Marine Information Market size was valued at US$2,808.87 million by 2028, from US$1,882.01 million in 2021
it is expected to grow at a CAGR of 6.2% over the period 2021-2028. Digital technologies are increasingly being used in maritime operations, processes and business models to increase efficiency and safety and reduce costs.
New York, Nov. 16, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Maritime Information Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Platform, Application, and End-User” – https:/ /www.reportlinker.com/p06362985/?utm_source=GNW
Digital transformation has become essential for the long-term profitability and competitive advantage of any business.
Businesses around the world are embracing digitalization to improve internal operations and increase productivity and revenue. The marine industry is also going through a paradigm shift due to changing business models, technology adoption, cost structures and increased competition.
Creating new business models, digitizing fundamental processes and applying analytics for better decision-making are some of the important aspects of digital transformation in the maritime sector. Businesses use maritime information to improve day-to-day activities such as cargo routing, cargo handling, port operations, ship deployment and empty repositioning.
Process improvement, high operational efficiency, cost reduction and minimization of human errors are driving the demand for digital solutions in the global maritime sector. As a result, the demand for digital solutions, such as marine information, is expected to rise in the global marine information market size in the coming years.
North American countries such as the United States and Canada are expected to provide several growth opportunities for maritime information solution providers over the forecast period. Moreover, the emerging trend of Industry 4.0 is encouraging the use of new technologies such as Internet of Things (IoT), Artificial Intelligence (AI) and Big Data in the maritime industry. As a result, growing automation trends in the region and growing integration of new technologies in the maritime industry are driving the demand for maritime information solutions.
The growth of the European maritime information market is driven by the growing trend towards digitalization in the shipping industry. Due to the competitiveness of the industry and growing customer needs, digital transformation has become a necessity for European businesses to gain competitive advantage and long-term success.
Players operating in the maritime industry in the region use maritime information to improve their routine operations, such as port operations, cargo handling, vacancy repositioning, ship deployment and cargo routing.
Due to the growth of the maritime industry and technological advancements, Asia-Pacific suppliers are attracting new customers and expanding their footprint in emerging markets. The integration of digital technologies into maritime processes, operations and business models to improve productivity, enhance safety and reduce operating costs has increased.
Hence, various benefits of digital solutions such as cost reduction, high operational efficiency and prevention of human errors. China’s growing investment in domestic and foreign shipping has been a major driver of China’s maritime information growth.
With the growing group of shipping ports, China is one of the leading producers of marine equipment which produced 96% of the world’s shipping containers, 80% of the world’s ship-to-shore cranes and 48% of shipbuilding orders in the world in 2020. Based on the Naval Intelligence report, China has now overtaken the United States as the world’s largest navy in terms of the total number of warships.
Hence, the booming maritime industry and growing number of naval fleets are expected to propel the growth of the maritime information market over the forecast period.
Key players profiled in the Maritime Information Market study are BAE Systems Plc, Spire Global, Iridium Communications Inc, L3Harris Technologies Inc, Lockheed Martin Corp, ORBCOMM Inc, Saab AB, Thales Group, Windward Ltd, Northrop Grumman Corp , Polestar, Oneocean, Fujitsu Limited and Siemens AG. The Marine Information Market report provides in-depth information about the market which helps key players to build growth strategy in the coming years.
Ongoing developments in maritime information technologies are strengthening the maritime information market share. For example, in August 2021, Lockheed Martin entered into agreements with key Greek industrial partners, supporting the Hellenic Navy modernization program.
They will allow the Greek-American industrial team led by Lockheed Martin to quickly begin work on the program. At the same time, the agreements will expand Greek job opportunities in several specialties of the maritime industry and support efforts to recapitalize Greek shipyards.
This work will include testing, maintenance, combat systems integration and shipboard modernization.
The marine information market is segmented on the basis of platform, application and end user. Based on the platform, the maritime information market share is divided into land and vessel.
Based on application, the market is segmented into fleet management, vessel tracking, and maritime security. Based on end-user, the market is divided into commercial and government.
The marine information market is segmented into five major regions: North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America (SAT). In 2021, Europe led the market with the largest share, followed by North America.
Additionally, Asia-Pacific is expected to register the highest CAGR in the maritime information market from 2022 to 2028.
Read the full report: https://www.reportlinker.com/p06362985/?utm_source=GNW
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