Report : South 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 8.6% CAGR, the South America Maritime analytics Market is speculated to be worth US$ 73.41 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South America maritime analytics market was valued at US$ 48.69 million in 2023 and is expected to reach US$ 73.41 million by 2028, registering a CAGR of 8.6% 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 South America maritime analytics market expansion.
The maritime industry is investing proactively in advanced technology solutions to bring digital transformation and to become more efficient and sustainable. Artificial intelligence (AI), big data, blockchain, cloud computing, cyber security, digital twin, internet of things (IoT), machine learning, and robotic technologies are some of the key technologies that are contributing towards the advancement of global maritime industry. Furthermore, increase in collaborations between maritime industry stakeholders and technology solution providers, rise in the number of maritime analytics solution providers, investments by maritime companies in big data infrastructure development, and growth of funding opportunities in South America are some of the other factors projected to penetrate the growth of maritime analytics market in the future.
Artificial intelligence (AI) is being utilized in the shipping industry to reduce staff and maintenance, increase automation, achieve better navigation and safety, and minimize human errors. IBM and Google are among the key companies helping the shipping sector with process automation. The maritime industry uses AI for an array of applications, including autonomous navigation, route optimization, and predictive maintenance. New players are leveraging the processed information generated through sensors, public information systems, and asset tracking systems to enhance and optimize vessel efficiency and operational costs. Additionally, new entrants are offering digital twins of ships, ports, and fleets utilizing AI to monitor operations continuously while enhancing port and vessel management.
On the contrary, concerns related to cyber security and lack of skilled workforce hurdles the growth of South 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 40.7% market share in 2023, amassing US$ 19.84 million. It is projected to garner US$ 29.21 million by 2028 to expand at 8.0% CAGR during 2023–2028.
Based on end user, the market is bifurcated into commercial and defense. The commercial segment held 87.7% market share in 2023, amassing US$ 42.70 million. It is projected to garner US$ 65.12 million by 2028 to expand at 8.8% CAGR during 2023–2028.
Based on country, the South America maritime analytics market is segmented into Brazil, Argentina, and the Rest of South America. Our regional analysis states that Brazil captured 68.9% market share in 2023. It was assessed at US$ 33.54 million in 2023 and is likely to hit US$ 49.34 million by 2028, exhibiting a CAGR of 8.0% during the forecast period.
Key players dominating the South America maritime analytics market are ShipNet; Kpler; Windward Ltd; and LgMAR, among others.
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