Software Solutions to Reduce Operating Cost Attract Fleet Owners
The marine fleet owners are under constant pressure to make operations leaner and more effective, and it is necessary to obtain the most operational insight of the fleet management data. Marine fleet management software has become essential to efficiently manage a modern fleet, whether this means a few or hundreds of vessels. A solution based on an integrated program can provide the insight that is required to gain proficiency, reduce operating expenses, and remain competitive in the marine fleet management software market. The precondition of implementing a peculiar marine fleet management software system is a planned maintenance system (PMS), procurement, and QHSE solution where all modules are fully connected.
The most basic application of marine fleet management software is to manage aspects such as crewing maintenance and daily work operations. This gives ship owners and managers time to focus on cargo booking. Moreover, the fleet industry across the world is increasingly adopting cloud-based software services. This is most likely to create lucrative opportunities for solution providers. In addition, the broad functional coverage and flexible modular structure from the shipping is attracting new consumers toward the global marine fleet management software market during the forecast period.
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Supply Chain Restrictions Immensely Affected Worldwide Marine Industry
The outbreak of COVID-19 has caused a severe crisis in the global economy and wide-ranging implications for shipping and trade activities. Many government institutions across various countries globally have implemented stringent lockdowns to control the spread of the disease. The restrictions led to disturbances and impeded shipping, ports, and supply chain services across the global industries, including marine. Thus, authorities are turning to alternative solutions, such as cloud-based software and eCommerce shipping API to continue trade operations as well as fleet processes amid the pandemic. Therefore, the demand for marine fleet management software is anticipated to increase post-COVID-19 pandemic to overcome the slump in trade activities during the first and second quarters of the year 2021.
Around 80% of global goods trade, in terms of volume, is carried out by sea, and the coronavirus pandemic has severely impacted the global marine sector, which has hampered the growth rate of the global marine fleet management software market. However, businesses are updating their current software solutions and services to maintain and provide more advanced software platforms to freight firms, and invest in the research and development process for future growth. Hence, the impact of COVID-19 on the global marine fleet management software market is expected to remain moderate during the forecast period.
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Asia Pacific to Dominate Global Marine Fleet Management Software Market
As several industries presently are planning to restart their businesses with maximum output at minimum cost, the expenses incurred on fleets hold a large portion of the company’s operating expenditures. Marine fleet management solutions help improve the profit for fleet owners by optimizing routing, ensuring vehicle security, increasing driver safety, and improving the performance and life cycle of fleet vehicles. It also helps envision fleet review and identify which drivers or saving categories should be targeted for improvement. All these mentioned advantages are providing the fleet owners with a competitive edge. The benefits have expanded the business potential of fleet management and enhanced the investment inflow in the global marine fleet management software market.
The growing urbanization in various regions is aiding the transformation toward shared mobility, leading to the extended usage of ride-hailing and car-sharing apps. Furthermore, as APAC is transforming dynamically toward the adoption of new technologies across various sectors, the region is expected to grow at the highest CAGR during the forecast period. Overall, the global marine fleet management software market is estimated to exceed the value of US$ 1.72 Bn by 2031, expanding at a CAGR of 10.4% during the forecast period.
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Analysts’ Viewpoint
The market holds a high growth rate for the enactment of cloud computing and analytics, decreasing hardware and IoT connectivity expenses, enhancing operational efficiency, and recently introduced government policies. However, there are meaningful growth opportunities for marine fleet management software producers. Small businesses and start-ups are also signifying their presence in the market by providing their service offerings in various regions. In addition, the marine fleet management software market is gradually adopting advanced technologies, and various fleet organizations are offering green initiatives to decrease environmental influence and increase the overall fleet efficiency.
Marine Fleet Management Software Market: Overview
- The latest research report published by Transparency Market Research pertains to the global marine fleet management software market for the historical period of 2018–2019; 2020 is the actual year; and the forecast period from 2021-2031. Consistently rising export and import activities across the world is facilitating the development of national economies and expanding the global marine fleet management software market. Each country is endowed with certain advantages in skills and resources; at the same time, a country may lack other resources to develop and improve its overall economy, which encourages it to engage in import and export activities to increase its gross domestic product (GDP) and wealth. This rise in marine fleet to expand business across the globe through export & import activities is expected to propel the marine fleet management software market during the forecast period.
- In terms of revenue, the global marine fleet management software market is expected to exceed value of US$ 1.72 Bn by 2031, expanding at a CAGR of 10.4% during the forecast period
Increased Focus on Operational Efficiency by Fleet Owners
- All industry seeks to obtain maximum output at minimum cost. For fleet managers, the cost incurred on fleets is a large portion of a corporation’s operating expense. Marine fleet management software helps to increase profits for fleet owners by increasing fleet safety, ensuring the security of databases, optimizing routing, and enhancing the performance and life cycle of existing fleet.
- The marine fleet management software also helps to visualize fleet performance and identify the categories that should be targeted for improvement, and helps fleet owners and managers to provide maintenance management, organizing the fleet, modifying driver behavior, reducing fuel cost & distance travelled, and lowering overhead costs
- For instance, in March 2020, SpecTec, a provider of marine fleet management software and remote asset management solutions for the shipping industry, entered into partnership with Carnival Corporation & Plc, a British-American cruise operator, to focus on developing a fleet wide MAST (marine asset management transformation) program and to reduce overall operating costs and increase operative efficiency onboard and onshore.
- Therefore, these benefits boost the cost effectiveness of business operations for shipping organizations, providing them a competitive edge. The advantages have augmented the business potential of marine fleet management software and enhanced investment inflow into the market.
