Vessel Tracking Market Higher Mortality Rates by 2028
Nowadays, marine transport is the best means of transportation and travelling. Every day, thousands of containers arrive at seaports from countries all around the world. Vessel tracking helps in the collection of equipment, which enables marine and naval vessels to track, identify, and monitor a ship’s position and location. Vessel tracking plays a very important role by enabling long-range connectivity, not only between ships and the coast guards of different nations, but also with other ships. To provide better service regarding vessel tracking systems, the Internet plays a very important role in managing connectivity. There are many methods to conduct vessel tracking, and the most common method is Global Positioning System (GPS) because of its own unique feasibility. GPS has changed the way the world operates, especially when it comes to airplane, marine, and vessel tracking systems. Global positioning systems provide the fastest and most accurate methods for vessel tracking to navigate, measure speed, and determine locations. Vessel tracking is important in many ways, such as, it enables increased levels of safety and efficiency for mariners around the world.
Vessel tracking is also coupled with geographic information systems (GISs) to provide efficient management and operation of automated container placements. A vessel tracking system is used as a transmitting and receiving interference between ships and coast guards. Vessel tracking is useful as it prevents on-board collisions. Vessel tracking systems help ships to alter their routes whenever and wherever needed.
Global Vessel Tracking Market: Drivers and Challenges
As technology is transforming in a smarter ways, connected devices in vessel tracking are playing an important role by providing centralized access to multiple electronic devices, and also have a proactive approach to energy saving. The primary factor which is driving the vessel tracking market is the growing demand for efficient logistics throughout the world. The growth of the vessel tracking market is being boosted due to the rise in the number of travellers through marine transportation. The defense organisations of different nations are also using vessel tracking systems for security and other purposes. These are the primary factors which are increasing the growth of the vessel tracking market throughout the world.
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Vessel tracking is adopted by many end users to keep track of their vessels at sea. But there are some challenges which are faced by these users. In seaports or at any other crowded areas, bandwidth becomes congested with competing signals that interfere with each other. Because of this congestion, an individual vessel may show or drop off the map. Also, drop outs, noise, false locations, and identity mistakes are a few more challenges which are hindering the growth of the vessel tracking market.
Global Vessel Tracking Market: Segmentation
The vessel tracking market can be segmented into platform, end user, and region.
Segmentation of the vessel tracking market by platform:
Segmentation of the vessel tracking market on the basis of end user:
Global Vessel Tracking Market: Competition Landscape
A few of the participants in the vessel tracking market are Big Ocean Data, Orbcomm, Inc., S.A. Group, Echol Tech Pte Ltd., L-3 Communication Holding Ltd., Wartsila OYJ ABP, CNS Systems AB, Raytheon Company, and Harris Corporation.
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Global Vessel Tracking Market: Regional Overview
On the basis of geography, North America is expected to capture the largest vessel tracking market share, owing to well-developed vessel tracking software developing companies, and also due to the presence of various innovative technologies in the region. Europe and MEA are also expected to gain substantial market share due to the introduction of new technologies and applications. APAC is expected to be the fastest-growing vessel tracking market, owing to government initiatives being taken towards the improvement of technologies by emerging economies such as India and China.
The vessel tracking markets in Latin America and Japan are also expected to witness high growth rates in the coming period, due to an increase in the demand for new technologies in the transportation industry.
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