The global marine telematics market size reached US$ 13.71 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 41.76 Million by 2028, exhibiting a growth rate (CAGR) of 20.60% during 2023-2028. The rising international sea trade activities worldwide, strict marine safety norms, and escalating demand for fleet safety and security in the transportation of goods through commercial vessels represent some of the key factors driving the market.
Marine telematics refers to advanced systems that record information about water vessels and process, store, and send the data through telecommunication devices to streamline operations. This technology comprises various software solutions and hardware devices installed into ships that aid in controlling and tracking marine vessels. It relies on wireless voice and data communication systems with core functions, such as vessel tracking, emergency aid warning notification, system monitoring, stolen vehicle recovery, and other features. It assists in obtaining real-time data, including GPS position, accelerometer, speed, and fuel consumption of vessels, that is later processed at the data center. It also accesses and communicates updated information such as water temperature, pollutants, tanker fuel levels, equipment functioning, and other ship-related data to the concerned authorities. This information can be easily accessed via a mobile application or internet tracking software to track vessels in real-time. As a result, marine telematics finds extensive applications across the boating, shipping, recreational fishing, and commercial fishing industries.
Marine Telematics Market Trends:
The rising number of container ship transportation and increasing international sea trade activities have augmented the demand for tracking features to ensure operational safety. This, coupled with the implementation of strict marine safety norms by governing authorities of various nations, represents the primary factor driving the market growth. Moreover, the surging need for vessel monitoring, fuel management, and vehicle diagnoses has accelerated the adoption of marine telematics. In addition, the rising trend of automation in the maritime transportation sector and the growing need for improved driver and vessel safety are creating a favorable outlook for the market. Besides this, the escalating demand for fleet safety and security in the transportation of goods through commercial vessels and the increasing number of accidents have strengthened the need for monitoring solutions that can send an SOS message along with the coordinates of vessel location. Furthermore, the leading players are introducing innovative marine telematics systems integrated with novel technologies, such as artificial intelligence (AI), the Internet of Things (IoT), advanced navigation systems, and GPS, to enhance ship operations. In line with this, the increasing applications of marine telematics for entertainment, automatic crash notification, and navigation purposes have propelled market growth. Other factors, including the emerging trend of connectivity solutions, rapid developments in the maritime industry, elevating levels of digitization in the transportation sector, improving internet connectivity, and technological advancements, are also providing a positive thrust to the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global marine telematics market, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on component and application.
- Safety and Security
- Information and Navigation
The report has provided a detailed breakup and analysis of the marine telematics market based on the component. This includes hardware, software, and service (safety and security, information and navigation, entertainment, and diagnostics. According to the report, hardware represented the largest segment.
- Passenger Ships
A detailed breakup and analysis of the marine telematics market based on the application has also been provided in the report. This includes commercial, passenger ships, and defense. According to the report, commercial accounted for the largest market share.
- North America
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest market for marine telematics. Some of the factors driving the North America marine telematics market included the surging need for sea trade and maritime defense, rising volumes of shipping traffic and loss incidents, growing focus on improved vessel and driver safety, etc.
The report has also provided a comprehensive analysis of the competitive landscape in the global marine telematics market. Detailed profiles of all major companies have also been provided. Some of the companies covered include Applied Satellite Technology Ltd, Cybernetica AS, Ki2 Infotech, Metocean Telematics, Navis (Accel-KKR), Sentinel Marine, Technoton, Traxens, Verizon, Viatrax Automation Corporation, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
|Base Year of the Analysis
- Service: Safety and Security, Information and Navigation, Entertainment, Diagnostics
||Commercial, Passenger Ships, Defense
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Applied Satellite Technology Ltd, Cybernetica AS, Ki2 Infotech, Metocean Telematics, Navis (Accel-KKR), Sentinel Marine, Technoton, Traxens, Verizon, Viatrax Automation Corporation, etc.
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Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the marine telematics market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global marine telematics market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the marine telematics industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.