DUBLIN, July 30, 2021--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
The global 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.
Various factors such as rising need to efficiently manage complex supply chain operations, increase sustainability across marine software 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 and marine management software and services market across the globe.
COVID-19 is disrupting the world, businesses, and economies, thus impacting on the livelihood of people's lives, 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.
The cloud segment to have the larger market size during the forecast period
By deployment mode, the marine and marine management software market has been segmented into on-premises and cloud. The market size of the cloud deployment mode is estimated to be larger during the forecast period. The cloud-based deployment helps businesses more efficiently process and report data findings, enhance collaboration, and enable decision-makers to get faster access to business intelligence leading to its higher adoption in the marine software across the globe.
The SMEs segment to hold higher CAGR 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 software 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 new emerging technologies such as AI, Big data and blockchain.
Among regions, APAC to hold higher CAGR during the forecast period
APAC is expected to grow at a good pace during the forecast period. Opportunities for smaller marine vendors to introduce marine software for numerous shipping companies have also increased. 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 shipping operations to drive market competitiveness and revenue growth. China, India, and Singapore have displayed ample growth opportunities in the marine and marine management software market.
Rising Need to Efficiently Manage Complex Supply Chain Operations and Increase Sustainability Across the Marine Industry
Increasing Demand for Centralized Administration of Data to Reduce Overall Shipment Costs and Enhance Shipyard Productivity
Interoperability Issues and Risk Associated with Cyber Threats
Stringent Environmental Regulations and Compliance Issues
Increasing Adoption of Cloud-Based Marine Management Solutions to Automate the Shipment Operations
Exponential Growth of Smartphone Users During Covid-19 to Lead the Increased Proliferation of Mobile-Based Marine Management Software
Limited Workforce and Halt in the Production Units During the Pandemic to Adversely Affect the Marine Industry
Lack of Technical Expertise to Manage Complex Software
Cumulative Growth Analysis
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