According to a recent market study published by Growth Market Reports, titled, “Global Marine Big Data Market by Type, Application, and Regions: Size, Volume, Share, Trends and Opportunity Analysis, 2015-2030”, the market was valued at USD 1,335.1 Million in 2021 and is expected to grow at a fast growth rate of 22.6% by the year 2030. Rising adoption of digital solutions in marine industry, enhances business efficiency, increasing partnerships in product development and Rising use of Big Data to reduce bunker costs are expected to drive market growth during the forecast period.

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As per Growth Market Reports industry analyst Akash Vedpathak, “Global Marine Big Data Market” is anticipated to witness significant growth during the forecast period 2022-2030. Key factors that are anticipated to fuel the demand for the global marine big data market during the forecast period are the Rising adoption of digital solutions in marine industry, enhances business efficiency, increasing partnerships in product development and rising use of big data to reduce bunker costs. Conversely, lack of skilled workforce and increasing cyber threat and lack of cross-enterprise technologies are expected to create opportunities in the market.

The maritime industry is a complex system that requires quick adaptation to changing conditions and a large number of parameters for decision-making. Advancements in navigation systems result in the generation of a significant amount of data in terms of ship performance and navigation. The term, ‘Big Data’, in the maritime industry refers to a large amount of data and advancing trends in technology that aim to take advantage of the opportunities that such data offer, resulting in a new approach to understanding the world and making decisions.

With developments in technology, the huge amount of data generated in navigation systems consists of radar, electronic chart display and information system (ECDIS), auto-pilot system, and other related sensors. High-volume, high-velocity, and high-variety data are involved. While these qualities present challenges when it comes to processing the data, they also make the data extremely valuable. It means that, with the right analytical tools, the data are analyzed for patterns in order to gain insights that are not achieved on a small scale. Big Data analytics tools make it possible to analyze these large quantities of data in order to gain insights that support decision-making.

The word ‘value chain’ refers to all procedures involved in transforming an idea into a tangible good or service, through a series of intermediate production, distribution, and disposal phases. These procedures include production, distribution, design, marketing, and customer support services. In the value chain process, the value of the product increases as it passes through the various stages of the value chain.

Value chain analysis for marine big data market includes various stages such as data acquisition, data pre-processing, data curation, data storage, and data usage. Data acquisition is the process of identifying various data sources as well as the infrastructure required for data processing, data collection, data manipulation, and data delivery to end users. The data acquisition includes various activities such as vessel tracking data; weather data; security incident reports; inspections results; crew inspection reports; atmospheric, sea, & hydrodynamic data; wave data; marine ecosystem; equipment data; nautical information maps; and others.

After the data is obtained, a variety of data pre-processing techniques are used to analyze it that allows data transformation, exploration, and modelling to generate related information for data analytics applications. These techniques include semantic analysis, linked data analysis & transformation, stream mining, cross-sectorial data analysis, and data extraction from batch data.

In the data curation process, the evaluation of data quality is performed by carrying out data validation and transformation & classification of data. Data curation is responsible for enhancing the accessibility and integrity of data to ensure the data reliability, reusability, discoverability, accessibility, and serve its intended purpose. The data is stored in a scalable and persistent manner after the curation. Finally, data usage covers the business operations such as prediction, data visualization, decision-support, and data analytics that depend on the data set stored in the DBMS.

Phases of the value chain converts information and data streams into valuable data for the Big Data marine platform's end customers. These phases are broken down into a series of activities derived from the pilot needs. Various stakeholders are present in the last stage of the value chain. These stakeholders are interlinked with each other and linked to the big data project.

The primary, as well as secondary research methodology, is used for keen observation and study of the marine big data market. The primary research methodology involves commercial agreements made with the primary respondents as well as consulting partners to extract critical information pertaining to the syndicated as well as consulting projects. Primary interviews were conducted with the stakeholders across industry verticals at regular intervals in line with the ongoing studies and to keep ourselves abreast with the latest market trends & developments. Validation of the estimated market size, and current and future trends done by the key opinion leaders (KOLs).

These KOLs are the CXO level people from leading companies in the industry and possess experience of around 10-20 years in the industry. On the other hand, the secondary research methodology involves exhaustive desk research undertaken to understand the prevailing market trends & dynamics, market competition, customer insights, and other KPIs. Company websites, their SEC filings, annual reports, broker & financial reports, and investor presentations are scanned for understanding the competitive scenario, details and developments, and the overall competitive landscape. Regional government and statistical databases were analyzed for macro & microanalysis. Research publications and paid data are referred to obtain and validate the market estimations, budget, expenditure, and other statistical insights.

Several industries and sectors registered operational delays as a result of the coronavirus pandemic. Despite the strict lockdowns, marine operations continued in several parts of the world. Vendors in the global marine big data market registered resilient growth and advancement. Furthermore, the use of marine big data for research and analysis aided marine companies in capitalizing on the benefits of the digital revolution during the pandemic.

Demand for vessels is directly related to global trade and economic cycles. The pandemic has reduced maritime trade and transportation, which has reduced the demand for vessel procurement. Containership orders were on hold during the first two quarters of 2020, due to declining demand for container transport. Furthermore, the lack of passengers and declining revenues of cruise operators during the pandemic led to the decommissioning of old cruise ships. In June 2020, Carnival Corporation announced that 13 cruise ships are sold and removed from their service. Thus, COVID-19 has had a negative impact on the marine industry, due to decreased maritime trade and transport.

Key Takeaways from the Study:

  • In terms of type, the marine big data market is segmented into data management & visualization platform, geographical data visualization & analytics, survey & data visualization solutions. The geographical data visualization & analytics segment is projected to hold a substantial share of the market in 2021, due to the rising environmental concerns and increasing need to collect and evaluate geographical data.
  • Based on the application, the marine big data market is segmented into renewable energy, oil & gas, fishery, whale watching, marine protected area, marine traffic, dredging, harbor, offshore construction. The oil & gas segment is projected to hold a substantial share of the market in 2021, due to rising expenditure in offshore oil exploration across the globe.

Report Scope:

Report Metric

Details

Market Value in 2021

USD 3,272.3 Million

Market Growth Rate (from 2021 to 2030)

22.6%

Historical Data

2015 to 2020

Base Year

2021

Forecast Period

2022 – 2030

Units Considered

Value (USD Million)

Market Segments

By Type (Data Management & Visualization Platform, Geographical Data Visualization & Analytics, Survey & Data Visualization Solutions), Application (Renewable Energy, Oil & Gas, Fishery, Whale Watching, Marine Protected Area, Marine Traffic, Dredging, Harbor, Offshore Construction)

Key Companies Profiled

KONGSBERG, Esri, Teledyne Technologies Incorporated, Precisely, Quality Positioning Services B.V., EIVA, GISGRO, HYPACK (Xylem Inc.), TrueOcean, Moga Software s.r.l., Blue Marble Geographics, Avenca Limited, Argeo, Terradepth, CHESAPEAKE TECHNOLOGY, OceanWise, Bedrock Ocean Exploration, PBC., BeamworX BV, QGIS

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail of tailor-made purchase options to meet your research requirements.

Target Audience:

  • Supply-side: Software Providers and Developers
  • Demand Side: Consulting Companies and End-Consumers
  • Regulatory Side: Concerned government authorities, and other regulatory bodies.
  • Associations and Industry Bodies: SME (Society of Manufacturing Engineers) and others.