Marine Telematics Market Size is Projected to Reach $29.95 Million by 2026, Registering a CAGR of 21.3% : AMR Study

WILMINGTON, NEW CASTLE, DE, UNITED STATES, October 10, 2024 /EINPresswire.com/ -- According to a recent report published by Allied Market Research, titled, "Marine Telematics Market Size, Share, Competitive Landscape and Trend Analysis Report, by Component [Hardware, Software, and Service ] and Application : Global Opportunity Analysis and Industry Forecast, 2019-2026".

The global marine telematics market was valued at $6.80 million in 2018, and is projected to reach $29.95 million by 2026, registering a CAGR of 21.3% from 2019 to 2026.

The Europe region is expected to dominate the market, followed by Asia-Pacific, North America, and LAMEA. In Asia-Pacific, Japan dominated the Marine Telematics market in 2018, whereas India is expected to grow at a significant rate during the forecast period.

𝐆𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 : https://www.alliedmarketresearch.com/request-sample/6073

The transportation industry is changing at a rapid pace due to globalization. Therefore, increase in automotive sales due to improvement in manufacturing facilities and adoption of advanced technologies for safety in most of the emerging countries such as Japan, Norway, China, India, and Brazil are the factors that drive the demand for the market. Incorporation of real-time fleet monitoring systems in marine, rise in use of cloud-based technology for marine operations management solutions, and improvements in vehicle monitoring & fuel management in the transportation sector is anticipated to influence prominent players to invest and expand the marine telematics market. In addition, reduction in accidents and increase in cargo transportation across the globe fuels the demand for telematics solutions-based technology for ships, which, in turn, will help to boost the growth of the market.

Developing countries such as China and Brazil are the most promising countries for the transportation sector, owing to the increasing development and adoption of latest technologies used for ships and rise in number of vessels. Furthermore, increase in awareness about latest technologies used in the automotive industry and rise in deployment of autonomous marine devices from giant companies are expected to fuel the growth of the market. In the recent years, consumers have shifted their interest toward technologically advanced, safe, and secured transportation service-based vehicles for various applications in the marine industry.

Furthermore, the global marine telematics market is driven by enhanced ship monitoring and fuel management and rise in trend of connectivity solutions. In addition, vehicle diagnoses due to telematics systems also propels the growth of the market. However, high integration cost and lack of uninterrupted and seamless internet connectivity are some of the major factors that restrain the marine telematics market growth. Furthermore, the anticipated trend of automation in marine transportation and better driver and vessel safety ensures emerging growth opportunities for this market globally.

The marine telematics market analysis totally depends on the components used for applications of marine telematics. Moreover, safety services offered in applications of telematics are an appropriate example of cutting-edge aftermarket asset and operation-based management technology, which involves sharing data between vehicles and users. Safety is a combination of telecommunication and automobile technology used to improve vehicle efficiency, monitor fuel level, enhance security & safety measures, and assist drivers to enhance their overall driving experience. These factors not only boosts the demand for the system but also fosters the growth of the market.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 : https://www.alliedmarketresearch.com/marine-telematics-market/purchase-options

Moreover, the leading giant companies in the marine telematics industry are taking steps to expand their business through various business strategies. For instance, Navis started offering telematics solutions named by Bluetracker One, Bluetracker Automatic, and Bluetracker Reporting for real time vessel performance management. In addition, Market Spectrum, Inc also started the use of remote analytics tools for vessel monitoring which includes VTracker Insight X2, Nevata, XPulse, and others. Furthermore, introduction of autonomous marine technology and marine automation in marine transportation is expected to eventually lead to the growth of the marine telematics market in the near future.

In addition, the introduction of autonomous marine devices, especially in cargo vessels, are expected to create demand for transportation of cargo by sea routes. Thus, all these parameters help to lead the increase in demand for telematics solutions for applications in real time monitoring. The marine telematics market is studied for the forecast period from 2019 to 2026.

The use of telematics solutions is increasing significantly, as it provides wide range of critical alerts, real-time alerts, driver behavior, anti-theft notifications, and safety alerts. Moreover, these systems are specially made to track vehicles in real time to reduce idle time and transportation costs, thereby, increasing the operational efficiency of vehicle management.

Hardware and software used in ship telematics track vehicles through route optimization or selection of best routes in real time that further reduces the transportation costs and idle time, by increasing the operational efficiency. The purpose of marine telematics is to deliver effective real-time monitoring, fleet tracking, and security. Moreover, data generated from cloud, IoT, and sensors help to analyze and make a cost-effective decision as per requirement.

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 :

Technoton,
AST MSL.,
Boat Command ,
Sentinel Marine solutions,
Navis,
Cybernetica,
ki2 Infotech,
Market Spectrum,
Traxens,
Metocean.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/6073

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐎𝐟 𝐓𝐡𝐞 𝐒𝐭𝐮𝐝𝐲 :

In 2018, by component, the hardware type segment generated the highest revenue.

In 2018, by application, the commercial was the highest revenue contributor.

In 2018 region-wise, Asia-Pacific was contributed the highest revenue, followed by Europe, North America, and LAMEA.

𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 :

Marine Propeller Market :
https://www.alliedmarketresearch.com/marine-propeller-market

Electric Utility Vehicle Market :
https://www.alliedmarketresearch.com/electric-utility-vehicle-market-A09618

Automotive Driveline Market :
https://www.alliedmarketresearch.com/automotive-driveline-market-A10014

Car Subscription Market :
https://www.alliedmarketresearch.com/car-subscription-market-A10188

𝐀𝐛𝐨𝐮𝐭 𝐮𝐬 :

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

David Correa
Allied Market Research
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