South America Maritime Information Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Platform (On-Shore and Vessel), Application (Fleet Management, Vessel Tracking, and Maritime Security), and End-User (Commercial and Government)

South America Maritime Information Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Platform (On-Shore and Vessel), Application (Fleet Management, Vessel Tracking, and Maritime Security), and End-User (Commercial and Government)

The South America maritime information market is expected to grow from US$ 43.33 million in 2022 to US$ 53.37 million by 2028. It is estimated to grow at a CAGR of 3.5% from 2022 to 2028.

Adoption of Cloud-Based Marine Information Solutions will be Driving the South America Maritime Information Market in Coming Years

Marine management entails all auxiliary services, from crewing and training to procurement and bunkering, to allow marinas to function at sea. Cloud computing facilitates better operations, communications, and collaborations among workforces. Cloud-based solutions provide an access to the most recent solution versions, newest features, and quick support. Cloud-based maritime software solutions enable clients to concentrate on their businesses, address incoming concerns without delays, and automate software version upgrade, along with enjoying the benefits of stringent security measures. Companies such as Chetu, RMS, Scribble Software, and Harba provide cloud-based marina management software that automates time-consuming, repetitive operations. Therefore, developments in cloud computing technology are anticipated to drive the South America maritime information market .

South America Maritime Information Market Overview

Brazil, Argentina, and the Rest of South America are the key contributors to the South America maritime information market. Maritime logistics can be considered the backbone of the South America’s economy, as it transports about 84% of the world's trade volume and almost 70% of the value of global trade. Such conditions can be seen in South America and the Caribbean, especially in the subregions of South America and the Caribbean. In this context, ports play an important role in ensuring the broad distribution of goods through supply chains, including essentials such as food and medical supplies. The Bahamas, an island in the Caribbean, ranks eighth in the world with 3.5% of the tonnage. It represented 21.5% of the world's fleet under the flag in South America and the Caribbean in 2021. In recent years, South America and the Caribbean accounted for approximately 17% of global ocean freight. Hence, the robust marine industry, coupled with a steep dependency on the maritime trade, is anticipated to create lucrative opportunities for the maritime information market. According to the International Energy Agency (IEA), expenditure on upstream activities in South America is expected to increase due to high investment by Brazil, Argentina, and Colombia. Petrobras, a Brazilian state-owned oil company, plans to invest US$ 75.7 billion by 2028 to boost oil production. In addition, oil and gas-related projects are increasing. Major companies have rolled out new initiatives and projects, creating the demand for maritime information. Hence, the growing investment in offshore activities is anticipated to propel the growth of the South America maritime information market.

South America Maritime Information Market Revenue and Forecast to 2028 (US$ Million)

South America Maritime Information Market Segmentation

The South America maritime information market is segmented into platform, application, end-user, and country.

Based on platform, the South America maritime information market is bifurcated into on-shore and vessel. In 2022, the vessel segment registered a larger share in the South America maritime information market.

Based on application, the South America maritime information market is segmented into fleet management, vessel tracking, and maritime security. In 2022, the fleet management segment registered the largest share in the South America maritime information market.

Based on end-user, the South America maritime information market is bifurcated into commercial and government. In 2022, the commercial segment registered a larger share in the South America maritime information market.

Based on country, the South America maritime information market is segmented into Brazil, Argentina, and the rest of South America. In 2022, the Brazil segment registered the largest share in the South America maritime information market.

BAE Systems Plc; Fujitsu Limited; Iridium Communications Inc.; L3Harris Technologies Inc.; Lockheed Martin Corp; Northrop Grumman Corp; ONEOCEAN; ORBCOMM Inc.; Polestar; Saab AB; Siemens AG; Spire Global; Thales Group; and Windward Ltd are the leading companies operating in the South America maritime information market.

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