IMARC Group, a leading market research company, has recently released a report titled “Marine Telematics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”. The study provides a detailed analysis of the industry, including the marine telematics market size, share, trends and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the Marine Telematics Market?
The global marine telematics market size reached US$ 13.71 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 41.76 Million by 2028, exhibiting a growth rate (CAGR) of 20.60% during 2023-2028.
What is Marine Telematics?
Marine telematics refers to advanced systems used in water vessels to record, process, store, and transmit data through telecommunication devices. It includes software solutions and hardware devices installed on ships to control and track marine vessels. The technology relies on wireless communication systems for functions like vessel tracking, emergency aid notifications, system monitoring, and stolen vehicle recovery. It provides real-time data, such as GPS position, speed, and fuel consumption, which is processed at the data center. Marine telematics also communicates updated information like water temperature, pollutants, fuel levels, and equipment status to authorities. This data can be accessed through mobile applications or internet tracking software, making it valuable in boating, shipping, recreational fishing, and commercial fishing industries.
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What are the growth prospects and trends in the marine telematics industry?
The market for marine telematics is driven by the increasing number of container ship transportation and international sea trade activities, which require tracking features for operational safety. Strict marine safety regulations imposed by governing authorities further boost demand. Additionally, the need for vessel monitoring, fuel management, and vehicle diagnoses contributes to the adoption of marine telematics. Automation in the maritime transportation sector and a focus on driver and vessel safety are also driving market growth. Fleet safety and security in commercial vessel transportation, along with the ability to send SOS messages with vessel coordinates during accidents, are critical factors. Innovative marine telematics systems integrated with technologies like AI, IoT, advanced navigation systems, and GPS enhance ship operations and find applications in entertainment, automatic crash notification, and navigation. Connectivity solutions, developments in the maritime industry, increased digitization in transportation, improved internet connectivity, and technological advancements further propel market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Component Insights:
- Hardware
- Software
- Service
- Safety and Security
- Information and Navigation
- Entertainment
- Diagnostics
Application Insights:
- Commercial
- Passenger Ships
- Defense
Market Breakup by Region:
- North America (United States, Canada)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Applied Satellite Technology Ltd,
- Cybernetica AS,
- Ki2 Infotech,
- Metocean Telematics,
- Navis (Accel-KKR),
- Sentinel Marine,
- Technoton,
- Traxens,
- Verizon,
- Viatrax Automation Corporation
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