The Maritime Information Market was valued at USD 1005.7 million in 2020 and expected to reach USD 1553.33 million by 2026 and grow at a CAGR of 6.65% over the forecast period (2021-2026). The marine industry has been on a prosperous path over the recent five-year period registering considerable growth across the various sectors within the industry, with ocean shipping, in particular, being the most prominent contributor towards this growth.
- Better coordination between ships is of critical importance irrespective of their purpose of being on the water. The capabilities of the system can assist in planning transit through a narrow path to avoiding piracy attacks, which are of elementary need. However, it saves an immense amount of monetary and human resource over the course of a single trip.
- Cyber threats capable of misusing information is a challenging factor which is restraining the market growth. Data like that of vessel and radar details can be altered to affect the ship's functioning.
Key Market Trends
Automated Identification Systems to Dominate the Market
- The concerned government authorities across the world have made considerable investments to integrate the AIS (Automatic Identification Systems) into the ships, to reduce the marine accidents and enhance marine traffic management.
- The International Maritime Organization's International Convention for the Safety of Life at Sea requires automatic identification systems to be fitted in international voyaging ships with 300 or more GT ( Gross Tonnage) and passenger ships, regardless of size. This is leading to a rapid increase in the installation of AIS, thereby boosting the growth of the market.
- The rise in global trade routes through sea is increasing the ship traffic in the world's oceans. According to the study, there are four times as many ships at sea now than 20 years ago. Factors like these are helping in AIS demand.
Asia-Pacific to Witness the Highest Growth
- According to a survey conducted by Allianz Global Corporate & Specialty (AGCS), a unit of the Allianz Group, the number of reported shipping incidents overall in Asia actually increased by 22% in the past four years. This calls for an increased use of maritime information system.
- APAC waters witness higher levels of trade globally, thus more ships pass through this region.
- In many cases port infrastructure in Asia is new and there are many new or expanding ports in China, Korea, Japan and Malaysia. This calls for an improved maritime information system to address future challenges.
The market is fragmented where companies have been proactively investing in the development of effective management systems, which can lead to better coordination between the involved stakeholders.
- July 2019 - To improve maritime security, Saudi Border Guards established the Jeddah Maritime Information Sharing Center (JMISC), a regional hub for the collection, exchange and analysis of data.
- June 2019 - The Indian Navy hosted a two day maritime information sharing workshop under the aegis of the Information Fusion Centre - Indian Ocean Region (IFC-IOR) at Gurugram. The workshop aimed to acquaint participants about IFC-IOR and its information sharing mechanisms and promote sharing of best practices in this field.
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