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A long range tracking and identification system is a security and surveillance system that is used for the identification and tracking of ships. The system contains ship borne long range tracking and identification system information transmitting equipment, application service providers (ASPs), communications service providers (CSPs), LRIT data centers, LRIT data distribution plans, vessel monitoring systems, and international LRIT data exchange. The integration of a long range tracking and identification system in ships provides information related to the ship’s identity and current location to the government, which helps government bodies reduce security risks. In addition, advantages of long range tracking and identification systems such as maritime search and rescue, marine environment protection, and maritime safety are anticipated to drive the long range tracking and identification system market.

A rise in seaborne trade is a major factor driving the global long range tracking and identification system market. According to the United Nations conference on trade and development, in 2017, the global seaborne trade volume rose 4% as compared to 2016. This is due to global economic recovery and improving global merchandising trade. The global seaborne trade reached 10.7 billion tons in 2017. Moreover, the dry bulk commodity raised by 4% in 2017 as compare to previous year  A rise in global seaborne trade has boosted demand for ships, which is driving demand for long range tracking and identification systems. In addition, a rise in government investment for purchasing ships has propelled the long range tracking and identification system market

Moreover, an increase in security concerns related to ships plays a major role in the growth of the long range tracking and identification market. To overcome security concerns related to ships, most governments are taking initiatives to invest in ship security. For instance, in March 2019, the 13th Governing Council Meeting of the ReCAAP ISC was held in Singapore. The council discussed maritime challenges such as terrorism and armed robbery against ships in Asia. According to the ReCAAP ISC presentation, in 2018, there were 76 incidents of armed robbery against ships in Asia. To overcome these challenges, major countries such as Australia, India, China, Japan, South Korea, the Netherlands, Norway, and Singapore have released funds for to address ship security and terrorism. This is projected to boost demand for security equipment, and, in turn, the long range tracking and identification system market.

The global long range tracking and identification system market can be segmented based on component and region. Based on component, the market can be classified into devices and services. The services segment can be further divided into installation and managed services. In terms of application, the long range tracking and identification system market can be categorized into cargo ships, high-speed craft, mobile offshore drilling units, and passenger ships.

In terms of region, the global long range tracking and identification system market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. Asia Pacific held  a dominant position in the global long range tracking and identification system market in 2018. It is anticipated to retain its dominance throughout the forecast period. India, China, and Japan are some of the major countries driving the market in the region. an increase in seaborne trade plays a key role in the growth of the market in the region. According to the United Nations Conference on Trade and Development, in 2017, Asia Pacific accounted for 42% of the global loading seaborne trade and 61% of unloading.      

Key players operating in the global long range tracking and identification system market include Furuno Danmark, Master Systems LLC, Radio Holand, Mackay Communications, Seven Seas Marine International, Inc., and Blue Tracker.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.

TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.

Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:

Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.

Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.

Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Long Range Tracking Identification System Market

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