Maritime Analytics Market Growth Scenario with 10% of CAGR by 2027 - Global Industry Overview By Size, Share, Trends, CAGR Status, Future Opportunities

According to our latest market study on “Global Maritime Analytics Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Application (Optimal Route Mapping, Predictive and Prescriptive Analytics, Pricing Insights, Vessel Safety and Security, and Others) and End User (Commercial and Military), and Geography,” the global maritime analytics market was valued at US$ 894.28million in 2019 and is expected to reach US$ 1,833.50 million by 2027; it is estimated to grow at a CAGR of 10.0% during 2020–2027.The report highlights key factors driving the market growth, and prominent players and their developments in the market.

In today’s digital age, the competition in various industries including maritime industry is very high and companies are continuously investing in solutions that could help them enhance operational productivity while reducing the overall costs. Hence, the demand for advanced solutions such as maritime data analytics has been growing at an impressive pace among commercial shippers and other end users.

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In shipping industry, big data issued to manage sensors on the ship and to perform predictive analysis to avoid any delays and to increase efficiency. Enhanced decision making owing to insights obtained by big data is actively being implemented to avoid and predict additional cost and it can be utilized across the ship’s lifecycle. Hamburg Port (Germany), Port of Cartagena (Columbia), Port of Rotterdam (The Netherlands), and several ports in South East Asia are actively using big data analytics solutions for their port and terminal operations. In June 2020, Windward, a maritime analytics company announced a new partnership with BP Shipping. Under this partnership, the company will deliver behavioral analytics data and other related insights to help BP Shipping in digitizing its trade practices related to sanctions compliance.

Impact of COVID-19 Pandemic on Maritime Analytics Market

Increasing number of confirmed cases and reported deaths due to COVID-19 in the country has affected businesses across all industries. Maritime analytics solutions offer various benefits that can help shipping companies efficiently manage their operations and achieve cost savings. These solutions are anticipated to help companies in regaining their profits. Hence, the demand for these solutions might not get impacted from the impact of COVID-19 to the extent that the maritime industry is facing. The crisis will have a low to medium impact on the maritime analytics market growth, depending on the situation in specific countries.

Strategic Insights

The players operating in the maritime analytics market focus on strategies,such as mergers and acquisitions, product development, and market initiatives,to maintain their positions in the market. A few developments by key players are listed below:

In 2020,Spark Cognition declared the expansion of their relationship with BP, to install AI predictive analytics in service of enhancing reliability and reducing carbon footprint in their operations.

In 2020, ABB Ltd. and DNV GL signed a new MOU to accelerate digitalization in the maritime industry. The MOU is expected to see ABB and DNV GL work together on a “Digitalization Roadmap”, for examining how the maritime industry can get benefited from the interconnectivity of systems, greater availability of data, data analysis, and new technologies such as AI and machine learning.

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