Marine and Marine Management Software Market size to grow from USD 1.7 billion in 2021 to USD 2.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11.2%
Northbrook, IL 60062 — (SBWIRE) — 07/19/2022 — According to a new market research report “Marine and Marine Management Software Market by Component (Software and Services), Location (Onboard and Onshore), Application (Crew Management, Port Management, and Reservation Management), Deployment Mode, End User, and Region – Global Forecast to 2026″ published by MarketsandMarkets™, the marine and marine management software market size to grow from USD 1.7 billion in 2021 to USD 2.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11.2% during the forecast period.
Factors such as rising need to efficiently manage complex supply chain operations, increase sustainability across marine industry, and increasing demand for centralized administrative of data to reduce overall shipment costs and enhance shipyard productivity are driving the adoption of the marine software market across the globe.
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Major vendors in the global marine and marine management software market Oracle (US), ABB (Switzerland), DockMaster (US), Marina Master (Slovenia), Marinacloud (Croatia), Lloyd’s Register (UK), TIMEZERO (France), Scribble Software (US), MarineCFO (US), Chetu (US), MESPAS (Switzerland), Dockwa (US), Swell Advantage (Canada), Marina Ahoy (Estonia), Harba (Denmark), Harbour Assist (UK), Havenstar (England), Gestalt Systems (Germany), Seahub (US), BlueShell (Switzerland), Raymarine (UK), Ayden Marine (Turkey), OceanManager (US), Innovez One (Singapore), RMS (Australia), Nautical Software (US), and CorVant (US).
COVID-19 is disrupting the world, businesses, and economies, thus impacting on the livelihood of people live, their interaction, and the way they manage their businesses. The ability to sustain has become the new normal for enterprises as they shift their focus from growth opportunities and concentrate on implementing drastic measures to mitigate the impact of the COVID-19 pandemic. The competition among major marine software companies is expected to be furious as most upcoming projects are kept on hold due to the pandemic. Hence, several companies will fight to gain a single project. Businesses have already started their efforts to return back to normal and are facing multiple challenges on the customer as well as operational side. In a short time, the COVID-19 outbreak has caused the shipping and maritime industry to face the nastiest circumstances as the workforce in these sectors has been shut down for the safety and prevention of the increase of the pandemic. This impediment has also been affected due to the standstill of all kinds of cargos via water or air during this isolation period as the transportation of such cargos in ships or through the air can be possibly carrying with it the virus from one port to another. All the trade chains, including the major import and export trade, is in the face with a breakdown. Moreover, a ban has also been imposed by various countries on the entry of containers and vessels that are being operated from other ports, especially those that are transported from China. Such obstructed operations have hampered with the logistics and operations of the maritime industry. The maritime, transport and shipping industry is coated with foremost challenges during these pandemic times.
The services segment to hold higher CAGR during the forecast period
Based on components, the marine and marine management software market is segmented into solutions and services. The services segment has been further divided into professional and managed services. These services play a vital role in the functioning of marine software, as well as ensure faster and smoother implementation that maximizes the value of the enterprise investments. The growing adoption of marina software is expected to boost the adoption of professional and managed services. Professional service providers have deep knowledge related to the products and enable customers to focus on the core business, while MSPs help customers improve business operations and reduce overall expenses.
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The crew management segment to hold the largest market size during the forecast period
Application segment for the marine and marine management software market are segmented into crew management, port management, harbor management, vessel management, and cruise management. Crew management application segment to hold largest market share during the forecast period, owing to the growing concern of marine companies to track performance of the crew and enhance overall productivity. Crew management helps assign tasks and hiring and tracking performance. Crew management helps allocate the right people for the right job. It is also used to track labor hours and manage crews on marinas, ships, and vessels. It plays an important role in optimizing the operations and track the performance of the crew in various departments, such as the maintenance team and inventory management team.
Defense end user segment to account for higher CAGR during the forecast period
The marine and marine management software market is bifurcated on the basis of end user such as commercial and defense. Defense end user includes the naval ships and the military ships that implement marine software to manage naval operations and safeguard defense communication system from cyberattacks. The defense end user implement marine software and services to build enhance their ships at more competitive prices and with a shorter production cycle, thereby improving future fleet availability, adaptability, and reliability.
The large enterprises segment to hold a larger market size during the forecast period
The marine and marine management software market has been segmented by organization size into large enterprises and SMEs. The market for SMEs is expected to register a higher CAGR during the forecast period as cloud-based solutions and services help them improve business performance and enhance productivity. Whereas the large enterprises segment is expected to hold a larger market share in the marine and marine management software market during the forecast period due to the affordability and the acceptance of emerging technologies suh as AI, big data and Blockchain.
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Cloud segment to have the larger market size during the forecast period
The marine and marine management software market by deployment mode has been categorized into cloud and on-premises. The cloud segment is expected to have a larger market size during the forecast period. The growth rate of the cloud segment is attributed to the availability of easy deployment options, scalability, and minimal requirements of capital and time. These factors support the current lockdown scenario of COVID-19 as social distancing and the lack of crew workforce has adversely affected the growth among end users.
APAC to hold higher CAGR during the forecast period
APAC is expected to grow at a good pace during the forecast period. Opportunities for shipping and boatyards companies to implement marine software for enhanced shipping experience and reduction in overall shipping costs. All these factors are responsible for the expeditious growth of the marine and marine management software market in the region. Companies operating in APAC continue to focus on improving customer services to drive market competitiveness and revenue growth. China, Japan, and South Korea have displayed ample growth opportunities in the marine and marine management software market.
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