The Global Maritime Analytics Market Growth Is Accelerated By Adoption Of Intelligent Decision Making Tools

 Maritime Analytics Market 

Maritime analytics involves the use of data analytics tools and solutions to help improve the efficiency of maritime operations. Maritime analytics tools aid in route optimization, fuel management and emissions monitoring, cargo and fleet management, and preventive maintenance. These tools utilize data collected from various vessels, ports, and other maritime infrastructures to help optimize operations while ensuring regulatory compliance. The global Maritime Analytics Market is estimated to be valued at US$ 1275.91 Bn in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Adoption of intelligent decision-making tools utilizing machine learning and artificial intelligence has been one of the key trends spurring growth of the maritime analytics market. These advanced analytical tools are capable of processing vast streams of maritime data in real-time to provide insights and recommendations to optimize fleet and supply chain operations. For instance, AI and machine learning powered route optimization tools analyze parameters like weather conditions, vessel specifications, cargo load etc. to determine the most cost-effective and fuel efficient routes. Similarly, predictive maintenance tools use past performance data to predict equipment failures and schedule maintenance activities accordingly to prevent unexpected breakdowns. As maritime operators look to improve efficiencies and reduce costs, investments in such advanced analytics solutions continue to rise steadily over the forecast period.
Segment Analysis
The global maritime analytics market is dominated by vessel performance segment, which captured over 30% of the total market share in 2023. A major factor driving the growth of this segment is the ability of maritime analytics to help vessel operators enhance their operational efficiency through real-time tracking and monitoring of vessels and cargoes. Maritime analytics solutions provide actionable insights on vessel performance metrics such as fuel consumption, speed optimization, emission levels etc. This helps ship owners and operators reduce operating costs and improve revenue streams.

Key Takeaways
The global Maritime Analytics Market Growth is expected to witness high growth during the forecast period of 2023 to 2030. Regional analysis showed that Asia Pacific region dominated the market in 2023 with a share of over 35%, primarily driven by countries such as China, Japan and Singapore. The region is expected to continue its dominance owing to growing maritime trade and strong presence of key players.

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. Windward Limited captured the largest market share of about 15% in 2023 led by its strong product portfolio and global customer base. The company is focused on expanding its footprint in high growth regions through partnerships.

For more insights, read- https://www.ukwebwire.com/maritime-analytics-market-trends-size-and-share-analysis/