Report : Europe Maritime Analytics Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Application (Optimal Route Mapping, Predictive and Prescriptive Analytics, Pricing Insights, Vessel Safety and Security, and Others) and End User (Commercial and Military)
At 14.0% CAGR, the Europe Maritime analytics Market is speculated to be worth US$ 1,075.84 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe maritime analytics market was valued at US$ 558.58 million in 2023 and is expected to reach US$ 1,075.84 million by 2028, registering a CAGR of 14.0% from 2023 to 2028. Rising trend of digitalization in maritime industry and increasing demand for enhanced maritime operations through data analytics are the critical factors attributed to the Europe maritime analytics market expansion.
The integration of digital technologies in maritime processes, operations, and business models to enhance productivity, increase security, and reduce operational costs has been growing at an unprecedented rate. Due to escalating customer demands and industry competitiveness, digital transformation has become a fundamental need for any company's long-term success and competitive advantage. Companies worldwide are adopting digitization to improve their business processes to increase operational throughput and profits. The marine industry is no exception to this tendency, and it is currently undergoing a paradigm transition because of shifting business models, technological adoption, cost structures, and increased competition. The key areas for digital transformation in the maritime industry include developing new business models, digitalizing core operations, and using analytics for better decision-making. Companies use maritime analytics to improve their daily operations, including cargo handling, port operations, vessel deployment, empty repositioning, and freight routing. Factors such as process optimization, high operational efficiency, cost reduction, and the prevention of human errors are fueling the demand for digital solutions in the global maritime industry.
Since growing digitalization is making maritime a data-rich industry globally, the penetration of descriptive analytics, predictive analytics, diagnostic analytics, and prescriptive analytics is also gaining prominence in maritime operations. This factor is contributing to the overall growth of the maritime analytics market. The maritime industry has understood the value of utilizing analytics and data to bring transparency and drive more efficiency in maritime. More and more companies globally are investing in maritime analytics technologies to drive efficiency in \ trade, gain full visibility for their cargo, optimize ship operations, and boost port operations efficiency. The rising demand for smarter and more advanced solutions in shipping and maritime is backed by an increasing number of maritime technology companies. Use of advanced maritime technology coupled with rising number of players is driving the scope of maritime analytics market.
On the contrary, concerns related to cyber security and lack of skilled workforce hurdles the growth of Europe maritime analytics market.
Based on application, the maritime analytics market is divided into optimal route mapping, predictive & prescriptive analytics, pricing insights, vessel safety & security, and others. The predictive & prescriptive analytics segment held 39.1% market share in 2023, amassing US$ 218.33 million. It is projected to garner US$ 406.94 million by 2028 to expand at 13.3% CAGR during 2023–2028.
Based on end user, the market is bifurcated into commercial and defense. The commercial segment held 88.2% market share in 2023, amassing US$ 492.61 million. It is projected to garner US$ 956.89 million by 2028 to expand at 14.2% CAGR during 2023–2028.
Based on country, the Europe maritime analytics market is segmented into France, Germany, Italy, UK, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 26.4% market share in 2023. It was assessed at US$ 147.52 million in 2023 and is likely to hit US$ 280.80 million by 2028, exhibiting a CAGR of 13.7% during the forecast period.
Key players dominating the Europe maritime analytics market are Maritech Holdings Limited; RightShip Pty Limited; ShipNet; Windward Ltd; Kpler; Kayrros; OrbitMI, Inc.; Q88 LLC; Veson Nautical; Pole Star Space Applications; SEDNA Communications Ltd; Nordic IT; LgMAR; Signal Group; eeSea Aps; Shipfix Technologies S.A.S.; Shipamax Ltd.; Siglar Carbon; ZeroNorth A/S; Dataloy Systems AS; NINETY PERCENT OF EVERYTHING LIMITED; and Trigonal Ltd, among others.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@businessmarketinsights.com