Maritime Information Market Size

Maritime Information Market Analysis

The Maritime Information Market size is estimated at USD 2.79 billion in 2024, and is expected to reach USD 3.97 billion by 2029, growing at a CAGR of 7.31% during the forecast period (2024-2029).

The users of maritime information gather data to ensure safety at sea, efficiency in marine operations, and productivity. Maritime information offers regulatory compliance, enhances awareness, provides scientific and survey data, and monitors the environment for suspicious or illegal actions.

• With ship traffic increasing, it has become essential to improve the security and safety of ships and safeguard their environment. According to the IBEF report, in India, approximately 70% of India's trading by value and 95% by volume is done through maritime transport. From April to October 2022, the cargo traffic at the major ports of India was reported to be 446.50 million metric tons, an increase of 40% as compared to the previous year.
• Additionally, information exchange forms the basis for different segments within the maritime industry to coordinate with each other to enable smooth functioning. Systems integrated with maritime traffic monitoring capabilities and effective tracking systems, such as automatic identification systems (AIS), synthetic aperture radar (SAR), etc., have emerged as fundamental needs for vessels.
• The maritime industry has long traditions of continuously adopting and adapting to new technology. With the help of maritime information technology or system, cargo owners can easily track their shipments and automate and streamline the flow of information between the different parties in the maritime transport chain, and improve their operations.
• The rise in trade activities has also given rise to maritime threats, such as terrorist attacks, environmental destruction, and illegal seaborne immigration. Moreover, owing to the liberalization of world trade, there has been an increase in the number of ships that traverse the oceans, which, in turn, is impacting the demand for such solutions.
• Safety at sea is gaining importance, and the governments of various countries are investing in tracking technologies. The governments of countries like China and the United States play a vital role in promoting maritime security since the maritime industry adds to the economic growth of these regions.
• Maritime information plays a vital role in economic development, as most of the global trade is conducted by sea and is estimated to reach 180 billion metric tons in volume by 2030, per the OECD. As this continuous business growth has driven up the number of illegal activities, governments worldwide are increasing their maritime budget, likely to provide market growth opportunities.
• For instance, in October 2022, the U.S. Department of Transportation announced to invest approximately USD 703 million to fund 41 projects across the 21 states and one territory to improve port facilities through the Maritime Administration's Port Infrastructure Development Program. Through this investment, the government aims to modernize ports of all sizes and improve supply chain reliability and more efficient operations.