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Global Maritime Information Market to Reach US$ 2,101 Million by 2024, Supported by Rising Trade Activities

According to the latest report by IMARC Group, titled “Maritime Information Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global maritime information market size reached US$ 1,262 Million in 2018. Maritime information refers to a set of services that provide vital information and data required for understanding the events occurring in marine transportation. It is composed of advanced integrated technology, which is ideal for monitoring and surveillance purposes. The information gathered through these solutions helps control and manage the traffic on sea routes. The maritime information industry started in the 1950s with the introduction of containerization, such as car carriers, liquefied petroleum gas (LPG) tankers, or bulk carriers. With the growing sea trade and globalization, demand for maritime information has increased and the industry is witnessing technological advancements that have enabled the provision of real-time data.

Global Maritime Information Market

Global Maritime Information Market Trends:

The growth in the industry can be attributed to a rise in trade activities amongst various countries led by rapid globalization and relaxation of trade laws. There are multiple benefits associated with maritime information systems, such as superior connectivity between the port and other ships and national territory protection. On account of these advantages, the market has been witnessing a buoyant demand from several end use industries. Besides this, the data collected from maritime information systems is highly useful in the commercial sector for analyzing the trade pattern and determining optimal routes and speed. This rise in demand has led operators to adopt advanced technologies for offering accurate data. Owing to these factors, the market value is projected to reach US$ 2,101 Million by 2024, registering a CAGR of 8.7% during 2019-2024.

Market Summary:

  • On the basis of the application, the market has been segmented into maritime information analytics, maritime information provision, vessel tracking, and automatic identification system (AIS). Amongst these, maritime information analytics represent the most popular application segment.
  • The market has been bifurcated on the basis of the end user, which consists of government and commercial. Currently, these systems are mostly employed by the commercial sector, which is further segmented into port management, business intelligence, commercial fishing, commercial shipping, hydrographic and charting, commercial offshore, and others.
  • On the geographical front, Europe represents the largest market for maritime information, accounting for the largest market share. This growth is led by the significant role played by the marine sector for providing employment and income for the European economy. Europe is followed by North America, Asia Pacific, Middle East and Africa, and Latin America.
  • The competitive landscape of the market has also been examined, with some of the key players being Inmarsat Global Limited, L3Harris Technologies, Inc., ORBCOMM Inc., Raytheon Company, Thales Group, exactEarth Ltd., and Iridium Communications Inc.

 

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