Enjoy complimentary customisation on priority with our Enterprise License!
The maritime information market size is projected to increase by USD 1.04 billion at a CAGR of 9.55% between 2024 and 2028. Adherence to stringent regulations is paramount, driving the need for compliance among maritime stakeholders. The market witnesses a surge due to the rising demand for operational efficiency, propelled by advancements in machine learning and data science. Integration of AISs (Automatic Identification Systems) into maritime information solutions fuels market expansion, enhancing navigational safety and efficiency. However, challenges persist, including the high cost associated with implementation and industry's reluctance to adopt new systems. Additionally, stringent rules and regulations pose hurdles, necessitating innovative approaches to ensure compliance while maximizing operational efficiencies. Overcoming these challenges requires a concerted effort to strike a balance between regulatory compliance and technological advancement, fostering sustainable growth in the maritime industry.
The market growth and forecasting report includes key player's detailed analyses of the competitive landscape of the market and information about 20 market companies, including BAE Systems Plc, Elbit Systems Ltd., Garmin Ltd., Inmarsat Global Ltd., Intelsat US LLC, Kongsberg Gruppen ASA, L3Harris Technologies Inc., Lockheed Martin Corp., Maritec Solutions, Maxar Technologies Inc., Nisshinbo Holdings Inc., Northrop Grumman Corp., ORBCOMM Inc., RTX Corp., Saab AB, Singapore Telecommunications Ltd., Spire Global Inc., Teledyne Technologies Inc., Thales Group, and Windward Ltd.
For More Highlights About this Report, Download Free Sample in a Minute
The market share growth by the commercial segment will be significant during the forecast period. The segment includes port management, commercial shipping, hydrographic and charting, business intelligence, commercial fishing, and commercial offshore.
Get a glance at the market contribution of various segments Download the PDF Sample
The commercial segment showed a gradual increase in the market share of USD 704.50 million in 2017 and continued to grow by 2021. The growing need to protect maritime resources from advanced security threats is encouraging marine companies to adopt solutions. Companies are outsourcing information management to specialized service providers. This results in high-spending solutions, which will boost the growth of the global market during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
Europe is estimated to contribute 43% to the growth of the global market during the forecast period. Technavio's analysts have provided extensive insight into the market forecast, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period.
European ports are adopting maritime surveillance to ensure safety and maintain efficient operations. For instance, the European Maritime Safety Agency (EMSA) provides SafeSeaNet, a comprehensive maritime surveillance, vessel traffic monitoring, and information system. This system enhances maritime safety, port and maritime security, marine environment safety, and the efficiency of maritime traffic and transport across European waters. The integration of advanced maritime surveillance technologies and systems like SafeSeaNet supports real-time monitoring and management of vessel movements, aiding in early detection of potential risks and incidents. Consequently, these advancements in maritime surveillance capabilities are expected to drive the market in the region during the forecast period, as ports and maritime authorities prioritize safety, security, and operational efficiency in their strategic initiatives and regulatory compliance efforts.
The market plays a critical role in ensuring the safety, security, and efficiency of maritime activities worldwide. Key components such as ship tracking systems, including automatic identification systems (AIS) and synthetic aperture radar (SAR), enable real-time monitoring of vessel movements and navigation, enhancing the security and safety of ships. These systems also contribute to environmental safeguarding by facilitating environment monitoring and supporting efforts to combat pollution and protect marine ecosystems. Additionally, maritime information technology, powered by advanced technologies like satellite communication systems, artificial intelligence (AI), and machine learning (ML), provides invaluable insights for port management, navigation, weather forecasting, cargo tracking, and maritime operations optimization. With continuous advancements and innovations, the Maritime Information Market continues to evolve to meet the diverse needs of the marine industry, ensuring sustainable and secure transportation.
The market is pivotal in managing diverse aspects of maritime activities. It facilitates the tracking and regulation of ship traffic, ensuring safe and efficient navigation while also monitoring vessel movements to prevent collisions and safeguard against incidents like human trafficking. Furthermore, it plays a crucial role in overseeing offshore energy operations and fisheries management, contributing to environmental safeguarding. Advanced technologies such as Iridium Communications and satellites enable comprehensive monitoring, particularly in remote areas where traditional communication may be limited. Additionally, tugboat services are integral to maritime operations, providing essential assistance in maneuvering ships within harbors and navigating through narrow channels. These services ensure the safe berthing and departure of vessels, enhancing operational efficiency and safety across ports and waterways. Thus, the integration of tugboat services with advanced maritime surveillance technologies further enhances the market's capability to manage and optimize maritime activities effectively.
