According to The Insight Partners’ latest market study on “Vessel Monitoring System Software Market to 2027 – COVID-19 Impact and Global Analysis and Forecast by Vessel Type (Fishing Vessels and Others) and Application (Fisheries Management and Others); and Geography” the market was valued at US$ 457.29 million in 2019 and is projected to reach US$ 1168.85 million by 2027; it is expected to grow at a CAGR of 12.8% from 2019 to 2027.
COVID-19 Impact on Global Vessel Monitoring System Software Market
The COVID-19 has spread significantly across APAC and North America. Europe and SAM regions are also hit hard. The regions have significant numbers of market players. The ICT and transportation industries are adversely affected due to COVID-19, and since the start of 2020, these industries have been reflecting declining trend. With the imposition of lockdown across countries in North America, Europe, and Asia, the industries have been witnessing declining trend. The fisheries industry requires a significant number of human labors, and on the contrary, the COVID-19 virus is spreading through human involvement, the sector is unable to function properly. Compared to that of 2017, the vessel activities were reduced by over 69% during the lockdown, the fishing activities were reduced by 84% and the passenger traffic by 78%.
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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 the leading players operating in the vessel monitoring system software market. Several other players are also functioning and are contributing significant revenues in the vessel monitoring system software market.
The increasing demand from fisheries and cargo vessel sectors to have an eye on trade to curb unauthorized dealings. Countries such as Thailand and South Korea have started using VMS software to monitor their vessels and ensuring that fisheries are carrying marine products legally. Another factor is the need for a mandatory environment to install VMS. Backed by government support, VMS is a standard system of fisheries monitoring and control globally. The European government has mandated that all European countries should have this system to transmit the data quickly and allow the commission to monitor effectively. Besides, increasing international trade of goods other than fisheries at a large scale is projected to influence the demand for advanced tracking solutions such as VMS software. Additionally, by integrating automatic identification system-based tools and other sophisticated techniques, VMS's adoption rate among the end-user industries would increase exponentially. As mentioned earlier, the integration of the systems will assist in managing critical challenges related to each mile-marker, terminal, anchorage, and buoy. Those as mentioned earlier are projected to fuel the market growth during the forecast period.
Growing opportunities for Cargo Tracking
An increasing seaborne trade across the globe results in the rising investment in safety and security system which boosts the growth of the vessel monitoring system software market. Further, advancements in repair, restoration and upgrade of vessels is projected to fuel the growth for vessel monitoring system software market. Additionally, increase in trade activities backed retrofitting of old system with new advanced vessel monitoring system software to optimize and streamline the operations are among other factors forecasted to create growth opportunities for vessel monitoring system software market players. Advancements including near real-time tracking provides a brief analysis of the fleet, including risks, security threats, and various regulatory territories. Further, complete situational awareness along with global visibility and actionable intelligence to increase the operational efficiency.
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