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

Commercial Segment to Dominate Europe Maritime Analytics Market during 2019-2027

According to a new market research study on “Europe Maritime Analytics Market to 2027 - COVID-19 Impact and Regional Analysis and Forecast by Application and End User” is expected to reach US$898.77 million by 2027 from US$411.55 million in 2019. The market is estimated to grow at a CAGR of 10.8% from 2020 to 2027. The report provides trends prevailing in the Europe maritime analytics market along with the drivers and restraints pertaining to the market growth. Surge in digitalization trend in shipping industry and escalating demand for upgraded maritime operations through data analytics are the major factor driving the growth of the Europe maritime analytics market. However, inadequacy of trained workers and concerns regarding security hinder the growth of Europe maritime analytics market. In the case of COVID-19, Europe is highly affected specially UK.

Due to COVID-19 outbreak, the trade activities in Europe marine routines have severely disrupted due to 30% to 60% outbound shipping capacity withdrawn. Maritime shipping helps in moving around 75% of the Europe’s external trade and around 30% of internal transport of goods in the region. The governments of various European countries have already announced that the coronavirus outbreak has affected their transport systems in a negative manner as the European supply chains of various countries are closely interlined with each other. The Association of “European Freight Forwarders” and “Polish Chamber of Forwarding and Logistics” have already raised warnings regarding the limited export loads and well as delays in port operations, owing to non-availability operators and manpower. All these factors are expected to impact the maritime industry in the region and thus have some impact on the growth of maritime analytics market also. 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 Europe region for the next few quarters.

The Europe 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, Spire Global, and Windward Ltd. are among the leading companies in the Europe 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, ABB Ltd. and DNV GL signed a new MOU to accelerate digitalization in the maritime industry. The MOU is expected to see ABB and DNV GL work together on a “Digitalization Roadmap”, for examining how the maritime industry can get benefited from the interconnectivity of systems, greater availability of data, data analysis, and new technologies such as AI and machine learning.

The report segments the Europe Maritime Analytics Market as follows:

Europe Maritime Analytics Market - By Application

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

Europe Maritime Analytics Market - By End User

• Commercial
• Military

Europe Maritime Analytics Market - By Country

• France
• Germany
• Italy
• UK
• Russia
• Rest of Europe

Reasons to Buy

• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Europe maritime analytics market.
• Highlights key business priorities in order to assist companies to realign their business strategies
• The key findings and recommendations highlight crucial progressive industry trends in the Europe maritime analytics market, thereby allowing players across the value chain to develop effective long-term strategies
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
• Scrutinize in-depth Europe 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