Report : Middle East & Africa 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 4.5% CAGR, the Middle East & Africa Maritime Information Market is speculated to be worth US$ 81.46 million by 2028, says Business Market Insights
According to the Insight Partners’ research, the Middle East & Africa maritime information market was valued at US$ 62.49 million in 2022 and is expected to reach US$ 81.46 million by 2028, registering a CAGR of 4.5% from 2022 to 2028. Emergence of big data analytics and IoT and development of integrated solutions to lower maritime terrorism and piracy creating significant opportunities are the critical factors attributed to the Middle East & Africa maritime information market expansion.
Information collected from large operation systems, such as ships and ports, is verified using data analytics which includes information about container weight, type, and destination. Additionally, it can analyze the ship’s trim, stability, engine performance, and communication data, among others. Big data analytics on ships can provide insights into historical container patterns and maritime conditions. Ships move by responding to various shifts in weather conditions. Big data analytics analyses these parameters and increases the efficiency and overall performance of the sea vessels. Further, Internet of Things (IoT) enables the remote control of some objects. It functions with a GPS and a cloud-based database that stores all the information gathered by equipment on the ship. IoT can connect all other equipment and shipments through wireless networks, such as robots. Thus, the Emergence of big data analytics and IoT is anticipated to boost the growth of the Middle East & Africa maritime information market.
On the contrary, interoperability issues and cyber threats hurdles the growth of Middle East & Africa maritime information market.
Based on platform, the Middle East & Africa maritime information market is bifurcated into on-shore and vessel. The vessel segment held 68.9% share of the Middle East & Africa maritime information market in 2022, amassing US$ 43.07 million. It is projected to garner US$ 57.30 million by 2028 to expand at 4.9% CAGR during 2022–2028.
Based on application, the Middle East & Africa maritime information market is segmented into fleet management, vessel tracking, and maritime security. The fleet management segment held 45.3% share of the Middle East & Africa maritime information market in 2022, amassing US$ 28.29 million. It is projected to garner US$ 38.68 million by 2028 to expand at 5.4% CAGR during 2022–2028.
Based on end user, the Middle East & Africa maritime information market is bifurcated into commercial and government. The commercial segment held 87.5% share of the Middle East & Africa maritime information market in 2022, amassing US$ 54.71 million. It is projected to garner US$ 71.69 million by 2028 to expand at 4.6% CAGR during 2022–2028
Based on country, the Middle East & Africa maritime information market has been categorized into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that the Rest of Middle East & Africa captured 60.1% share of the Middle East & Africa maritime information market in 2022. It was assessed at US$ 37.57 million in 2022 and is likely to hit US$ 50.42 million by 2028, exhibiting a CAGR of 5.0% during the forecast period.
Key players profiles in the Middle East & Africa 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; Windward Ltd., among others.
- Feb-2021, Windward, the Predictive Intelligence company that applies A.I. to alter global maritime trade, announced the introduction of its Seven Levels of Ownership and Management Insights, which creates the industry's first all-in-one Maritime A.I. platform that delivers complete analysis of every entity when estimating maritime risks, including insights on cargo, vessels, and ownership and management. Windward exposes ownership risks by integrating data from best-in-class, market-based sources and refining it through its AI-powered platform to achieve the most accurate maritime intelligence available.
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