North America Maritime Analytics Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Application and End User

Predictive and Prescriptive Analytics Segment to Dominate North America Maritime Analytics Market during 2019-2027

According to a new market research study on “North America Maritime Analytics Market to 2027 - COVID-19 Impact and Regional Analysis and Forecast by Application and End User” is expected to reach US$519.82 million by 2027 from US$283.42 million in 2019. The market is estimated to grow at a CAGR of 8.5% from 2020 to 2027. The report provides trends prevailing in the North America maritime analytics market along with the drivers and restraints pertaining to the market growth. Growing trend of digitalization in shipping industry and growing demand for enhanced maritime operations via data analytics are the major factor driving the growth of the North America maritime analytics market. However, cyber security related concerns and shortage of skilled workforce hinder the growth of North America maritime analytics market.

In the case of COVID-19, North America region is highly affected specially US. The North America region is a crucial region for the demand of maritime analytics solutions owing to the presence of developed countries such as the US and Canada in this region. Logistics and transportation is an essential element for the smooth operations of any industry including FMCG, healthcare, retail, automotive and others, where shipping contributes a substantial share in the global logistics and transportation sector. The countries like the US are major markets for the growth of maritime analytics market and thus the interruptions in supply chains and logistics operations due to COVID-19 outbreak is affecting the growth of key shipping industry players operating in the North America region. The inter country maritime trade between the US, Canada, and Mexico is also getting affected due to restrictions imposed by various governments to contain virus spread in their respective countries. The coronavirus outbreak's impact is anticipated to be quite severe in the year 2020 and likely in 2021. Hence, the ongoing COVID-19 crisis and critical situation will impact the maritime analytics market growth of the North America region for the next few quarters.

The North America market for maritime analytics is segmented into application, end user, and country. Based on application, the market is divided into optimal route mapping, predictive and prescriptive analytics, pricing insights, vessel safety and security, and others. Predictive and prescriptive analytics is expected to be the largest segment over the forecast period from 2020 to 2027. Also, pricing insights segment is expected to be fastest growing during forecast period. On the basis of end user, the market is divided into commercial and military. The commercial segment contributed a substantial share in 2019, and it is also anticipated to be the fastest growing end user.

ABB Ltd., exactEarth Ltd., Itransition, Planet Labs Inc., Prisma Electronics SA, ShipNet, SINAY SAS, SparkCognition, Spire Global, Windward Ltd. are among the leading companies in the North 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. For instance, in 2020, SparkCognition, declared the expansion of their relationship with BP, to install AI predictive analytics in service of enhancing reliability and reducing carbon footprint in their operations.

The report segments the North America Maritime Analytics Market as follows:

North America Maritime Analytics Market - By Application

• Optimal Route Mapping
• Predictive and Prescriptive Analytics
• Pricing Insights
• Vessel Safety and Security
• Others

North America Maritime Analytics Market - By End User

• Commercial
• Military

North America Maritime Analytics Market - By Country

• US
• Canada
• Mexico

Reasons to Buy

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• Scrutinize in-depth North America market trends and outlook coupled with the factors driving the maritime analytics market, as well as those hindering it
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution