The maritime analytics market in the MEA is expected to grow from US$ 29. 93 million in 2019 to US$ 43. 93 million by 2027; it is estimated to grow at a CAGR of 5. 3% from 2020 to 2027. Rising demand for improved maritime operations through data analytics is expected to escalate the MEA maritime analytics market.
New York, Nov. 26, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Middle East & Africa Maritime Analytics Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Application and End User" - https://www.reportlinker.com/p05989555/?utm_source=GNW
In today’s digital age, competition is very strong in different sectors, including the maritime sector, and businesses are increasingly investing in solutions that could help them increase operational efficiency while reducing overall costs which is driving the MEA maritime analytics market.
Therefore, the demand for advanced solutions, such as maritime data analytics, among commercial shippers and other end users has increased at an impressive rate which is bolstering the growth of MEA maritime analytics market.Big data is used in the shipping industry to monitor sensors on the ship and to conduct predictive analytics to prevent delays and improve performance.
In order to prevent and anticipate expensive problems, improved decision-making due to insights gained from big data is actively used and can be used throughout the life cycle of the ship from development to service.With a rising degree of globalization, the demand for transportation of goods is likely to increase significantly.
Therefore, the demand for advanced data processing techniques would also increase among shipping companies to optimize time productivity and cost savings which will drive the MEA maritime analytics market. Factors such as overall productivity, efficiency, and cost reduction are expected to increase the demand for maritime analytics solutions, thereby boosting the growth of the MEA maritime analytics market. Increasing digitalization trend in the shipping industry is among the other factors expected to positively influence the demand for maritime analytics in the MEA which is driving the MEA maritime analytics market.
Countries across the MEA, such as Iran, Saudi Arabia, Qatar, and South Africa, have got the highest number of COVID-19 confirmed cases and deaths.The COVID-19 outbreak has impacted the economies of the MEA region in a significant manner with decline in oil production activities, tourism sector, capital markets, and remittances.
The disruptions in global supply chains and capital flows have also impacted the domestic production and demand in various countries of the MEA region.The transportation and logistics sector, especially air and ocean freight, is impacted severely in Gulf Cooperation Council (GCC) countries, which comprise many major transit hubs which has affected the MEA maritime analytics market negatively.
Owing to shortages in staff capacity and lockdown measures in various countries, such as Saudi Arabia, Kuwait, and the UAE, the shipping and transportation industry is facing slowdown in operations which may impact the growth of the maritime analytics market to some extent in the region. The coronavirus outbreak’s impact is anticipated to be quite severe in the year 2020 and likely in 2021. Hence, the ongoing COVID-19 crisis and critical situation will impact the maritime analytics market growth of the MEA region for the next few quarters
Based on application, the pricing insights segment is expected to be fastest growing segment during the forecast period for MEA maritime analytics market.Pricing insights allow a marine company’s leadership to handle pricing strategies and policies proactively and lead them to arrive at the right pricing that is in-line with business market positioning and business strategy which is affecting the MEA maritime analytics market growth.
The pricing insights enable a firm’s analyst to draw insight-driven pricing decisions, quantify the efficiency of these decisions, and make adjustments with the help of consistent data.Pricing insights also helps identify critical areas of revenue leakage and can be immediately targeted for profitability optimization.
With price analytics, marine businesses can continuously analyze and improve pricing programs in order to gain maximum margins and profits. The pricing insights application have several features, such as cost cutting, profitability optimization, pricing strategies, and revenue leakage identification, which is expected to increase the demand for maritime analytics in MEA, thereby driving the MEA maritime analytics market.
The overall MEA maritime analytics market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the MEA maritime analytics market.
The process also serves the purpose of obtaining overview and forecast for the MEA maritime analytics market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants who typically take part in such a process include industry experts, such as VPs, business development managers, maritime analytics market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the MEA maritime analytics market. ABB Ltd., exactEarth Ltd., ShipNet, SparkCognition, and Windward Ltd. are among the key players operating in the MEA maritime analytics market.
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