Press release
Marine Big Data Market to Expand at CAGR of 21.5% During Forecast Period – TMR Insights
Global Marine Big Data Market: SnapshotMarine big data can be described as large amount of data collected by aerial remote sensing, ships, stations, buoys and satellites. In recent years, the data generated and collected by various devices is growing at an overwhelming speed all over the world. In terms of marine sector, countries across the globe have launched observing projects such as Argo, NEPTUNE, GOOS etc. and number of marine observation satellites. As multiple observing techniques and various marine observation systems are deployed into the service, data volume increases, data format becomes diversified which forms marine big data. Only that marine data is valuable which contain specific temporal and spatial information. Factors such as high dimension and periodical data acquisition by various marine observation projects around the world leads to huge volume of marine big data. The global marine big data market is expected to expand at a CAGR of 21.5% during the forecast period 2017 to 2025 and is expected to reach US$ 3,240.5 Mn by 2025.
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Services Segment Held Lead in 2016
The global marine big data market can be segmented on the basis of component, application, data source and region. In terms of component, marine big data market can be divided into software and services. Software segment is further divided into data analytics, data collection, data discovery & visualization and data management. Services segment is further classified into consulting, system integration and operation & maintenance. In 2016, services held the largest revenue share for marine big data market and is expected to retain the largest share throughout the forecast period due to affordability associated with services as compared to software packages.
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On the basis of application, the marine big data market can be segmented into renewable energy, oil & gas, fishery, whale watching, marine protected area, marine traffic, dredging, harbor, offshore construction and others. Due to heavy price competitiveness in the sector, oil & gas held the largest market share in 2016.
In terms of data source, the market can be classified into environmental, oceanographic, geological data, economic and others. Among the data source economic data sources are expected to generate huge data for marine from ships & transportation and logistics industry.
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Asia Pacific Holds Dominance Due to Presence of Large Shipping Corporations
Geographically, marine big data market can be divided into North America, Europe, Asia-Pacific, Middle East & Africa and South America. Asia-Pacific is expected to hold largest share among global marine big data market. Asia-Pacific is also expected to witness highest CAGR during the forecast period as large shipping corporations in Japan, South Korea, Singapore and China are expected to invest heavily in the marine big data market to gain competitive advantage.
Factors such as data transformation has been made possible by the growing application and development of advanced sensor technologies that enable large volumes of engine, fuel, traffic, cargo, weather and other data to be generated and collected on board a vessel which is driving the global marine data market. However, marine big data market witnesses a few challenges in data management including data storage, capture, application and analysis as well as data security which is restraining the growth of global marine big data market. On the other hand, high potential for marine big data in the developing regions such as Asia-Pacific are creating lot of opportunities for the growth of marine big data market.
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