Report : North America 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 5.5% CAGR, the North America Maritime Information Market is speculated to be worth US$ 881.98 million by 2028, says Business Market Insights
According to the Insight Partners’ research, the North America maritime information market was valued at US$ 640.54 million in 2022 and is expected to reach US$ 881.98 million by 2028, registering a CAGR of 5.5% from 2022 to 2028. Need for efficient management of complex supply chain operations and surge in sea trade and increasing maritime budgets are the critical factors attributed to the North America maritime information market expansion.
The marine industry is embracing digitalization in a bid to improve efficiency, build smarter ships and fleets, and attain readiness toward regional trade expansion. Supply networks are expanding and growing more complex with a rise in consumer demand. Marine businesses need to continuously work out and implement new strategies to maximize efficiencies and streamline supply chains in the fiercely competitive global marketplace. The integration of innovative technologies such as AI, blockchain, IoT, and automation into maritime operations enables the easy arrangement of inventory data, tracking and management of ships, tracking of information, and generation of electronic invoices. Using these technologies, shipping businesses can reduce the amount of time spent shipping, receiving, tracking, and gathering order data. These technologies aid in streamlining existing procedures, developing fresh commercial prospects, and transforming supply networks. End users can successfully manage supply chain activities by leveraging design and simulation tools, warehouse management, transportation and yard management, and end-to-end logistics network control aided by maritime information. Additionally, stricter environmental regulations continue to influence the maritime transportation industry since transporters must save costs and ensure sustainability in operations. Thus, the increasing need to efficiently manage complex supply chain operations drives the North America maritime information market.
On the contrary, interoperability issues and cyber threats hurdles the growth of North America maritime information market.
Based on platform, the North America maritime information market is bifurcated into on-shore and vessel. The vessel segment held 66.3% market share in 2022, amassing US$ 424.81 million. It is projected to garner US$ 592.33 million by 2028 to expand at 5.7% CAGR during 2022–2028.
Based on application, the North America maritime information market is segmented into fleet management, vessel tracking, and maritime security. The fleet management segment held 46.3% market share in 2022, amassing US$ 296.36 million. It is projected to garner US$ 422.01 million by 2028 to expand at 6.1% CAGR during 2022–2028.
Based on end user, the North America maritime information market is bifurcated into commercial and government. The commercial segment held 83.0% market share in 2022, amassing US$ 531.56 million. It is projected to garner US$ 738.46 million by 2028 to expand at 5.6% CAGR during 2022–2028.
Based on country, the North America maritime information market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 76.2% market share in 2022. It was assessed at US$ 488.41 million in 2022 and is likely to hit US$ 689.01 million by 2028, exhibiting a CAGR of 5.9% during the forecast period.
Key players profiles in the North America maritime information market report are BAE Systems Plc; Spire Global; Iridium Communications Inc; L3Harris Technologies Inc; Lockheed Martin Corp; ORBCOMM Inc; Saab AB; Thales Group; Windward Ltd; Northrop Grumman Corp; Polestar; ONEOCEAN; Fujitsu Limited; and Siemens AG, among others.
- In 2022, L3Harris Technologies, in collaboration with the U.S. Navy, is planning to demonstrate how unmanned surface vehicle technologies provide essential support for conventional maritime forces during the 2022 Rim of the Pacific Exercise (RIMPAC 2022), which is the world's largest international maritime warfare exercise. The demonstration is being held on June 29 through August 4, 2022, off the coast of Pearl Harbor, Hawaii.
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