
• Geography
• Europe
• North America
• APAC
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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