MARITIME ANALYTICS MARKET ANALYSIS

Maritime Analytics MarketSize and Trends

The global maritime analytics market size was valued at US$ 1,120.1 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 13.91% from 2023 to 2030. This is primarily driven by the rising adoption of Maritime Analytics in the shipping industry and the growing number of vessels in the industry. In addition, the rising usage of waterways for transport and the rise in the middle-income discretionary income are some of the other factors boosting the growth of the market. The increasing adoption of big data technology in the shipping industry is also boosting the market growth.

Global Maritime Analytics Market Trends:

Penetration of Internet of Things (IoT) at sea is a recent trend

Internet of Things refers to networking of devices including cars, machinery, structures, and other things, with the internet or other systems. In maritime sector, IoT will remain a crucial component, as it offers various benefits. The adoption of IoT at sea is increasing all over the world with increase in technological development in maritime sector. The use of IoT in turn generates large amount of data, for which companies require analytics solutions. Thus, this trend is expected to continue in the global maritime analytics market over the forecast period.

Use of edge computing is a growing trend in the market

To develop a secure, quick, and dependable internet, it will majorly require edge computing, as the IoT continues to expand and the need for connectivity increases. Edge computing in maritime industry is used for processing data close to the location where it is created for decreasing latency, increase efficiency, and reduce circumvent bandwidth restrictions. Thus, growing use of edge computing in the industry is expected to support growth of the global maritime analytics market over the forecast period.

Figure 1: Global Maritime Analytics Market Share (%), By Region, 2022