COVID-19 IMPACT ANALYSIS ON THE GLOBAL MARITIME ANALYTICS MARKET
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360-degree analysis of micro and macro-economic factors in the global maritime analytics market. In addition, complete analysis of changes in the global maritime analytics market expenditure, and economic and international policies on the supply and demand side. The report also studies the impact of pandemics on global economies, international trade, business investments, GDP, and marketing strategies of key players present in the market Further, in the case of COVID-19, Europe is highly affected especially the UK. Due to the COVID-19 outbreak, the trade activities in Europe marine routines have been severely disrupted due to 30% to 60% of outbound shipping capacity withdrawn. Maritime shipping helps in moving around 75% of Europe’s external trade and around 30% of internal transport of goods in the region.
MARKET OVERVIEW- EUROPE MARITIME ANALYTICS MARKET
The increasing use of algorithms and predictive analytics in the shipping sector and the growing trend of digitalization and automation are propelling the growth of the maritime analytics market across the world. Maritime analytics software or platforms provides numerous key benefits such as superior performance, improved productivity, cost savings, improved safety, and valuable perceptions associated with several parameters for stakeholders involved in the maritime and shipping industry. In addition, the Europe shipping industry is emerging at a rapid pace due to changes in the technology landscape, the rise in trade across countries, and growth in the worldwide economies and geopolitical situations. These factors pose numerous opportunities for players operating in the industry.
MARKET DRIVERS
The Europe Maritime Analytics market is driven by advantages such as productivity, cost reduction, etc. is expected to create demand for upgraded maritime operations through data analytics, which is further anticipated to drive the Europe maritime analytics market. In today’s digital age, the competition in various industries including the maritime industry is very high and companies are continuously investing in solutions that could help them in enhancing operational productivity while reducing the overall costs. Hence, the demand for advanced solutions such as maritime data analytics has been growing at an impressive pace among commercial shippers and other end users.
MARKET OPPORTUNITIES
The market is expected to have a new opportunity in the Europe shipping industry, big data is being used to manage sensors on the ship and to perform predictive analysis to avoid any delays and increase efficiency. The enhanced decision-making owing to insights obtained by big data is actively being used to avoid and predict costly issues and it can be utilized across the ship’s lifecycle from manufacturing to operation. With the growing globalization level, the demand for goods transportation will grow substantially in the coming years. Hence, the demand for advanced data processing techniques will also rise among maritime companies to maximize time efficiency and cost savings.
MARKET RESTRAINTS
The market has major restraining factors like a lack of skilled workforces to handle and operate maritime automation systems. Maritime Analytics being an advanced machine can significantly include investment and maintenance costs and this factor is expected to act as a hurdler for the market growth over the forecast period. Besides, the lack of a skilled workforce is another factor restraining the market growth.
MARKET GROWTH CHALLENGES
Growing issues pertaining to piracy in Maritime Automation Systems hampered the growth of the market to a major extent which has created a major challenge for the market growth. The attacks on vessels by pirates have been increasing over the past 15 years. Piracy attacks are less in the Gulf of Aden and the Indian Ocean compared to other West African marine routes. However, these are longer routes and cost more fuel. The extra fuel cost has to be borne by the customers. To reduce this, maritime safety has to be strengthened in areas where there are major risks of piracy. Currently, the creation of a global database on maritime piracy is in progress. Some technologies and solutions can analyze piracy networks. This will help the countries to identify and arrest individuals involved in maritime piracy, which could hamper the market growth.
CUMULATIVE GROWTH ANALYSIS
The report provides an in-depth analysis of the Europe Maritime Analytics market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With the increasing demand for various Maritime Analytics in various applications has led to the increasing demand for the market and is expected to witness growth at a CAGR at specific CAGR from 2021-2028.
MARITIME ANALYTICS MARKET SEGMENTAL OVERVIEW
The Europe Maritime Analytics market comprises different market segments like type, services type, end users and Country.
MARITIME ANALYTICS MARKET BY Type
By type, Maritime Analytics includes key segments of
- Fleet Management
- Voyage Operations
- Predictive and Prescriptive Maintenance
- Route Mapping
- Others
The fleet management segment dominated the market in 2021 and is expected to maintain its dominance during the forecast period. Maritime analytics solution uses the power of machine learning and AI to model normal at-sea performance, identify deviations, and eventually mitigate equipment failures with adequate lead time to plan comprehensive and timely fleet maintenance. In addition, maritime analytics solution allows shipping personnel to prototype fleet management use cases and extremely precise predictive machine learning models with depth, speed, and accuracy which are not available in traditional methods.
MARITIME ANALYTICS MARKET BY Service Type
The Maritime Analytics market has major service types in
- Managed Services
- Professional Services
Based on service, for the maritime analytics market, the managed service holds the major share in the market, since managed service helps the end-users in numerous ways, such as, with the help of managed services, the entire network can be managed and proper operations of the maritime analytics can be also ensured. Also, it is a cost-effective solution for the end-users with less capital and manpower. Moreover, the managed services providers assist the end-users with 24 hours dedicated team which takes care of the smooth functioning of the system and helps in the efficient use of the system.
MARITIME ANALYTICS MARKET BY END USERS
The Maritime Analytics market has major end users like
The commercial segment dominated the market in 2021 and is expected to maintain its growth at a considerable growth rate. The commercial marine includes offshore, inshore, coastal zone, and short sea commercial marine businesses. The swift adoption of analytics in commercial maritime is propelled by the growing demand for digitalization and optimized cost efficiency. Besides, owing to several advantages offered, such as enhanced performance, productivity, safety, and commercial benefits, which includes optimal route mapping in case of extreme weather, are uplifting the maritime analytics market in Europe..
MARITIME ANALYTICS MARKET BY COUNTRY
The Europe Maritime Analytics market is studied for the following region
- U.K.
- France
- Germany
- Italy
- France
- Spain
- Rest of Europe
UK is considered to be the dominating market owing to rapid industrialization in this region due to which the demand for international trade is increasing rapidly with the help of the marine sector and creating the demand for maritime analytics. Companies across Europe are embracing digitalization to transform their business processes for achieving high operational throughput and increasing their profits. The maritime industry is no exception to this trend and it is presently going through a paradigm shift with evolving business models, technology adoption, changing cost structures, and increasing competition levels.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of the Maritime Analytics market is majorly focused on expanding the Europe growth of Maritime Analytics with new product innovation, business expansion, and the increasing presence of a range of manufacturers operating in Maritime Analytics has led to the growing demand for the market. Besides, the market offers a range of products in different applications to fulfill the required demand of consumers which is further contributing to healthy growth in the market.
The key players studied in the market are
- ABB Ltd.
- exactEarth Ltd.
- Itransition
- Planet Labs Inc.
- Prisma Electronics SA
- ShipNet
- SINAY SAS
- Spire Global
- Windward Ltd.
RECENT DEVELOPMENT:
November 2021: ABB is a Swiss automation company that has unveiled a new technology. ABB Ability OneBox is a Marine Signals Monitoring (OneBox), which is used for gathering and recording performance data on board vessels. The signals of the solution are sent from shipboard sensors to Cloud infrastructure, which allows ship-owners to access insights for evaluation.
