Maritime Data Analytics Platform Market: Top Trends and Industry Players
Posted by Kishor on February 21st, 2019
Maritime data analytics refer to the process of collecting, analyzing, and inferring information about shipping activities. Increase in maritime shipping is driving coastal shipping companies to adopt maritime data analytics solutions. According to a report published by Trelleborg, a maritime solutions provider, the maritime industry generates about 100-120 million data points every day, from different sources such as vessel movements and ports. Increase in generation of shipping data, coupled with advancements in big data analytic solutions, provides the shippers with data regarding weather conditions, optimal routes, piracy risks, fuel consumption, etc.
Rise in investments in the maritime industry made by the governments of several economies is expected to drive the growth of the Maritime data analytics platform market globally. Maritime data analytics solutions are being installed on a larger scale in the maritime industry, because of their their characteristics of identifying optimum routes and helping marine authorities reduce the overall cost their maintenance cycles efficiently. Data analytics play a vital role in vessel tracking and management, which has primarily generated significant demand for analytics solutions in the maritime safety sector.
The global maritime data analytics platform market can be segmented based on component, end-user, enterprise size, and region. In terms of component, the market can be divided into software and services. The software/ platform segment can be further divided into predictive analytics, descriptive analytics, prescriptive analytics, and diagnostic analytics. The services segment can be bifurcated into managed services and professional services.
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Professional services can be further classified into consulting, system integration, and operation & maintenance. The managed services segment is estimated to account for the leading share of the maritime data analytics platform market throughout the forecast period. With respect to end-user, the maritime data analytics platform market can be segmented into government and commercial. The government segment is expected to grow significantly during the forecast period due to increase in investment in the maritime industry by the governments of several economies. On the basis of enterprise size, the maritime data analytics platform market can be classified into small & medium enterprises and large enterprises. The large enterprises are expected to hold the maximum share of the maritime data analytics platform market throughout the forecast period.
In terms of region, the global maritime data analytics platform market can be classified into North America, Europe, Middle East & Africa, Asia Pacific, and South America. Currently, North America accounts for the leading share of the global maritime data analytics platform market. This is due to the presence of leading market players in the region. Furthermore, rapid adoption of advanced technological solutions by the companies in the region is contributing significantly to the growth of the maritime data analytics platform market in North America. Canada and the U.S are expected to drive the growth of maritime data analytics platform market in the region due to adoption of advanced data analytics solutions, coupled with rise in investment in research and development activities. Asia Pacific is expected to provide significant lucrative opportunities to the market players operating in the region. Rise in industrialization in the region is also supporting the growth of the maritime data analytics platform market in Asia Pacific.
Analyzing the market trends, it is expected that in the near future the successful companies operating in the maritime data analytics platform market would either merge with large enterprises or outgrow to offer tough competition to the emerging players in the market. Large vendors are estimated to acquire regional system integrators to expand their distribution networks in domestic as well as international markets. Furthermore, rather than general analytics solution, vendors are likely to look more for solutions that can cater to the specific needs of their customers.
Key players operating in the global maritime data analytics platform market include exactEarth Ltd., Maritime International Inc, Laros Inc., Windward Limited, MP Maritime data analytics Corporation, Ericsson Inc., ABB Ltd., Inmarsat PLC., and Spark Cognition Inc.
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About the AuthorKishor
Joined: February 12th, 2019
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