Technological Advancements Boosting Marine Fleet Management Software Market
- The maritime industry is witnessing a technology revolution through the development and implementation of new technologies, such as robotics, artificial intelligence, machine learning, Internet of Things, augmented reality, and block chain in all spheres of trade across the globe, in order to create an efficient and more productive environment to carry out trade activities. Digitization has greatly improved the efficiencies of shipping companies by enabling the integration of artificial intelligence technologies, blockchain, Internet of Things (IoT), and robotics within shipping companies.
- Moreover, cloud-based and integrated marine fleet management software to control or process shipping activities more efficiently is creating significant opportunity for the software market. The shipping industry is adopting technology to add efficiency to processes and integrate the supply chain from start to end through marine fleet management software. The software platforms support B2C and B2B solutions to facilitate tracking of the fleet throughout the route.
- Furthermore, through marine fleet management software, the marine sector is likely to gain a technological edge to manage, store, and transfer data of activities in a safe and secure manner. This is estimated to create a significant opportunity for the marine fleet management software market.
- For instance, according to the United Nations Conference on Trade and Development (UNCTAD), autonomous ships and numerous blockchain applications with the help of IT are driving the demand for marine fleet management software
Marine Fleet Management Software Market: Competition Landscape
- Detailed profiles of providers of marine fleet management software have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global marine fleet management software market are
- ABS Group of Companies, Inc.
- BASS Software Ltd.
- ConnectShip, Inc.
- DNV GL
- Hanseaticsoft GmbH
- JiBe ERP
- Kongsberg Maritime
- MariApps Marine Solutions Pte Ltd
- Matrid Technologies
- Micromarin
- Norcomms
- SBN TechnoLogics Private Limited
- Seaspeed Marine Management LLC.
- SERTICA
- Shipamax Ltd.
- ShipNet
- Softcom Solutions (UK) Ltd.
- SpecTec
- Star Information System
- Tero Marine
- Veson Nautical LLC
Marine Fleet Management Software Market: Key Developments
- Key providers of marine fleet management software, such as ABS Group of Companies, Inc., DNV GL, Konsberg Maritime, MariApps Marine Solutions Pte. Ltd., and BASS Software Ltd. are focusing on the development of cost-effective and compact marine fleet management software to attract more customers. Additionally, players active in providing marine fleet management software are focusing on inorganic growth strategies such as strategic collaborations and merger & acquisition activities with technology partners to improve their offerings and market reach.
- Some other key developments in the global marine fleet management software market are highlighted below:
- In March 2021, ABS Group of Companies, Inc., entered into partnership with iMarine Software LLC, a provider of cloud-based e-procurement systems, to provide procurement solutions for the shipping industry
- In March 2021, SERTICA, collaborated with Hapag-Lloyd AG, a German international shipping and container transportation company, to implement fleet management software for 70 plus vessels
- In February 2020, DNV GL entered into partnership with MSC Software, a provider of computer-aided engineering simulation software and services to design ships and offshore structures more efficiently
- In March 2019, BASS Software Ltd. collaborated with Seabury Maritime LLC, a maritime and transportation investment & merchant banking and advisory firm, to provide marine fleet management solutions for ship owners and managers in North America
- In the global marine fleet management software market report, we have discussed individual strategies, followed by company profiles of providers of marine fleet management software. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global marine fleet management software market.
Marine Fleet Management Software Market – Scope of Report
A latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global marine fleet management software market to accurately gauge its potential future development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the marine fleet management software market to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the marine fleet management software market is expected to progress during the forecast period of 2021-2031.
The report offers intricate dynamics about the different aspects of the marine fleet management software market that aids companies operating in the market in making strategic development decisions. TMR’s study elaborates on the significant changes that are highly anticipated to configure the growth of the marine fleet management software market during the forecast period. It also includes a key indicator assessment to highlight the growth prospects of the marine fleet management software market, and estimates statistics related to the market progress in terms of value (US$ Mn).
The study covers a detailed segmentation of the marine fleet management software market, along with country analysis, key information, and a competitive outlook. The report mentions the company profiles of key players that are currently dominating the marine fleet management software market, wherein various development, expansion, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Marine Fleet Management Software Market
The report provides detailed information about the marine fleet management software market on the basis of comprehensive research on various factors that play a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the marine fleet management software market, so as to help them make successful strategies and take target-driven decisions.
- Which regions will continue to remain the most profitable regional markets for marine fleet management software market players?
- Which factors will induce a change in demand for marine fleet management software during the assessment period?
- How will changing trends impact the marine fleet management software market?
- How will COVID-19 impact the marine fleet management software market?
- How can market players capture low-hanging opportunities in the marine fleet management software market in developed regions?
- Which companies are leading the marine fleet management software market?
- What are the winning strategies of stakeholders in the marine fleet management software market to upscale their position in this landscape?
- What will be the Y-o-Y growth of the marine fleet management software market between 2021 and 2031?
- What are the winning imperatives of market frontrunners in the marine fleet management software market?
Research Methodology – Marine Fleet Management Software Market
The research methodology adopted by analysts to compile the marine fleet management software market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the industry-affiliated information that is obtained and legitimated by market-admissible sources, analysts have offered riveting observations and authentic forecasts of the marine fleet management software market.
During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine sources, analysts have emphasized the changing scenario of the marine fleet management software market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, industry association publications, and company websites to obtain the necessary understanding of the marine fleet management software market.
Marine Fleet Management Software Market – Segmentation
TMR’s research study assesses the marine fleet management software market on the basis of component, deployment, end user, and region. The report presents extensive market dynamics and progressive trends associated with different segments, and how they influence the growth prospects of the marine fleet management software market.
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