Considering big data analytics in the marine sector is an upcoming technology, the global marine big data market is poised to witness a highly competitive environment. As the market is at a booming phase, Transparency Market Research (TMR) forecasts strong growth for in a new study. “In order to emerge at fore, a majority of the market players are focusing on product differentiation,” said a lead TMR analyst. “In consequence of the same, companies are in keen on adding innovative functions to the products they offer,” he added. Besides this, the market players are keen on strategic collaborations through partnerships.
Impacted by strategies adopted by the key market players and various other factors, the global marine big data market is forecast to expand at a robust 21.5% CAGR between 2017 and 2025. At this pace, the market’s valuation will reach US$3,240.5 mn by the end of 2025. Based on component, service segment held larger share in the global marine big data market as compared to software packages as the former offers better affordability. Regionally, Asia Pacific held lead in the global marine big data market as the region boasts the presence of large shipping corporations in South Korea, China, Singapore, and Japan.
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Technological Advancements in Marine Sector Push Demand for Marine Big Data
Shipping is highly regulated and responsible nearly 3% of carbon emissions reported globally. Considering the high dependence of global trade, the shipping industry accounts for a significantly large share of the commercial demand. In the coming years, the industry is likely to navigate through various twists and turns and bear effects of climate change, upcoming regulations, technological advancements, and energy shortages. Also several technological developments are on card for the marine sectors on account of the advent of proliferation of the sensor technology. Against this backdrop, experts are of the opinion that the marine sector is likely to develop at a rapid pace in the coming years. This will in turn create lucrative prospects for the global marine big data market’s growth.
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Information Provided by Marine Big Data Considered Indispensable for Marine Sector
Marine big data provides forecasts regarding unforeseen hazards be it regarding climate or ecology and helps in decision-making. In addition, marine big data also provides valuable temporal and spatial information, besides data on water attributes such as density, salinity, temperature, and velocity. All these factors will help in growth of the global marine big data market in the coming years. As future of ship intelligence traverses beyond ultra-monitoring and nanotech, the market will welcome a fresh burst of opportunities. Experts are of opinion that in the coming years, bridges will focus on analyzing high level data to efficiently manage navigation and propulsions.