The vessel monitoring software market was earlier valued at US$ 457. 29 million in 2019 and is anticipated to grow at a CAGR of 12. 8% during the forecast period to achieve US$ 1168. 85 million by 2027. Nowadays, the entire world is focusing to extend defense and border control spending per annum only due to rising threats to the homeland.
The integration of advanced technologies i.e artificial intelligence (AI) and machine learning (ML) in advanced vessel monitoring system software is increasing rapidly. Also, it provides better insights for research and development purposes. Moreover, the vessel monitoring system software is not restricted to seaborne vessel applications; it can integrate with any surface or airborne machine, vehicle, or drone.
The vessel monitoring systems are equipped with various technologies like GPS antenna and receiver, Computer, and a Transmitter. These components not only help vessels operator to navigate through the ocean or water body but also allow the governing or border security bodies to observe the movement and traffic within the territory.
Further, vessel system monitoring software also allows the governing body to identify any vessel activities within the restricted territory or any illegal fishing activities during the restricted time. Also, it assists to detect and track any non-permitted or unidentified vessels operating or breaching the national borders. With continuous innovation in technology, the vessel monitoring system software is now integrated with technologies like surface temperate monitor, traffic and collision management, satellite communication, and real-time weather forecast, which is enabling vessel operators to optimize and streamline their operations.
Thus, the rising need for tracking because of unauthorized activities is one of the most important factors contributing to the expansion of the vessel monitoring system software market during the forecast period.
The vessel system monitoring system market is segmented into vessel type and application system. Based on vessel type, the market is further bifurcated into fishing vessels and others.
The fishing vessel segment represented the most important share of the general vessel monitoring system software market during the forecast period. The market is sub-segmented into fisheries management and others Based on application,
In 2019 COVID-19 has created tremors in several industries. The tremendous growth within the spread of the COVID-19 has urged governments across the planet to impose strict restrictions on the movement of humans and vehicles.
The lockdown imposition has resulted in lesser production of products and commodities. The vessel monitoring market players also experienced a slowdown within the volumes attributing to the actual fact that the assembly units were operating with a limited workforce. This has had a negative influence on the vessel tracking system software market.
The overall software market size has been derived using both primary and secondary sources. To start the research process, exhaustive secondary research has been conducted by the authority by using their internal and external sources to collect qualitative and quantitative information associated with the market.
The process also serves where the aim of obtaining an outline and forecast for the vessel monitoring system software market with the relating of all the segments. It also provides the overview and forecast for the worldwide vessel monitoring system software market supported all the segmentation given relevance to five major regions—North America, Europe, Asia Pacific, Near East and Africa, and South America.
Also, primary interviews were conducted with industry participants and commentators to validate data and trying to get more analytical insights related to the subject. The participants who typically participate in such a process include industry experts, like VPs, market intelligence managers, business development managers, and national sales managers, together with external consultants, like research analysts and valuation experts key opinion leaders specializing within the vessel monitoring system software market.
The main players operating within the global vessel system monitoring software market are Applied Satellite Technology Ltd, Beijing Highlander Digital Technology Co. Ltd., BlueTraker, CLS Fisheries, ORBCOMM Inc, Satlink S.L, Orolia Maritime, ShipNet, SRT Marine Systems plc, THINKmarine Co., Ltd., Trackwell, Visma;, and Wärtsilä Corporation.
Related Link: Garmin’s 78sc Marine GPS Review