Global Vessel Traffic Management Market 2020 (Includes Business Impact of COVID-19)

                                          
“Global Vessel Traffic Management Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by Trusted Business Insights. The global vessel traffic management market report has been segmented on the basis of component, systems, end user, and region.

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Introduction

Vessel traffic management system is utilized in determination and estimation of the continuously changing marine environments in order to enhance and offer safety to marine borders and to ameliorate marine environment. In this management process, different communication technologies are utilized in segregating the essential and useful data which are required in maritime transport.

Vessel traffic management system is primarily used to enhance and safeguard the marine environment, sea borders, and maritime transport. In addition, the implementation of advanced communication and information technologies is necessary for maritime transportation. These advanced technologies are helpful in gathering, processing, presenting, storing, and segregating important data involved in maritime transport.

Dynamics

Increasing adoption for vessel traffic management systems in marine transportation a major factor expected to drive the global vessel traffic management market growth. Rising cargo transport activities by sea is among additional factor estimated to drive growth of the global vessel traffic management market.

Increasing investment for construction and expansion of ports and increasing trade and exports activates across various developing and developed region. Moreover, rising demand to enhance operational functionalities in vessels traffic control systems and for encouraging new operations, including remote control and automatic vessel identification, is expected to fuel growth of advanced information management systems. These are some additional factors expected to drive the global market growth. Furthermore, rising demand for implementation of advanced technologies, such as e-navigation, Global Navigation Surveillance Systems (GNSS), Internet of Things (IoT), and cloud computing in busy commercial ports is additional factor expected to drive revenue growth of the target market.

However, high vessel traffic management installation and equipment cost is major factor estimated to limit the global vessel traffic management market growth.

Segment Insights

Among the component segments, the solutions segment is expected to accounts for moderate revenue share in the global vessel traffic management market, owing to increasing adoption of technologies, such as artificial intelligence, GNSS, big data analytics, cloud computing, and e-navigation. The revenue of the solutions segment is projected to register highest CAGR.

Among the system segments, the river information systems segment is projected to register major revenue share in the global vessel traffic management market, owing to rapid growth in the interconnected mode of the transportation. The revenue of the river information systems segment is anticipated to register highest CAGR.

Among the end user segments, the commercial marine transport segment is expected to account for a moderate revenue share in the global vessel traffic management market. The revenue of the commercial segment is anticipated to register highest CAGR.

Region Insights

The Asia Pacific market is projected to account for major revenue share in the global vessel traffic management market. Asia Pacific vessel traffic management market is projected to register fastest revenue growth, owing to increasing new port construction, port expansions, and increasing government involvement towards the port and coastal security.

Global Vessel Traffic Management Market Segmentation:

Segmentation by Component:

Equipment
Solutions
Service

Segmentation by Systems:

Port Management Information Systems
Global Maritime Distress Safety Systems
River Information Systems
AtoN Management & Health Monitoring Systems

Segmentation by End User:

Commercial
Port & Harbor
Inland Port
Offshore
Fishing Port
Defense