The vessel monitoring system software market was valued at US$ 457. 29 million in 2019 and is expected to grow at a CAGR of 12. 8% during the forecast period to reach US$ 1168. 85 million by 2027. The governments across the world are increasing defense and boarder control spending each year owing to rising threat to homeland.
New York, Jan. 22, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Vessel Monitoring System Software Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Vessel Type and Application" - https://www.reportlinker.com/p06010113/?utm_source=GNW
There is an increasing need to track illegal fishing activities, movement of goods, people, and illicit material.
Also, the integration of advanced technologies such as artificial intelligence (AI) and machine learning (ML) in advanced vessel monitoring system software is increasing to provide better insights for research and development purposes.Moreover, the vessel monitoring system software is not just limited to seaborne vessel applications; it can be integrated with any surface or airborne machine, vehicle or drone.
The vessel monitoring systems are equipped with various technologies such as GPS antenna and receiver, computer, and a transmitter. These components not only help vessels operator navigate through the sea or water body but also allow the governing or border security bodies to monitor the movement and traffic in territory.
Further, vessel monitoring system software allows the governing body to identify any vessel and illegal fishing activities in restricted territory or during restricted time and further it assist to detect and track non-permitted or unidentified vessel operating or breaching the national borders.With continuous innovation in technology, the vessel monitoring system software are now integrated with technologies like surface temperate monitor, traffic and collision management, satellite communication, and real time weather forecast, which is enabling vessel operators to optimize and streamline their operations.
Thus, rising need for tracking due to unauthorized activities is one of the major factors contributing toward the growth of the vessel monitoring system software market during the forecast period.
The vessel monitoring system software market is segmented into vessel type and application.Based on vessel type, the market is further bifurcated into fishing vessels and others.
The fishing vessel segment represented the largest share of the overall vessel monitoring system software market during the forecast period.Based on application, the market is sub segmented into fisheries management and others.
In 2019, the fisheries management segment accounted for a significant share in the global vessel monitoring system software market.
In 2019, COVID-19 has created tremors in several industries.The tremendous growth in the spread of the COVID-19 has urged governments across the world to impose strict restrictions on the movement of humans and vehicles.
The lockdown imposition has resulted in lesser production of goods and commodities.The vessel monitoring market players also experienced a slowdown in the volumes attributing to the fact that the production units were operating with a limited workforce.
This has had a negative impact on the vessel monitoring system software market.
The overall vessel monitoring system software 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 market.
The process also serves the purpose of obtaining overview and forecast for the vessel monitoring system software market with respect to all the segments.It also provides the overview and forecast for the global vessel monitoring system software market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, Middle East and Africa, and South America.
Also, primary interviews were conducted with industry participants and commentators to validate data and 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, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the vessel monitoring system software market.
Applied Satellite Technology Ltd; Beijing Highlander Digital Technology Co., Ltd.;BlueTraker; CLS Fisheries; ORBCOMM Inc; Orolia Maritime; Satlink S.L.;ShipNet; SRT Marine Systems plc; THINKmarine Co., Ltd.;Trackwell; Visma; and Wärtsilä Corporation are among the major players operating in the global vessel monitoring system software market.
Read the full report: https://www.reportlinker.com/p06010113/?utm_source=GNW
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