According to a new report by Expert Market Research titled, “Global Maritime Information Market Share, Size, Report and Forecast 2024-2032″, the global maritime information market reached a value of USD 1609.27 million in 2023. Aided by the rising demand for advanced navigational systems and the increasing emphasis on maritime security and surveillance, the market is projected to further grow at a CAGR of 8.5% between 2024 and 2032 to reach a value of USD 2625.21 million by 2032.
Maritime information refers to the collation, analysis, and dissemination of critical data that ensures safe and efficient navigation across the world’s vast oceans and seas. Such information is invaluable to various stakeholders in the maritime sector, from ship operators to port authorities, and from naval forces to international maritime bodies. It encompasses a broad spectrum, including data on oceanic conditions, navigational hazards, vessel traffic, and more. Advances in satellite communication and the integration of artificial intelligence have further enhanced the precision and real-time applicability of maritime information.
As per the maritime information market analysis, the surge in international trade, coupled with the expansion of the global maritime transportation network, underlines the indispensable nature of accurate maritime information. Enhanced navigational systems, reliant on up-to-date maritime data, significantly reduce the risk of collisions, groundings, and other maritime accidents. Additionally, with the maritime domain being pivotal for trade, there’s an ever-increasing focus on securing international waters from threats like piracy, terrorism, and illegal fishing, thereby amplifying the demand for comprehensive maritime surveillance systems.
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Another pivotal factor driving the maritime information market growth is the burgeoning cruise industry. As tourism flirts with the idea of offbeat and luxury experiences, sea cruises have witnessed a boom. This growth demands top-notch maritime information to ensure passenger safety, optimise routes, and offer real-time updates.
Environmental conservation initiatives are also playing a critical role. There’s a global thrust on safeguarding marine ecosystems, and maritime information systems provide insights into factors like oil spills, waste disposal, and the potential environmental impact of maritime activities and contribute to the maritime information market size. Regulatory bodies have thus become more stringent, mandating the integration of advanced maritime information systems for environmental monitoring and compliance.
North America, particularly the United States, has a robust maritime infrastructure that greatly benefits from advanced maritime information systems. The region is expected to continue its steady growth in the maritime information market, thanks to the stringent regulatory environment and the increasing implementation of advanced technologies such as AI and IoT in shipping operations, propelling the maritime information market demand.
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Market Segmentation
The market can be divided based on application, end use, and region.
Market Breakup by Application
• Maritime Information Analytics
• Maritime Information Provision
• Vessel Tracking
• AIS (Automatic Identification System)
Market Breakup by End Use
• Government
o Defence
o Intelligence and Security
o Search and Rescue
o Government Agency
o Others
• Commercial
o Port Management
o Business Intelligence
o Commercial Fishing
o Commercial Shipping
o Hydrographic and Charting
o Commercial Offshore
o Others
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global maritime information market. Some of the major players explored in the report by Expert Market Research are as follows:
• Inmarsat Global Limited
• L3Harris Technologies, Inc.
• ORBCOMM
• Raytheon Technologies
• exactEarth Ltd.
• Others
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