According to the latest report by IMARC Group, titled “Maritime Information Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global maritime information market reached a value of US$ 1.6 Billion in 2021. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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$ 2.9 Billion by 2027, registering a CAGR of 10.1% during 2022-2027.
- 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.
- The competitive landscape of the market has also been examined, with some of the key players being Inmarsat, L3 Technologies, ORBCOMM, Raytheon Company, Thales Group, exactEarth, Iridium Communications.
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