Vessel Monitoring System Software Market Size, Trends and Growth Analysis by 2027

The vessel monitoring system software market was valued at approximately US$ 457.29 million in 2019 and is projected to expand at a compound annual growth rate (CAGR) of 12.8% during the forecast period, ultimately reaching US$ 1168.85 million by 2027.

Governments worldwide are progressively increasing their defense and border control budgets each year due to the escalating threats to national security. This has led to a heightened demand for tracking illegal fishing activities, the movement of goods, individuals, and contraband materials. Furthermore, the incorporation of cutting-edge technologies such as artificial intelligence (AI) and machine learning (ML) into advanced vessel monitoring system software is on the rise, providing enhanced insights for research and development initiatives. Notably, the application of vessel monitoring systems extends beyond maritime vessels; they can be integrated with various surface or airborne vehicles, including drones.

Vessel monitoring systems are equipped with a range of technologies, including GPS antennas and receivers, computers, and transmitters. These components not only assist vessel operators in navigating through seas and waterways but also enable governmental and border security agencies to monitor traffic and movements within their territories.

Moreover, vessel monitoring system software empowers authorities to identify vessels engaged in illegal fishing within restricted areas or during prohibited times. It also aids in detecting and tracking unauthorized or unidentified vessels that may be infringing on national borders. With ongoing technological advancements, vessel monitoring systems are now integrated with features such as surface temperature monitoring, traffic and collision management, satellite communications, and real-time weather forecasting, allowing vessel operators to optimize and enhance their operational efficiency. Consequently, the increasing necessity for tracking unauthorized activities is a significant factor driving the growth of the vessel monitoring system software market throughout the forecast period.

The vessel monitoring system software market is categorized based on vessel type and application. In terms of vessel type, the market is divided into fishing vessels and other categories. The fishing vessel segment accounted for the largest share of the overall vessel monitoring system software market during the forecast period. Regarding application, the market is further segmented into fisheries management and other applications. In 2019, the fisheries management segment held a substantial share of the global vessel monitoring system software market.

The onset of the COVID-19 pandemic in 2019 caused significant disruptions across various industries. The rapid spread of the virus prompted governments worldwide to implement stringent restrictions on the movement of people and vehicles. These lockdown measures resulted in decreased production of goods and commodities. Consequently, players in the vessel monitoring market experienced a slowdown in volumes, primarily due to production facilities operating with reduced workforce capacities. This situation adversely affected the vessel monitoring system software market.

The overall size of the vessel monitoring system software 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 market. This approach also aimed to provide an overview and forecast for the vessel monitoring system software market across all segments. Additionally, it offers insights and forecasts for the global vessel monitoring system software market segmented by five major regions: North America, Europe, Asia Pacific, Middle East and Africa, and South America. Primary interviews were conducted with industry participants and commentators to validate the data and gain deeper analytical insights into the subject matter. Participants typically involved in this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the vessel monitoring system software market.

Key players in the global vessel monitoring system software market include Applied Satellite Technology Ltd, Beijing Highlander Digital Technology Co., Ltd., BlueTraker, CLS Fisheries, ORBCOMM Inc, Orolia Maritime, Satlink S.L., ShipNet, SRT Marine Systems plc, THINKmarine Co., Ltd., Trackwell, Visma, and W?rtsil? Corporation, among others.