Vessel Monitoring System Software Market Size, Share, Trends, Value 2030

Vessel Monitoring System Software Industry Perspective:  

The global vessel monitoring system software market size was evaluated at $8.75 billion in 2022 and is slated to hit $11.57 billion by the end of 2030 with a CAGR of nearly 4.3% between 2023 and 2030.

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The market report is an indispensable guide on growth factors, challenges, restraints, and opportunities in the global marketspace. The vessel monitoring system software industry report covers the geographical market along with a comprehensive competitive landscape analysis. It also includes cash flow analysis, profit ratio analysis, market basket analysis, market attractiveness analysis, PESTEL analysis, SWOT analysis, Porter’s five force analysis, and value chain analysis. Additionally, the vessel monitoring system software market report explores the investor and stakeholder space to help companies make data-driven decisions.

Vessel Monitoring System Software Market: Overview

Vessel monitoring system software is used in commercial fishing activities for monitoring functions of fishing vessels. These products are the key components of monitoring control & surveillance systems. Reportedly, vessel monitoring system software is used for improving the management of marine activities along with ensuring proper fishing practices and avoiding illegal fishing. In addition to this, the product helps the authorities in identifying any illegal fishing activities occurring in restricted areas. Moreover, vessel monitoring system software also helps in detecting unidentified ships breaching national boundaries. Rapid technological innovations and integration of vessel monitoring system software with satellite communications tools, surface temperate monitors, traffic management, and time weather forecasting systems have enhanced the popularity of vessel monitoring system software.

Key Insights

• As per the analysis shared by our research analyst, the global vessel monitoring system software market is projected to expand annually at the annual growth rate of around 4.3% over the forecast timespan (2023-2030)
• In terms of revenue, the global vessel monitoring system software market size was evaluated at nearly $8.75 billion in 2022 and is expected to reach $11.57 billion by 2030.
• The global vessel monitoring system software market is anticipated to record massive growth over the forecast period owing to an increase in the allocation of funds for improving the security of vessels in oceans.
• In terms of vessel type, the fishing vessels segment is slated to register the fastest CAGR over the forecast period.
• On the basis of application, the fisheries management segment is slated to dominate the segmental surge over the forecast period.
• Region-wise, the North American vessel monitoring system software market is projected to register the highest CAGR during the assessment period.

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Vessel Monitoring System Software Market: Growth Factors

Massive need for monitoring illegal fishing activities in the region to boost the global industry trends

Escalating demand for determining unauthorized events taking place in waters will propel the growth of the global vessel monitoring system software market. An increase in the allocation of funds for improving the security of vessels in oceans will embellish the global market trends. The humungous need for repair and restoration of vessels is anticipated to spearhead the global market demand. In addition to this, the rise in trading activities through sea routes along with the need for refurbishing old vessels and embedding them with new vessel monitoring system software will drive the global market expansion. Integration of AI and machine learning tools in vessel monitoring system software has further enhanced product demand, thereby scaling up the growth of the market globally.

Furthermore, new product launches and product innovations are likely to provide impetus to the vessel monitoring system software market across the globe. For the record, the American Bureau of Shipping, an American maritime classification society, introduced a new maritime software as a service firm referred to as ABS Wavesight. Moreover, the latter will launch new products, thereby increasing its product portfolio. Such moves will steer the growth of the market across the globe in the forthcoming years.

Vessel Monitoring System Software Market: Restraints

Changing software prices can impede the global industry surge over the coming years

Vessel monitoring system software cannot transfer data accurately when the vessel is sailing in sea waters as its geographic coverage is restricted to nearly 76-degree latitude in both hemispheres. This factor is predicted to hinder the global vessel monitoring system software industry surge. Fluctuating product costs can prove detrimental to the growth of the global industry.

Vessel Monitoring System Software Market: Opportunities

Flourishing commercial fishing business activities will generate new growth horizons for the global market

A surge in the import and export of oils through sea routes has resulted in humungous demand for vessel monitoring system software, thereby creating new avenues of growth for the global vessel monitoring system software market. The thriving fishing industry will generate new facets of growth for the global market.

Vessel Monitoring System Software Market: Challenges

Different countries have different laws pertaining to sea trading activities, thereby posing a huge challenge to the global industry expansion

Firms in the cargo vessel business across emerging economies are not aware of the benefits offered by vessel monitoring system software. This is likely to pose a bigger challenge for the growth of the vessel monitoring system software industry globally. Apart from this, laws pertaining to trading activities through sea route is different in different countries and this can create big hurdles in the growth of the global industry.

Vessel Monitoring System Software Market: Segmentation

The global vessel monitoring system software market is sectored into vessel type, end-user, and region.

In vessel type terms, the global vessel monitoring system software market is segregated into fishing vessels, cargo vessels, passenger ship ferries, service vessels, and others. In addition to this, the fishing vessels segment, which accrued more than half of the global market share in 2022, is predicted to register the fastest CAGR in the forecast timespan. The segmental growth in the forecasting timeline can be due to the large-scale use of fishing vessels for commercial fishing activities. Apart from this, these vessels are equipped with new equipment and technologies for improving fishing operations. Hence, the vessel monitoring system software can be easily deployed in fishing vessels for effectively monitoring fishing activities and managing fishing operations.

On the basis of end-user, the vessel monitoring system software industry across the globe is sectored into fisheries management, naval ships, and others. Furthermore, the naval ships segment, which accrued a huge chunk of the global industry share in 2022, is projected to lead the segmental expansion in the upcoming years. The segmental expansion in the forecast timespan can be subject to the rise in the demand for monitoring systems in naval ships. Moreover, these vessels require software for navigating water bodies and monitoring the ship’s movement as well as traffic in their boundaries.

Vessel Monitoring System Software Market: Report Scope

Vessel Monitoring System Software Market: Regional Insights

European vessel monitoring system software market to establish a dominant status in the global market over the forecast timeline

Europe, which accumulated more than two-fifths of the global vessel monitoring system software market revenue in 2022, is anticipated to record a notable surge over the assessment timeframe. The market expansion in Europe in 2023-2030 can be due to strict laws enacted by the EU pertaining to the safety of cargo ships as well as fishing vessels. As per the EU scheme, the vessel monitoring systems of vessels are required to report weekly catch, transshipment, catch on entry, port of landing, and catch on exit. Apart from this, it is necessary for the EU vessel monitoring systems to automate catch data collection and exchange of data between various countries of the EU. Such initiatives will prompt the growth of the market in Europe.

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Furthermore, the vessel monitoring system software industry in North America is anticipated to register the fastest CAGR in the assessment timeline. The factors that are projected to favorably leverage the growth of the regional industry include the presence of giant players in the countries such as Canada and the U.S.

Vessel Monitoring System Software Market: Competitive Space

The global vessel monitoring system software market profiles key players such as:

• Wärtsilä Corporation
• ORBCOMM Inc.
• Beijing Highlander Digital Technology Co. Ltd.
• BlueTraker
• Applied Satellite Technology Ltd
• CLS Fisheries
• THINKmarine Co. Ltd.
• Orolia Maritime
• Trackwell
• ShipNet
• Visma
• Satlink S.L.
• SRT Marine Systems plc.

The global vessel monitoring system software market is segmented as follows:

By Vessel Type 

• Fishing Vessels
• Cargo Vessels
• Passenger Ship Ferries
• Service Vessels
• Others

By End-User

• Fisheries Management
• Naval Ships
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa