Table of Contents
What is Maritime Analytics?
How Does the Shipping Industry Use Data Analytics?
How Can Data Analytics Help the Maritime Industry?
Has COVID-19 Impacted the Demand for Analytics in the Maritime Industry?
Maritime Analytics Market: Size, Forecasts & Observations
Maritime Analytics is a rapidly growing field that is transforming how the shipping industry operates.
Shipping actors are utilising data analytics to optimise their operations and gain a competitive edge.
Using data analytics in the maritime industry can help improve efficiency, reduce costs and increase safety. Most importantly, data helps professionals understand and fix bottlenecks in their supply chains.
This article covers:
- How data analytics can benefit the maritime industry
- The effect of COVID-19 on the demand for analytics
- An in-depth analysis of the global maritime analytics market (including size, forecast and observations as well as market dynamics and key players in the industry)
Let’s get into it!
What is Maritime Analytics?
Maritime analytics is the systematic analysis of data to provide stakeholders in the maritime ecosystem with insights and tools to help them make better decisions for their businesses.
Simply put, it’s the process of collecting and analysing data to produce and disseminate meaningful information and actionable intelligence around shipping-related activities at any scale and for countless applicable use cases.
Let’s go deeper into how the shipping industry uses data analytics to improve operations.
How Does the Shipping Industry Use Data Analytics?
Maritime analytics is a broad field with a wide range of applications across the maritime industry.
Shipping professionals, including ship owners and managers, supply chain professionals, cargo owners, port authorities and global maritime organisations can benefit significantly from smart data analytics.
The use of data-driven solutions and analytics expands beyond just situational awareness and real-time tracking.
For instance, ship owners can use marine analytics to optimise the maintenance of their vessels and select dry-docking facilities, which can significantly increase the overall usage of their ships.
Ship operators can determine the most efficient routes and vessel allocation to maximise profits and reduce waiting times for new orders.
Supply chain professionals and logistics hubs can use big data analytics to manage their inventory and plan ordering and storage more effectively.
In addition, port operators and authorities can use maritime analytics to optimise port calls, reduce congestion, improve the use of berths and terminals and safely coordinate the provision of nautical and other maritime services.
Global organisations and policy-makers can use analytics to keep track of developments and make informed decisions about environmental goals, compliance and guidelines.
Leading market-related and financial institutions can also use analytics to extract valuable information about shipping trends and predict future commodity flows.
Having understood the various applications of maritime analytics, let’s delve deeper into how the shipping industry is currently using data analytics and the ways in which analytics can benefit the maritime industry as a whole.
How Can Data Analytics Help the Maritime Industry?
Beyond specific use cases and applications, the availability of maritime analytics and the end-to-end visibility it makes possible, brings the realisation of higher goals within reach.
Contributing to more efficient, greener and safer operations, for example, while supporting crew wellbeing and favourably impacting sustainability targets.
Maritime analytics also enables enhanced and faster strategic decision-making, helping to minimise potential risks attached to any business decision, leading to productivity gains, superior performance, cost optimisation and scaling economies.
Access to maritime analytics translates into next-level transparency and predictability, ensuring awareness of wider industry challenges.
One of the key areas where maritime analytics can provide significant benefits is the area of port analytics and berth scheduling.
MarineTraffic offers a range of tools that can help businesses optimise their operations in ports and harbours.
These tools provide real-time information on vessel movements, cargo handling and berth availability, allowing businesses to plan and time their operations in ports.
For instance, MarineTraffic allows businesses to track vessel movements in real time.
Similarly, the berth scheduling monitoring tool offered by MarineTraffic allows businesses to optimise the use of berths in ports, which makes concepts such as just-in-time sailing possible.
This allows ships to enter and leave a port exactly when cargo is ready for loading or unloading, resulting in more efficient use of resources, ultimately leading to cost savings and improved performance.
Furthermore, MarineTraffic offers freight visibility that allows businesses to track the status of their containers’ locations in real time, providing access to the most accurate predictive ETA information for any ocean shipment.
This level of real-time information on cargo location, estimated time of arrival and any potential delays helps businesses plan their logistics and supply chain operations more effectively.
In a recent session of the MarineTraffic Maritime Analytics Conference, Stellios Stratidakis, MarineTraffic Head of Data said that there is a notable, continuous acceleration within the shipping industry to adopt data solutions over time.
Industry experts in the field of AIS (Automatic Identification System) also discuss how to transform vast amounts of data into useful intelligence for improved decision-making and more efficient and transparent shipping practices.
Gradually moving from what started as a potential disruption to becoming a reliable toolbox of high-quality data on a global scale.
Having examined how data analytics can help the shipping industry, now let’s discuss the COVID-19 impact on the need for maritime analytics solutions.
Has COVID-19 Impacted the Demand for Analytics in the Maritime Industry?
The COVID-19 pandemic has significantly impacted the maritime industry, accelerating its shift towards digitalization.
Many maritime organisations have been quick to adopt digital transformation, including the use of analytical solutions and data to support decision-making and improve operations.
The use of advanced analytics solutions, such as those based on Artificial Intelligence (AI) and Machine Learning (ML), has been critical in helping maritime organisations make accurate predictions based on historical data.
A study conducted by the Journal of Maritime Affairs found that the adoption of digital technologies in the shipping industry has increased significantly in response to the pandemic.
In Canada, MarineTraffic has seen increased involvement during the pandemic. According to Vlassis Papapanagis, MarineTraffic CSO:
“There have been a few industries that were affected, like cruise lines and the hospitality sector but most of the industries across the maritime have shown big interest in our data services and our online services platform.”
However, the pandemic has also hurt the global economy and the maritime industry has not been immune.
The shipping market has faced a downturn, with a decline in global maritime trade and a decrease in the number of vessels at sea.
Despite this, the market is expected to recover in the coming years as the global economy bounces back from the pandemic.
The same Journal of Maritime Affairs study also found that the maritime industry remains optimistic about the potential for continued growth through digitalization implementing new technologies.
For instance, in Singapore, companies such as Windward use predictive analytics and vessel tracking to provide real-time information and insights into the industry. In Brazil, Veson Nautical offers market share analysis to support the industry’s decision-making process.
Maritime Analytics Market: Size, Forecasts & Observations
The maritime industry is increasingly turning to maritime data analytics to optimise its operations and gain a competitive edge. This section will explore the current size of the maritime analytics market and provide forecast periods and observations on its future growth.
Maritime analytics market, by application
According to a report by Mordor Intelligence, the maritime analytics market is expected to grow exponentially in the next few years.
By 2027, the market size is forecasted to register over 50% growth across different sectors, including:
- Predictive and prescriptive maintenance
- Voyage operations
- Fleet management
Maritime analytics market, by end-user
The same Mordor Intelligence report predicts the growth of the maritime analytics industry in the next five years.
According to the report, the government and commercial sectors are expected to invest significantly in maritime analytics, with growth potential in both segments.
For instance, by 2027, the maritime analytics market for the commercial sector is expected to grow by over 57%, going from close to one USD billion to 1.56 USD billion in the next five years.
Maritime analytics market, by geography
Mordor Intelligence also forecasted the growth of maritime analytics by geographic area. Their predictions include:
- Over 53% growth in North American region
- Close to 63% growth in the European and Asia-Pacific sectors
With a clear understanding of the market size and trends for the maritime analytics industry, we will now examine the insights and predictions provided by MarineTraffic regarding the future of the industry.
MarineTraffic’s forecasts and observations about the industry
The following data provides an in-depth look at the expected market size, key applications and growth opportunities for the maritime analytics industry.
- The market is expected to reach USD 1.89 billion by 2027.
- Maritime Analytics is used in predictive maintenance, voyage operations and fleet management applications.
- The three fastest-growing use cases are: supporting customers, improving efficiency and predicting changes and outcomes.
- User-friendly interfaces that non-technical users can use.
- The shipping sector is producing a tremendous amount of data from various sources and formats, including technical, cargo, weather and machinery data.
- Implementing solutions in the shipping sector is facing numerous challenges like data transfer, cybersecurity and data integration.
- The market is increasingly moving towards intense competition.
Leverage the Power of Data
Maritime analytics has become vital for the global shipping industry. Its applicability spans the entire value chain — from real-time vessel and container tracking to shipbuilding, port call optimization and more.
If you’re not leveraging these technology advancements yet, it’s time to reconsider.
Schedule a demo with MarineTraffic to understand the full potential of maritime analytics and the data sources that drive it.
