Maritime big data market to be at forefront by 2025
Persistence Market Research, a third-platform research firm has been looking in to the maritime communications sector. Below is a brief summary of their findings. Earlier the visibility of the ship and harbour activities across the world was difficult. The entire data sets of marine were fragmented and sometimes manipulated and there was a need to have collated data in order to improve the efficiency. Due to this, the merger of big data into maritime took place which aggregated and analyses maritime data and provides a view to all the shipping activities occurring across the globe. The integration of big data into maritime is a part of the digital transformation. The big data has transformed shipping by enabling shippers to use data from the structures of the ship, their components, and the machinery in order to enhance their performance. Maritime big data is a combination of cutting-edge data analytics and shipping expertise. The rapid adoption of maritime big data is driven by the increasing demand of digitalisation and enhanced cost efficiency. Also due to various benefits offered like improved performance, productivity, safety and commercial benefits like optimisation of routes in case of bad weathers are elevating the market of maritime big data. The lack of skilled manpower, emission controls, and cyber security are anticipated to be the major challenges for the growth of maritime big data market. The latest trend in the maritime big data market is the investment in research and development since it’s an emerging application of analytics. The key players in the maritime big data are Maritime International, Inc., Windward, Ltd, our oceans challenge, Big Data Value Associations, IHS Markit Ltd., Eniram Ltd., ABB Ltd, Laros, Inc., Inmarsat plc. and Ericsson Inc. Europe is expected to the largest market of Maritime Big Data. The majority of Maritime Big Data vendors such as Maritime International, Inc., Windward, Ltd, and, Big Data Value Association are based in Europe region. This is attributed to the transformation of digitalisation and collaborations of large manufacturers like Inmarsat and Ericsson in the region in order to integrate big data analytics and marine. Several other companies like Laros, Inc. and Ericsson Inc. are also expanding their offering in North America region thus the Maritime Big Data market in this region is also anticipated to grow.