Marine Management Software Market Valued at USD 1.5 Billion in 2020 and will Grow at a 10.6% CAGR by 2028 - Report by Market Research Future (MRFR)
Market Research Future
6 min read
New York, USA, Jan. 27, 2022 (GLOBE NEWSWIRE) -- Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Marine Management Software Market information by Deployment Mode, by Components,byServices, by Application and Region – forecast to 2028” market size to grow at a compound annual growth rate of 10.6% by 2028.
Market Scope: The increasing adoption of cloud-based marine management solutions for automating the shipment operations will offer robust opportunities for the market over the forecast period.
Besides, the advances in technology like analytics, big data, and artificial intelligence that helps end users in organizing inventory data digitally, monitoring and managing shipping, and tracking order among others will also fuel market growth.
Dominant Key Players on Marine Management Software Market Covered are:
Market USP Exclusively Encompassed: Market Drivers Increasing Need for Centralized Administrative of Big Data to Boost Market Growth The increasing need for centralized administrative of big data for reducing the overall shipment costs as well as enhanced shipyard productivity will boost market growth over the forecast period.
Limited Workforce to act as Market Restraint Limited workforce and halt in the production units may act as a market restraint over the forecast period. Besides, interoperability issues and rising maritime accidents may also impede market growth.
Issues Related to Cyber Threats to act as Market Challenge The issues related to cyber threats may act as a market challenge over the forecast period. Cyber threats are a vital concern for the efficient functioning of the marine management software.
Segmentation of Market Covered in the Research: The global marine management software market has been bifurcated based on application, organization size, location, deployment mode, and component.
By component, the software segment will lead the market over the forecast period.
By deployment mode, the cloud segment will dominate the market over the forecast period.
By location, the marine management software market is segmented into onshore and onboard.
By organization size, the SME will spearhead the market over the forecast period.
By application, the crew management segment will have the lions share in the market over the forecast period.
By end user, the marine management software market is segmented into commercial and defense.
Regional Analysis North America to Command Marine Management Software Market North America will command the marine management software market over the forecast period. Faster adoption of advanced technologies in Mexico, Canada, and the US, the region being the most technologically advanced, the presence of several market players, increasing technological advances, rise in e-commerce imports and exports, increasing digitization that has significantly enhanced the efficiencies of shipping companies via enabling the integration of AI, ML, and blockchain along with the marine and shipping management software, and increasing dependency on innovative technology & better software for enhancing operations are adding to the global marine management software market growth in the region.
APAC to Have Admirable Growth in Marine Management Software Market The APAC region will have admirable growth in the marine management software market over the forecast period. Growing use of technologies, growing adoption of modern technologies, increasing numbers of SMEs, focus on innovations obtained from R&D and technology, increase in ongoing projects and more IT organizations, increase in smaller marine vendors in introducing marine software for different shipping companies, various companies in the region continuing to improving shipping operation, increasing adoption in Singapore, India, and China, immense opportunities for marine transportation and cruise tourism in the region, and the governments of the region supporting all marine-based industries are adding to the global marine management software market growth in the region.
COVID-19 Impact on the Global Marine Management Software Market The COVID-19 pandemic has possessed a negative effect on the worldwide economy as this has affected various sectors like IT and telecom, & BFSI significantly. The pandemic has led to the implementation of travel limitations and lockdown restrictions in different countries across the world leading to supply chain disruption of materials and goods and the market demand. Besides, the limitations on trades, decline in the production rate, shutting down manufacturing sites, the unavailability of workers, and cash flow constraints have resulted in the cash flow margins of the stakeholders on the global market. This virus mostly impacted SMEs yet large organizations too had significant impacts. This virus also affected the marine management software market across the globe. The pandemic has made the maritime industry in facing the most unpleasant period for the halt in transportation of all forms of cargo through waterways as there may be the chance to carry the virus via the shipment of these goods from one port to another impacting a huge number of employees working in the industry. The widespread pandemic has largely affected the shipping industry globally via affecting the trade chains that mainly comprise the international export and import trade. Further, a ban too has been imposed on most containers and vessels transported from China via different countries thus hampering the operations of such industries.
Competitive Landscape The global marine management software market is both competitive and also fragmented due to the existence of multiple international as well as domestic industry players. These industry players have used an array of innovative strategies for being at the vanguard along with catering to the surging requirement of the esteemed customers including collaborations, joint ventures, geographic expansions, partnerships, contracts, new product launches, and more. Further, the players are also investing in multiple research & development activities.
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