Voyage Management Software Market Size to Surpass USD 555.3 Million by 2030, Exhibiting a CAGR of 14.1%

As per the report by Fortune Business Insights, the global voyage management software market size is projected to reach USD 555.3 million in 2030, at a CAGR of 14.1% during the forecast period, 2023-2030

Pune, India, May 02, 2023 (GLOBE NEWSWIRE) — According to Fortune Business Insights, global voyage management software market size was valued at USD 195.9 million in 2022 and is projected to grow from USD 220.4 million in 2023 to USD 555.3 million by 2030, exhibiting a CAGR of 14.1% during the forecast period.

Adopting digital technologies boosts efficiency at sea and in the shore-side office and decreases costs, thus contributing to market augmentation. Fortune Business Insights, provide this information in its report titled, Voyage Management Software Market Forecast, 2023-2030.

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Voyage Management Software (VMS) handles operations, chartering, and the financial side of maritime businesses. It employs standard daily reports based on real-time data, met ocean data, hydrodynamics, and vessel energy efficiency to generate valuable insights. Also, exhaustive data about the main systems such as electric power, hull, propulsion, operations, and fuel consumption can be maintained using VMS.

Key Industry Development:

June 2022: PortLink Global, a port solutions company, announced the acquisition of Wärtsilä to deploy Wärtsilä Voyage for building a voyage optimization ecosystem and connected ship-to-shore logistic management.

Key Takeaways

• Voyage management software market size in Asia Pacific was USD 69.7 Million in 2022
• Surging Need for Software for Managing Complex Supply Chain to Aid Market Expansion
• Wartsila Voyage Recently Acquired a Global Port Solutions Company PortLink Global
• Chartering Segment to Dominate Backed by its Ability to Provide a Unique Market View to Users

Discover the Leading Players Featured in the Report:

Companies leading the global voyage management software market are Wärtsilä (Finland), Veson Nautical (U.S.), DANAOS (Greece), MariApps Marine Solutions (Singapore), Blue Water Trade Winds Pvt. Ltd. (India), SEA/ (Maritech Services Limited) (Singapore), Q88 LLC (U.S.), ONEOCEAN (U.K), Dataloy Systems AS (Norway), OrbitMI, Inc. (U.S.), The Ark Marine Solutions Pte Ltd. (TAMS) (Singapore), ION Group (U.S.), Herberg Systems GmbH (Germany), Vasco Systems Pte Ltd. (Singapore), Marine Digital GmbH (Germany), Nextvoyage Maritime Software Pte. Ltd. (Singapore)

Report Scope & Segmentation

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Drivers and Restraints:

Surging Need for Software for Managing Complex Supply Chain to Aid Market Expansion

Supply chain operations in the marine industry require complicated processes as they involve a complex network of cargo handling facilities, shipping companies, ports, customs, and regulatory agencies. The smooth functioning of the maritime supply chain is essential for economies and businesses worldwide. Voyage management software plays an important role in streamlining operations and ensuring the smooth functioning of the maritime operations. 

Shipping industries are focusing on adopting advanced software for logistics purposes by creating innovative ships and fleets to streamline operations and cope with dynamic market conditions. Moreover, industry leaders are integrating cargo tracking systems to their existing solutions by focusing on maritime supply chain partners, which will further aid voyage management software market growth.

On the other hand, increased investment in autonomous shipping, digitization, and adoption of Artificial Intelligence (AI) systems in voyage software acts as the major challenge for marine engineers. Marine engineers cannot adapt to the software’s deployment, affecting the market growth.

Segments:

Chartering Segment to Dominate Backed by its Ability to Provide a Unique Market View to Users

As per function, the market is split into chartering, operations, financial, and others. Among these, the chartering segment captured the dominant voyage management software market share in 2022. Chartering solution provides continuous visibility of the cargo and helps in tracking it to ensure it reaches the target within the specified period. It leverages Artificial Intelligence (AI) and Big Data to provide a unique market view to charterers, thus aiding segment growth.

Geographically, the market is segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Regional Insights:

Asia Pacific to Dominate due to Increase in R&D Investments

Asia Pacific is anticipated to register the highest market share across all regions. Increasing investments in R&D, optimization of technical support to the maritime industry, and improvements in voyage management systems are the factors aiding market expansion in the region. Also, China surpassed South Korea and Japan in shipbuilding activities and became the world’s largest shipbuilding country. These factors have turned Asia Pacific into a leading region in the global market.

Europe is slated to display a steady growth rate due to continuous increase in offshore construction. Europe promised to cut emissions by 80% by 2050, and the shipping industry also promises to reduce emissions by slow steaming for just-in-time arrival. Moreover, the European Union collaborated with Oil Companies International Marine Forum (OCIMF) and Intertanko by integrating ‘Virtual Arrival’, a voyage management optimization and vessel emission reduction tool. This will contribute to market growth in the region.

The North America market is expected to grow significantly in the forthcoming years backed by the rising need for customer information in the maritime industry, which has generated the need for accurate data solutions. Moreover, a few leading companies such as Northrop Grumman Corporation provide Voyage Management System (VMS) to the U.S. Navy, thus elevating market growth in the region.

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Competitive Landscape:

Collaborations between Industry Leaders to Drive Market Augmentation

Leading companies often make tactical decisions such as partnerships, product launches, mergers and acquisitions, and collaborations to maximize profits and gather larger revenues. For example, in December 2022, Bearing.ai, a green shipping software powered by artificial intelligence, collaborated with Veson Nautical to integrate the Veson IMOS Platform with Bearing’s Carbon Intensity Indicator analysis solutions to coordinate data for voyage analysis and quick CII accurate modelling of ratings within the voyage and wider strategic operations.

FAQs

How big is the voyage management software market?

Voyage management software market size was USD 195.9 million in 2022. It is expected to reach USD 555.3 billion by 2030.

How fast is the voyage management software market growing?

The voyage management software market will exhibit a CAGR of 14.1% during the forecast period, 2023-2030.

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