The International Maritime Organization (IMO) serves as a key governing body, setting standards and regulations to uphold safety and security across global maritime operations, highlighting the market's significance in promoting responsible and sustainable maritime practices. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
The need to comply with strict regulations drives the growth of the market. In the commercial shipping sector, technology plays an increasingly vital role in communication, navigation, and ship monitoring and control. Port management and cargo handling systems are also undergoing digitization, enabling real-time control via wireless networks. The potential risks posed by cyberattacks on vessels include operational disruptions leading to costly delays, loss of sensitive business information and subsequent extortion risks, damage to corporate reputation due to perceived vulnerability, and legal repercussions from privacy breaches.
To mitigate these risks, vendors offer cybersecurity solutions such as Inmarsat's Fleet Secure, which detects vulnerabilities and responds to threats. Comprising maritime-specific ultrasonic thickness measurement, managed services, and integration with Fleet Xpress, Fleet Secure aims to protect fleets from cyberattacks. Leveraging maritime information solutions, including those tailored for dry bulk shipping, will enhance port management efficiency and vessel safety, driving growth in the global maritime information market. Dry bulk shipping involves transporting unpackaged cargo such as grains, coal, and ores in large quantities, requiring specialized logistical and operational considerations. By integrating cybersecurity and advanced information technologies tailored for dry bulk shipping, stakeholders can optimize operational resilience and security, thereby bolstering market expansion during the forecast period.
An increase in seaborne trade is among the leading market trends fueling the growth. For example, the routes of the Panama Canal, the Suez Canal, and the One Belt-One Road initiative have been expanded. Such initiatives will positively impact the seaborne trade, which will help reshape the world's shipping network. This, in turn, is likely to introduce many business opportunities for companies globally.
The rise in seaborne trade will lead to an increase in vessel traffic, which will fuel the demand for solutions. In addition, the Fourth Industrial Revolution is unfolding the opportunities for countries and transport. This will lead to a rise in the number of seaborne trade activities and, in turn, fuel the growth of the global market during the forecast period.
The high cost of implementation may impede the market growth. The cost of deploying solutions is high, which inhibits the growth of the market. The high cost is due to the cost of software licensing, implementation, maintenance, customization, and training. Most Companies provide on-premises solutions. As a result, ports need to manage all the costs, including infrastructure, maintenance, and training.
The ports that purchase software also need trained IT professionals with relevant skills to manage the software. Moreover, the software needs to be upgraded regularly to keep pace with the current market trends. These factors will increase the implementation and maintenance costs of this software. Thus, the high cost of implementation is expected to restrict the growth of the global market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and trends strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2023 for the following segments.
The market encompasses a broad spectrum of technologies and solutions tailored to the complex needs of maritime operations. From environment monitoring to the security and safety of ships, maritime information technology plays a pivotal role in safeguarding marine ecosystems and ensuring efficient cargo traffic management. Automatic Identification Systems (AIS) and satellite communication systems enable ship tracking and enhance situational awareness, while Artificial Intelligence (AI) and Machine Learning (ML) empower actionable intelligence for fleet management. Technologies like IoT and blockchain revolutionize maritime operations, facilitating efficient cargo tracking, weather forecasting, and environmental monitoring. With the emergence of advanced solutions like the Deep Navigation Analytics (DNA) Platform and multi-sensor satellite clusters, the market is poised for substantial growth, addressing diverse challenges faced by the marine industry.
Moreover, the market is a vital component of the global maritime industry, encompassing a wide range of technologies and solutions aimed at enhancing the efficiency, safety, and security of maritime operations. Key elements include ship tracking systems, such as the Automatic Identification System (AIS) and synthetic aperture radar (SAR), which enable real-time monitoring of vessel movements and navigation. These systems play a crucial role in safeguarding the environment, managing port facilities, and mitigating maritime threats, including dangerous cargo movements and marine accidents.
Additionally, advanced technologies like IoT, maritime software, and actionable intelligence APIs facilitate data-driven decision-making and streamline various aspects of shipping operations, from vessel tracking to warehouse and yard management. With continuous advancements in satellite communication, automation, and multi-sensor satellite clusters, the Maritime Information Market is poised to address the evolving needs of the marine industry, ensuring efficient and sustainable maritime transportation worldwide.
Market Scope |
|
Report Coverage |
Details |
Page number |
179 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.55% |
Market growth 2024-2028 |
USD 1.04 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
8.79 |
Regional analysis |
Europe, North America, APAC, Middle East and Africa, and South America |
Performing market contribution |
Europe at 43% |
Key countries |
US, UK, Germany, Greece, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
BAE Systems Plc, Elbit Systems Ltd., Garmin Ltd., Inmarsat Global Ltd., Intelsat US LLC, Kongsberg Gruppen ASA, L3Harris Technologies Inc., Lockheed Martin Corp., Maritec Solutions, Maxar Technologies Inc., Nisshinbo Holdings Inc., Northrop Grumman Corp., ORBCOMM Inc., RTX Corp., Saab AB, Singapore Telecommunications Ltd., Spire Global Inc., Teledyne Technologies Inc., Thales Group, and Windward Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.