Report : Asia Pacific Maritime Information Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Platform (On-Shore and Vessel), Application (Fleet Management, Vessel Tracking, and Maritime Security), and End-User (Commercial and Government)
At 7.8% CAGR, the Asia Pacific Maritime Information Market is speculated to be worth US$ 499.98 million by 2028, says Business Market Insights
According to the Insight Partners’ research, the Asia Pacific maritime information market was valued at US$ 319.34 million in 2022 and is expected to reach US$ 499.98 million by 2028, registering a CAGR of 7.8% from 2022 to 2028. Development of integrated solutions to lower maritime terrorism and piracy creating significant opportunities for the Asia Pacific maritime information market and emergence of big data analytics and IoT are the critical factors attributed to the Asia Pacific maritime information market expansion.
Effective real-time information exchange across groups with related interests is essential for the maritime sector. The information and communication technology that links all the participants and permits the efficient flow of information, intelligence, and communications is the foundation of the naval network. Advanced vessel traffic services (VTS), which are commonly deployed by major ports, waterways, and maritime authorities, are also used for incident management and maritime rescue coordination on a large scale. Integrated traffic management systems and solutions provide high performance and dependable services to meet the constantly evolving maritime safety regulations. Incident detection is crucial in the maritime industry. Surveillance equipment such as radar, sonar, AIS, and closed-circuit television (CCTV) are required to provide operators with real-time situational awareness. Therefore, there is a high demand for integrated solutions that would enable data analysis to stop maritime terrorism and piracy, which is creating significant opportunities for the Asia Pacific maritime information market players.
On the contrary, interoperability issues and cyber threats hurdles the growth of Asia Pacific maritime information market.
Based on platform, the Asia Pacific maritime information market is bifurcated into on-shore and vessel. The vessel segment held 67.7% market share in 2022, amassing US$ 216.15 million. It is projected to garner US$ 342.78 million by 2028 to expand at 8.0% CAGR during 2022–2028.
Based on application, the Asia Pacific maritime information market is segmented into fleet management, vessel tracking, and maritime security. The fleet management segment held 48.1% share of the Asia Pacific maritime information market in 2022, amassing US$ 153.52 million. It is projected to garner US$ 253.18 million by 2028 to expand at 8.7% CAGR during 2022–2028.
Based on end user, the market is bifurcated into commercial and government. The commercial segment held 84.8% share of the Asia Pacific maritime information market in 2022, amassing US$ 270.78 million. It is projected to garner US$ 429.71 million by 2028 to expand at 8.0% CAGR during 2022–2028
Based on country, the Asia Pacific maritime information market has been categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that the Rest of Asia Pacific captured 35.1% share of the Asia Pacific maritime information market in 2022. It was assessed at US$ 111.99 million in 2022 and is likely to hit US$ 159.44 million by 2028, exhibiting a CAGR of 5.8% during the forecast period.
Key players profiles in the Asia Pacific maritime information market report are BAE Systems Plc; Fujitsu Limited; Iridium Communications Inc.; L3Harris Technologies Inc.; Lockheed Martin Corp; Northrop Grumman Corp; ONEOCEAN; ORBCOMM Inc.; Polestar; Saab AB; Siemens AG; Spire Global; Thales Group; and Windward Ltd., among others.
- Apr-2022, ORBCOMM Inc. is a global provider of IoT solutions. It has recently announced that Hapag-Lloyd, which operates in global shipping lines, has selected ORBCOMM's newest telematics technology to deliver end-to-end visibility for its comprehensive fleet of dry marine containers. Hapag-Lloyd, a pioneer in the digitalization of container shipping, leverages ORBCOMM's purpose-built, innovative dry container IoT technology to propel efficiencies and improve customer satisfaction throughout their operations.
- Oct-2021, Saab AB entered a Memorandum of Understanding to cooperate with AAC Clyde Space AB and ORBCOMM to design the next generation of maritime communication services based on a VHF Data Exchange System. The players, collaborating under a new brand-named AOS, aim for the safety of navigation services and services directed to end customers. The consortium aims to create a global maritime communication network enabling ship-to-ship and ship-to-shore communication everywhere.
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