Global Marine Big Data Market: Rising Global Trade to Fuel Growth Opportunities - Transparency Market Research

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Dec 05, 2017, 06:30 ET

ALBANY, New York, December 5, 2017 /PRNewswire/ --

Considering big data analytics in the marine sector is an upcoming technology, the global marine big data market is poised to witness a highly competitive environment. As the market is at a booming phase, Transparency Market Research (TMR) forecasts strong growth for in a new study. "In order to emerge at fore, a majority of the market players are focusing on product differentiation," said a lead TMR analyst. "In consequence of the same, companies are in keen on adding innovative functions to the products they offer," he added. Besides this, the market players are keen on strategic collaborations through partnerships. This would help companies operating in the global marine big data market strengthen their foothold. TMR has identified Intertrust Technologies Corporation, Splunk, Inc., Teradata, BigOceanData, Datameer Inc., among others as some of the leading companies operating in the global marine big data market.

Impacted by strategies adopted by the key market players and various other factors, the global marine big data market is forecast to expand at a robust 21.5% CAGR between 2017 and 2025. At this pace, the market's valuation will reach US$3,240.5 mn by the end of 2025. Based on component, service segment held larger share in the global marine big data market as compared to software packages as the former offers better affordability. Regionally, Asia Pacific held lead in the global marine big data market as the region boasts the presence of large shipping corporations in South Korea, China, Singapore, and Japan.

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Technological Advancements in Marine Sector Push Demand for Marine Big Data

Shipping is highly regulated and responsible nearly 3% of carbon emissions reported globally. Considering the high dependence of global trade, the shipping industry accounts for a significantly large share of the commercial demand. In the coming years, the industry is likely to navigate through various twists and turns and bear effects of climate change, upcoming regulations, technological advancements, and energy shortages. Also several technological developments are on card for the marine sectors on account of the advent of proliferation of the sensor technology. Against this backdrop, experts are of the opinion that the marine sector is likely to develop at a rapid pace in the coming years. This will in turn create lucrative prospects for the global marine big data market's growth.

Ship intelligence will emerge as a driving future shaping lucrative prospects for the industry. A staggering volume of data is generated on a daily basis in marine sector. Furthermore, this data is generated from diverse sources and in diverse formats. Big data has therefore emerged as a key solution as it helps discovering correlations between various measurable or unmeasurable criteria. Results thus obtained enables determination of hidden trends and patterns.

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Information Provided by Marine Big Data Considered Indispensable for Marine Sector

Marine big data provides forecasts regarding unforeseen hazards be it regarding climate or ecology and helps in decision-making. In addition, marine big data also provides valuable temporal and spatial information, besides data on water attributes such as density, salinity, temperature, and velocity. All these factors will help in growth of the global marine big data market in the coming years. As future of ship intelligence traverses beyond ultra-monitoring and nanotech, the market will welcome a fresh burst of opportunities. Experts are of opinion that in the coming years, bridges will focus on analyzing high level data to efficiently manage navigation and propulsions.

This review is based on a TMR report, titled "Marine Big Data Market (Component - Software (Data Analytics, Data Collection Data Discovery & Visualization, and Data Management), Services (Consulting, System Integration and Operation, and Maintenance); Application - Renewable Energy, Oil & Gas, Fishery, Whale Watching, Marine Protected Area, Dredging, Harbor, and Offshore Construction; Data Source - Environmental, Oceanographic, Geological Data, and Economic) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 - 2025."

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The report segments the global marine big data market as:

Marine Big Data Market Analysis, by Component

Software
- Data Analytics
- Data Collection
- Data Discovery and Visualization
- Data Management
Services
- Consulting
- System Integration
- Operation and Maintenance

Marine Big Data Market Analysis, by Application

Renewable Energy
Oil and Gas
Fishery
Whale Watching
Marine Protected Area
Marine Traffic
Dredging
Harbor
Offshore Construction
Others

Marine Big Data Market Analysis, by Data Source

Environmental
Oceanographic
Geological Data
Economic
Others

Marine Big Data Market Analysis, by Region

North America
- The U.S.
- Canada
- Rest of North America
Europe
- Germany
- France
- The U.K.
- Rest of Europe
Asia-Pacific
- Japan
- China
- India
- Australia
- Rest of Asia Pacific
Middle-East & Africa
- GCC Countries
- South Africa
- Rest of MEA
South America
- Brazil
- Rest of South America

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