Maritime Analytics Market Report: Size, Share and Outlook by 2031

The maritime analytics sector is projected to expand from US$ 1,077.42 million in 2022 to US$ 2,185.88 million by 2028, reflecting a compound annual growth rate (CAGR) of 13.3% from 2023 to 2028.

In the maritime sector, there is a significant push towards adopting advanced technological solutions aimed at achieving digital transformation, enhancing efficiency, and promoting sustainability. Key technologies driving progress in the global maritime industry include artificial intelligence, big data, blockchain, cloud computing, cybersecurity, digital twins, the Internet of Things (IoT), machine learning, and robotics. Additionally, the increasing collaboration among stakeholders in the maritime industry and technology providers, the growing number of maritime analytics solution vendors, investments in big data infrastructure by maritime companies, and the rise of funding opportunities in Europe and the Asia-Pacific region are expected to further stimulate the maritime analytics market in the coming years.

Constant monitoring and tracking of ship locations is crucial in the maritime industry. This ongoing tracking helps reduce collision risks and simplifies navigation for vessels. The demand for analytics is being driven by the need for continuous tracking, which positively influences the maritime analytics market. The integration of IoT within the maritime sector facilitates the efficient collection of location data and enables the monitoring of various parameters such as machine conditions, emissions, structural integrity, and propulsion metrics. This level of transparency allows businesses to quickly identify and address bottlenecks. For instance, Wattson Elements in France has created connected ports for vessels, while LuxC in Denmark enhances vessel safety through collision avoidance and near-shore navigation systems.

The anticipated growth of the maritime analytics market during the forecast period is expected to be significantly influenced by the adoption of advanced technologies like AI, IoT, and blockchain.

Effects of the COVID-19 Pandemic on the Maritime Analytics Market

The global maritime industry faced significant challenges due to the COVID-19 pandemic. The temporary halting of maritime trade and restrictions on supply and demand led to a decline in revenue for the marine sector. In North America, early 2020 saw disruptions in air freight and maritime shipping, resulting in canceled flights and sailings, container shortages, and delays at ports. These disruptions were particularly severe for U.S. imports from Northeast Asia.

Nevertheless, as the maritime industry began to recover, a positive trend emerged. For example, in 2020, despite various safety measures implemented to control the virus's spread, many ports in Commonwealth South Asia remained operational. There was a notable increase in the adoption of digital technologies and a shift towards electronic documentation over traditional paper formats. The resumption of maritime operations is expected to bolster the growth of the maritime analytics market.

Germany's strong focus on foreign trade significantly supports its maritime sector. Although the maritime industry contributes a smaller share to the overall economy compared to the automotive and manufacturing sectors, Germany boasts a robust infrastructure backed by advanced technology and shipbuilding capabilities. As one of the world's most technologically advanced economies, Germany has played a crucial role in the early adoption and integration of analytics-driven solutions within the maritime industry. These factors are likely to have a favorable impact on the maritime analytics market.

The overall size of the maritime analytics market has been determined through a combination of primary and secondary research methods. The research process commenced with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the maritime analytics market. This approach also aimed to provide an overview and forecast of the market size across various segments. Furthermore, numerous primary interviews were conducted with industry participants to validate the findings and gain deeper analytical insights. Participants included vice presidents, business development managers, market intelligence managers, national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the maritime analytics field.