MARITIME ANALYTICS MARKET ANALYSIS

Market Challenges And Opportunities

Global Maritime Analytics Market Drivers:

Rise in digitization in maritime industry to drive the market growth

Recent advancements and digitalization in blockchain, AI, automation, and IoT have become highly important factors for maritime transportation. These solutions help to streamline current procedures, development of fresh commercial opportunities, and alteration of trade geography and supply chains. The digitalization and automation in maritime sector is growing rapidly. Several companies are deploying digital solutions to increase operational efficiency and to boost their competitiveness. Moreover, the adoption of digitization in maritime industry is also to shift toward decarbonization in the industry. These factors in turn are expected to drive growth of the global maritime analytics market over the forecast period.

Growing seaborne trades to fuel the market pace

The seaborne trades are growing all over the world. As per the U.K. Board of Trade report 2022, shipping handles over 95% of all imports and exports in terms of volume from the U.K. and the maritime industry of the country generated over GBP 47 billion in commercial revenue and GBP 17 billion in gross value. Moreover, as per the United Nations Conference on Trade and Development, the COVID-19 pandemic created megatrends that may change maritime transport in the longer term. The pandemic has catalyzed automation and digitalization, which offers cost saving and efficiency. Such megatrends are expected to augment growth of the global maritime analytics market during the forecast period.

Global Maritime Analytics Market Opportunities:

Growing demand for commodities transportation to bring in growth opportunities in the global maritime analytics market during the forecast period. With progressing globalization, the need for commodities transportation has increased significantly. Due to this, marine firms are adopting advanced data processing techniques and predictive analytics for maximizing their productivity and cost savings. These factors are thus expected to create lucrative opportunities in the global maritime analytics market in the coming future.

Rise in use of big data analytics powered by AI in maritime is anticipated to create business opportunities in the global maritime analytics market during the forecast period. The optimization of maritime business is a difficult tasks due to its complexity and sensitivity to various dynamically changing factors. Moreover, the need for sophisticated analytics is growing for avoiding delays and monetary losses, erratic weather patterns, long routes with plenty of checkpoints, and limited alternatives of cargo unloading to handle unstructured and massive volumes of data. Thus, this in turn will generate growth opportunities in the global maritime analytics market.

Global Maritime Analytics Market Restraints:

Growing costs related to complexity to hinder the market growth

The cost of maritime analytics solutions is increasing with growing maritime analytics. As these solutions can be complicated, to make them user-friendly can increase the cost of these solutions. For instance, the user-friendly features such as advanced search function, unique filters, and advanced report management can add into the overall cost of maritime analytics solutions. Moreover, as the platform for these solutions deals with all maritime-related data input sources such as radar, AIS, LRIT, and Sat AIS, the cost of maritime solutions increases significantly. This factor in turn is expected to hamper growth of the global maritime analytics market over the forecast period. However, market players are seeking development of cost-effective solutions with high efficiency to cater the growing demand, which is likely to support the market growth.

Regulations on data collections and data privacy to limit the market growth

Along with several other industries, cyber-attacks are becoming common in the global maritime analytics market. The industry however has stringent regulations for collection of data and privacy of data. Thus, the adoption of maritime analytics is impacted adversely. Moreover, the geolocation difficulties are also expected to hinder the market growth in the coming years.