Maritime information: Key market research findings
- Subscription-based VAS drives market growth
- The maritime information analytics accounts for a majority of the market’s revenue
- Key vendors – exactEarth, Inmarsat, Iridium Communications, ORBCOMM, and Thales Group
Technavio’s market research analysts predict the global maritime information market to grow at a CAGR of over 9% between 2016 and 2020. The large customer base availing subscription-based value added services (VAS) is the primary driving force behind growth in this market. With the availability of VAS, companies can easily grow and retain their customer base by delivering high-quality service levels. Some of the customers include the African Maritime Safety Authority, Argentina Coast Guard, Argentina Navy, Australia Maritime Safety Authority, Canadian National Department of Defense, South US Coast Guard, and US Border Protection. During 2015, the EMEA dominated the global maritime information market by accounting for a market share of around 45%. The increasing use of maritime information for vessel monitoring activities coupled with the growing demand for maritime information as a result of national conflicts are factors that will contribute to the maritime information market in EMEA during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the maritime information segments based on the application.
“The improvement of real-time visibility and decision-making using AIS data is an ongoing trend in the market. Automatic identification system (AIS) provides information about vessels to assist vessel traffic control functions in overcrowded ports and waterways. The automation of AIS data provides benefits, including increased levels of information about vessel location and trajectory to enable safer waterway operations, efficient lock operation and lead times, and increased shipping efficiencies for managed waterway traffic,” says Rakesh Panda, Lead Analyst, ICT, Technavio Research.
The global maritime information market by maritime information analytics dominate the market in 2015 with a market share of around 41%. The maritime information analytics segment comprises of aerospace and defense firms, data analysis software and solutions providers, and geographic information system providers. The applications in this market comprise of vessel monitoring and reporting on illegal activities. The increasing number of vessels across the globe is expected to boost growth in this segment of the market by 2020.
The key vendors in the market include exactEarth, Inmarsat, Iridium Communications, ORBCOMM, and Thales Group. The global maritime information market is highly competitive owing to the presence of well-established vendors in the market. The competition is likely to intensify with the development of advanced digital signal processing features and data analytics solutions. Companies operating in the satellite market can enter the maritime information market with the support of data aggregation capabilities, which would further intensify the competition. In order to gain a competitive edge over other players, vendors must re-evaluate and optimize their global footprint network, in-house manufacturing capabilities, product offerings, and investments in R&D.
A more detailed analysis is available in the Technavio report, Global Maritime Information Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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