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)
The Predictive and Prescriptive Analytics Segment to Dominate South America Maritime Analytics Market during 2021-2028
According to a new market research study on “South America Maritime Analytics Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast – by Application, End User and Country,” is expected to reach US$ 72.23 million by 2028 from US$ 43.83 million in 2021. The market is estimated to grow at a CAGR of 7.4% from 2021 to 2028. The report provides trends prevailing in the South America maritime analytics market along with the drivers and restraints pertaining to the market growth. Rapid digitalization in shipping industry and rise in demand for enhanced maritime operations are major factors driving the growth of the South America maritime analytics market. However, concerns related to cyber security and lack of skilled laborforce may hinder the growth of South America maritime analytics market.
The growing population, rising disposable income, and high industrial growth are among the key factors expected to drive the demand for logistics and transportation in this region. However, as per the latest WHO situation report, Brazil, Peru, Chile, Ecuador, and Argentina are among the major countries in SAM with a high number of COVID-19 cases and deaths. The COVID-19 outbreak and restrictive measures taken by governments in these countries have impacted the region’s economic and shipping industry growth in South America, leading to a reduction in trade volumes, especially to major trading partners such as the US, China, and major European countries. All these factors are expected to positively impact the growth of the maritime industry and promote the growth of the maritime analytics market.
The market for South America maritime analytics is segmented into application, end user and country. Based on application, the market is segmented into optimal route mapping, predictive and prescriptive analytics, pricing insights, vessel safety and security, and others. In 2020, the predictive and prescriptive analytics segment held the largest share in South America maritime analytics market. Based on end user, the market is divided into commercial and military. The commercial segment is expected to be the fastest growing segment over the forecast period. Based on country, the South America maritime analytics market is segmented into Brazil, Argentina and rest of SAM. In 2020, Brazil held the largest share in South America maritime analytics market. Furthermore, in this present scenario of COVID 19 pandemic, the South America maritime analytics market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the South America countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for maritime analytics.
RightShip Pty Limited; Kpler; Signal Group; Veson Nautical; Pole Star Space Applications; Nordic IT; and LgMAR are some of the leading companies in the South America maritime analytics market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
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