Press release
Marine Big Data Market: Rising Global Trade to Fuel Growth Opportunities
Impacted by strategies adopted by the key market players and various other factors, the global marine big data market is forecast to expand at a robust 21.5% CAGR between 2017 and 2025. At this pace, the market’s valuation will reach US$3,240.5 mn by the end of 2025. Based on component, service segment held larger share in the global marine big data market as compared to software packages as the former offers better affordability. Regionally, Asia Pacific held lead in the global marine big data market as the region boasts the presence of large shipping corporations in South Korea, China, Singapore, and Japan.
Technological Advancements in Marine Sector Push Demand for Marine Big Data
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Shipping is highly regulated and responsible nearly 3% of carbon emissions reported globally. Considering the high dependence of global trade, the shipping industry accounts for a significantly large share of the commercial demand. In the coming years, the industry is likely to navigate through various twists and turns and bear effects of climate change, upcoming regulations, technological advancements, and energy shortages. Also several technological developments are on card for the marine sectors on account of the advent of proliferation of the sensor technology. Against this backdrop, experts are of the opinion that the marine sector is likely to develop at a rapid pace in the coming years. This will in turn create lucrative prospects for the global marine big data market’s growth.
Ship intelligence will emerge as a driving future shaping lucrative prospects for the industry. A staggering volume of data is generated on a daily basis in marine sector. Furthermore, this data is generated from diverse sources and in diverse formats. Big data has therefore emerged as a key solution as it helps discovering correlations between various measurable or unmeasurable criteria. Results thus obtained enables determination of hidden trends and patterns.
Information Provided by Marine Big Data Considered Indispensable for Marine Sector
Marine big data provides forecasts regarding unforeseen hazards be it regarding climate or ecology and helps in decision-making. In addition, marine big data also provides valuable temporal and spatial information, besides data on water attributes such as density, salinity, temperature, and velocity. All these factors will help in growth of the global marine big data market in the coming years. As future of ship intelligence traverses beyond ultra-monitoring and nanotech, the market will welcome a fresh burst of opportunities. Experts are of opinion that in the coming years, bridges will focus on analyzing high level data to efficiently manage navigation and propulsions.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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