Marine Big Data Market Size, Share, Growth, and Industry Analysis by Type (Software & Services), By Application (Renewable Energy, Fishery, Whale Watching, Marine Protected Area, Marine Traffic, Dredging, Harbor & Offshore Construction), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Marine Big Data Market REPORT OVERVIEW

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The global marine big data market size was USD 790 million in 2021 and market is projected to touch USD 2518 million by 2031, exhibiting a CAGR of 12.2% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the marine big data industry experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Big data created from diverse sources in the maritime environment is referred to as "marine big data." It includes information gathered from seas, oceans, coastlines, and other marine habitats. The number, variety, and velocity of data pertaining to the maritime environment have significantly increased thanks to technological developments and the expanding use of sensors, satellites, and other monitoring systems. It consists of a wide range of data, including oceanographic, meteorological, biological, ecological, geospatial, and other sorts.

It can be gathered in a variety of ways, including satellites, autonomous underwater vehicles (AUVs), remote sensing, buoys, ships, underwater sensors, and citizen science programmers. A variety of features of the marine ecosystem, including ocean currents, temperature, salinity, wave patterns, the distribution of marine life, biodiversity, pollution levels, and the effects of climate change, are revealed by this data. This data can be analyzed by scholars, scientists, decision-makers, and business experts to better comprehend marine processes, make wise choices, create sustainable habits, and reduce environmental dangers.

COVID-19 Impact: Industry Shutdown Causes Market Distortion

The COVID-19 outbreak caused problems for manufacturers of services materials, including unstable markets, a drop in customer confidence, and difficulties with import and export commerce. The sourcing of raw materials, packaging, and distribution are all parts of the global supply chain. Due to lockdowns, moving commodities, labels, and other items has become difficult. In addition to having an immediate influence on markets, supply chains, supply and demand, and all of these other things, it also had a financial impact on the markets for services. The pandemic altered the dynamics of the industry, compelling organizations to redesign every aspect of their operational frameworks in order to preserve stability amidst the disturbances. Aside from that, the companies' business operations have been affected by the outbreak, which has an effect on the overall services industry. This has partially impacted the marine big data market.

LATEST TRENDS

"IoT Technology to Boost the Market Growth"

The increasing adoption of IoT (Internet of Things) and sensor technologies in the marine industry has had a significant impact on the growth and development of the marine big data industry. The real-time data collection from diverse marine assets, such as ships, buoys, platforms, and environmental monitoring equipment, is made possible by IoT and sensor technology. These sensors can gather data on variables like equipment status, weather, water quality, marine life, and vessel performance. Real-time data collecting offers a constant stream of data that can be analyzed and used to influence decisions. Sensor and IoT technology make it easier to monitor and improve marine operations. Companies can monitor fuel usage, engine performance, equipment health, and other operational metrics by fitting infrastructure and boats with sensors. This will enhance the market sales. Thus, during the forecast period, the aforementioned factors are anticipated to fuel market growth. The global market will benefit from these factors. Thus, a key trend that is opening up potential for the industry to grow is increasing adoption of IoT. These new developments are mostly to blame for the market's overall growth.

Marine Big Data Market SEGMENTATION

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• By Types 

Based on type, the market is classified into software & services.  

• By Application

Based on the market is categorized into renewable energy, fishery, whale watching, marine protected area, marine traffic, dredging, harbor & offshore construction.  

DRIVING FACTORS

"Maritime Safety that Gives the Market Extra Boost"

The increasing demand for maritime safety and security is a significant driving factor in the marine big data industry. Due to the inherent risks and difficulties associated with maritime operations, safety and security are of the utmost importance in the maritime sector. These dangers include accidents, natural calamities, ship crashes, and piracy. By offering real-time monitoring, analysis, and risk prediction, these solutions play a significant part in resolving these worries. Coastal and open-ocean vessel tracking and surveillance are made possible by big data analytics. Stakeholders in the marine industry can effectively follow the movements of vessels, spot possible threats, and take preventative action to maintain safety by combining data from Automatic Identification System (AIS), radar systems, satellite imaging, and other sources. These elements support market growth. As a result, the growth, and the increasing demand for maritime safety will boost the industry. It will contribute to the expansion of the services industry and it will improve the marine big data market growth.

"Artificial Intelligence to Encourage Market Expansion"

The adoption of advanced analytics and artificial intelligence (AI) is a key driving factor in the marine big data industry. To combine and analyses the large amounts of data collected from numerous sources, including sensors, satellites, ships, and ports, these solutions make use of modern analytics techniques. Data processing, pattern identification, and anomaly detection are made efficient by AI algorithms, allowing maritime stakeholders to gain insightful knowledge and make wise choices. To forecast equipment breakdowns, optimize maintenance schedules, and enhance asset performance, advanced analytics and AI algorithms are deployed. Marine operators can predict impending failures or maintenance requirements by examining past data, sensor readings, and maintenance records. This decreases downtime, optimizes maintenance costs, and improves overall operational efficiency. As a result, these factors are collectively promoting market expansion, increasing company revenues. As a result, above mentioned factors will help the market to boost.

RESTRAINING FACTORS

"Security Concern to Impede Market Expansion"

Security issues are the barrier that is preventing the market. Sensitive information pertaining to port operations, cargo, crew, and vessels is handled by the marine sector. It can be difficult to ensure data privacy, protection, and compliance with laws like the General Data Protection Regulation (GDPR). The desire of stakeholders to contribute and utilize their data for marine big data applications may be constrained by worries about data breaches, unauthorized access, and potential data misuse.  This factor is impeding market expansion. This may be a significant issue limiting market expansion. If this problem is fixed, the market will start to grow right away.

Marine Big Data Market REGIONAL INSIGHTS

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"North America Dominating the Market Across the Globe"

The market for marine big data is in North America has benefited from the region's expanding industrial development, and various driving factors which has increased the potential sectors as this region is the largest user of the product. The key factor driving the growth of the marine big data market share is the growing demand of products in renewable energy, fishery, whale watching, marine protected area, marine traffic, dredging, harbor & offshore construction is one of the major reasons to drive the market. Rapid urbanization developments will further boost the overall market.

KEY INDUSTRY PLAYERS

"Leading Manufacturers to Boost Product Demand"

Study includes information on the market players and where they stand within the sector. Data is being collected and made available through proper research, mergers, technical advancement, growing production facilities, and cooperation. The study on materials offers details on manufacturers, regions, types, applications, sales channels, distributors, traders, dealers, research findings, and more.

List of Market Players Profiled

• Teradata (U.S.)
• Splunk (U.S.)
• Datameer (U.S.)
• Databricks (U.S.)

REPORT COVERAGE

The study goes into great detail about market segmentation by type and application. The study examines a broad range of participants, including existing and potential market leaders. A considerable market expansion is anticipated as a result of several important factors. In order to provide market insights, the research additionally analyses elements that are probably to boost marine big data industry share. The report makes forecasts for market expansion during the projected time period. The objective of the regional study is to explain why one region dominates the worldwide market. There are a lot of issues that have all been carefully considered that prevent the industry from growing. The research also contains a market strategic analysis. It includes thorough market information.