Global Maritime Analytics Market Size (2024 - 2029)

Maritime Analytics Market Analysis

The Global Maritime Analytics Market size is estimated at USD 1.34 billion in 2024, and is expected to reach USD 2.17 billion by 2029, growing at a CAGR of 10.01% during the forecast period (2024-2029).

With the rise of Big Data and the increasing need to make critical business decisions within a compressed timeframe, business intelligence, and analytics tools have gained a substantial market share in the past years. This trend is expected to increase steadily, along with the advancement of technology and rising investments, during the forecast period.

• The market size reflects the spending on maritime analytics solutions across studied end-users (government and commercial) and is computed realistically. Maritime Analytics is used in predictive maintenance, voyage operations, and fleet management applications.
• By enhancing overall shipping operations, enhancing ship safety, and safeguarding the environment, predictive analytics technologies have the potential to revolutionize the maritime sector. The significant degree of customization that these solutions provide, depending on the requirements of any port or shipping firm, is also anticipated to support demand over the projected period. Furthermore, This fleet management solution is crucial in saving costs and resource expenditure while ensuring that the fleet complies with the prevailing standards. Hence, these fleet management solutions are increasingly becoming essential to fleet operations. The overall efficiency of a business can be significantly enhanced by eliminating services that offer marginal value.
• The market is driven by the development of the latest analytical tools. Several BI tools on the market claim to be self-service. Modern self-service BI solutions mainly possess user-friendly graphical interfaces. With enough trial and error, users can often get the answers they want without calling IT for help or learning advanced database language skills. These systems can also handle millions and billions of rows drawn from multiple data sources: in-house databases, cloud storage, apps, Excel spreadsheets, and more. Also, non-technical users can generally choose and manipulate data sources and get them ready for analysis, speeding up time to insights and eliminating the IT bottleneck.
• However, the software licensing, data sources, and hours of research and assistance will affect how much the maritime analytic solutions cost. Companies who want to make data-driven decisions and are large enough to cover the cost and think about long-term growth and ROI stand to gain the most from maritime data analytics. However, knowing the price of maritime Analytics alone won't convince users to start spending money on the initiative. When it comes to data analytics, users must be fully aware of all possibilities. After all, there are other software options outside maritime analytics.
• The rising adoption of big data in the marine sector during the pandemic is thriving in the market. Big data analytics is likely to be one of the most significant growth factors for the shipping industry over the next decade. It stated that the shipping industry considers the development of automated processes and functions onboard vessels to be the biggest driver of efficiency in shipping.

Maritime Analytics Industry Segmentation

The growing analytics industry towards predictive and prescriptive analytics is penetrating a wide range of industrial applications. The scope of the study for maritime analytics market is limited to the respective applications of the type of solutions offered by the vendors for both government and commercial end-users globally.

The Global Maritime Analytics Market is segmented by Application (Predictive & Prescriptive Maintenance, Voyage Operations, Fleet Management), End-User (Government, Commercial), and Geography.