Report : North America 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 11.7% CAGR, the North America Maritime Analytics Market is speculated to be worth US$ 612.38 Million by 2028, says Business Market Insights

According to Business Market Insights’ research, the North America maritime analytics market was valued at US$ 351.67 million in 2023 and is expected to reach US$ 612.38 million by 2028, registering a CAGR of 11.7% 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 North America maritime analytics market expansion.   

In today's digital age, the competition in various industries, including the maritime industry, is very high; companies are continuously investing in solutions that could help them enhance operational productivity while reducing overall costs. As a result, the demand for advanced solutions such as maritime data analytics among commercial shippers and other end users has been increasing rapidly. Big data is being utilized in the shipping industry to monitor sensors on ships and perform predictive analysis to avoid delays and boost productivity. The big data insights are being actively leveraged to predict and avoid price related challenges occurring throughout a ship's life cycle, from design to operation to decommissioning. For instance, in September 2021, DTN—a leading data, analytics, and technology firm—partnered with OrbitMI, a global provider of marine software and data products, to change weather analytics and improve results for the shipping sector with integrated operational information. The partnership gives shipping customers a single site for vessel and fleet management with actionable visualizations for confident decisions.

Further, in May 2021, Danelec Marine partnered with ioCurrents to analyze operational data and improve fleet operations. By partnering with ioCurrents—a pioneer in real-time remote vessel analytics and artificial intelligence—the maritime industry is poised to take advantage of the latest technological innovations to improve fleet operations. Predictive analytics technologies can alter the shipping sector by improving overall shipping operations, increasing ship safety, and protecting the environment. In addition, the high level of customizability offered by these solutions depending on the specific needs of any port or shipping company, is expected to fuel their demand. The need for goods transportation will increase significantly in the future as the level of globalization rises. As a result, maritime enterprises will demand advanced data processing techniques and predictive analytics to maximize time efficiency and cost savings.  

On the contrary, concerns related to cyber security and lack of skilled workforce hurdles the growth of North America 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 39.7% market share in 2023, amassing US$ 139.46 million. It is projected to garner US$ 237.67 million by 2028 to expand at 11.3% CAGR during 2023–2028.

Based on end user, the market is bifurcated into commercial and defense. The commercial segment held 82.8% market share in 2023, amassing US$ 291.20 million. It is projected to garner US$ 511.41 million by 2028 to expand at 11.9% CAGR during 2023–2028.

Based on country, the North America maritime analytics market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 71.9% market share in 2023. It was assessed at US$ 252.76 million in 2023 and is likely to hit US$ 436.75 million by 2028, exhibiting a CAGR of 11.6% during the forecast period.

Key players dominating the North America 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; and LgMAR, among others.  

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