Global Maritime Information Market - Segmented By Platform (On-Shore, Vessel), Tracking Technology (AIS, SAR, LRIT), Application, End-users, and Region - Growth, Trends, and Forecast (2018 - 2023)
The maritime information market is expected to register a CAGR of 10.53%, during the forecast period (2018 - 2023).
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. The maritime industry has been on the cusp of evolution in response to constant changes in the economic, political, and technological trends governing the growth of the industry. Information exchange forms the basis for different segments within the maritime industry to coordinate with each other, in order to enable smooth functioning. Effective communication between the governing authorities and the vessel out on sea is crucial in ensuring the operation is performed without any major challenge capable of disrupting the entire process.
Information exchange systems are critical for ships to be communicating with each on a regular basis, to communicate important information with each other. Systems integrated with the maritime traffic monitoring capabilities, and effective tracking systems, such as AIS, LRIT, and SAR have emerged as fundamental needs for vessels.
Enhance the On-board Safety and Compliance Conditions on the Ships
Better coordination between ships is of critical importance irrespective of their purpose of being on the water. Companies have been proactively investing in the development of effective management systems, which can lead to the better coordination between the involved stakeholders. The capabilities of the system can assist in planning a transit through a narrow path to avoiding piracy attacks, which are of elementary need but have the capability to save immense amount of monetary and human resource over the course of a single trip.
Collected information further helps reduce the amount of redundancy of planning a journey, by reducing the time spent on identifying the optimal route and also by enhancing operations on a day to day basis.
LRIT Emerging as a Key Enabler to Improve Maritime Domain Awareness
The long-range identification and tracking systems has been designated to be the standardized tracking system to be adopted by vessels subject to operating on the sea. The system has been authorized by the International Maritime Organization to collect and disseminate information received from the ships subject to the different compliances and regulations. LRIT provides an enhanced level of marine domain awareness that allows unique visibility to report the accurate positions of the vessels and is being actively incorporated in the military and defense sectors, by helping the defense authorities recognize potential threats through the LRIT platforms, which is imminent for coast surrounded economies, such as the US and China among others.
Key Developments In The Market