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The global voyage management software market size was valued at USD 220.5 million in 2023. The market is projected to grow from USD 249.5 million in 2024 to USD 732.1 million by 2032, exhibiting a CAGR of 14.4% during the forecast period. The Voyage Management Software Market in the U.S. is projected to grow significantly, reaching an estimated value of USD 92.0 million by 2032, driven by Implementation of Voyage Optimization for Effective Management and Fleet Operations.
Voyage Management Software (VMS) provides operations, chartering, and financial activities for maritime businesses. It engages daily reports based on real-time data, hydrodynamics, ocean data, and vessel energy efficiency to create valuable insights. Also, voyage management software can maintain comprehensive data about the main systems, such as electric power, fuel consumption, hull, propulsion, and operations. With the increasing transportation of goods across different regions, companies are adopting various software, such as voyage optimization, allowing the sailors to maximize efficiency, monitor fleets and connect to the sailors, which creates a growth opportunity for the market.
Additionally, the maritime industry aims to shift operations by improving fuel efficiency and reducing carbon emissions. Implementing digital technologies increases efficiency at sea and in the shore-side workplace and reduces costs. For instance,
Integration of Artificial Intelligence into the Voyage Management Software Propels Market Growth
Artificial Intelligence (AI) is expected to impact the shipping industry. Adopting AI in the marine industry may automate route optimization, cargo tracking, scheduling, monitoring equipment performance, and providing real-time weather and ocean conditions data for navigation.
Moreover, the adoption of AI by the market players could revolutionize operations and plan and predict energy-efficient voyages to lower emissions while addressing rising fuel costs and improving safety. The players implement AI technology into voyage optimization to reduce vessel fuel consumption, carbon emissions, and running costs. For instance,
Rising Software Demand for Complex Supply Chain Operations and Database Management Solutions to Strengthen Market Growth
Supply chain operations in the marine industry require complex processes. It involves a vast network of shipping companies, ports, cargo handling facilities, and customs & regulatory agencies to develop effective and efficient maritime supply chains for businesses and economies globally.
In addition, the shipping industry aims to implement software for logistic processes by developing innovative fleets and ships to simplify operations. Moreover, key players are using automated cargo handling equipment and tracking systems in their existing solutions by aiming at maritime supply chain companies.
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Implementation of Voyage Optimization for Effective Management and Fleet Operations to Drive Market Growth
Fleet operations are massive and complicated and require time management for sailors to detail the minor changes to procedures and policies to be followed. Additionally, extreme weather conditions affect maritime operations negatively and disturb global supply chains.
Companies are increasingly adopting various options, such as voyage optimization, which help sailors maximize efficiency during these challenges. Voyage optimization selects the best route based on the weather prediction, currents, and ship performance characteristics regarding energy consumption, safety, and environment.
In addition, deploying fleet operations allows the sailors to plan voyages while considering regulations and policies. This enables shore-side crews to monitor fleets and connect and implement specific, broad-ranging company policies. The factors mentioned above are driving the growth of the voyage management software market.
Managing Complex Software and Lack of Technical Knowledge Restrains Market Growth
The marine sector has observed significant technological changes across industries. Increasing investment in digitization, autonomous shipping, and systems in voyage software acts as the restraining factor for marine engineers. The implementation and integration of voyage management software with existing systems can be complex for smaller shipping companies, creating high resource costs.
Marine engineers cannot adapt to the software's deployment, affecting marine businesses. On the other hand, companies working with lesser data volumes, less technical knowledge, and limited access to analysis lead to a significant financial commitment.
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Increasing Demand for Chartering Function Due to Continuous Visibility Fuels Market Growth
Based on function, the market is classified into chartering, operations, financials, and others.
Voyage management software is used in shipping industries to generate comprehensive and valuable insights about the main system. Various organizations deploy the software to adopt multiple functions, including chartering, financials, operations, and analytics.
The chartering segment holds the largest market share. It is expected to grow at the highest CAGR due to the ongoing awareness of market conditions, enabling businesses to determine the optimal time for booking transportation for their cargo. The chartering solution offers visibility into handling inquiries, calculating cargo, and generating indications for various voyages within a specified period. It leverages private shipping data and artificial intelligence (AI) to identify significant industry trends and offer charterers a market perspective. For instance,
Moreover, financial function shows steady growth due to the organizations adopting the software to streamline the financial tasks, reduce the overall risks involved, and eliminate the need to enter and maintain all voyage transactions in spreadsheets manually.
Geographically, the market is studied across North America, South America, Europe, the Middle East & Africa, and Asia Pacific.
Asia Pacific Voyage Management Software Market Size, 2023 (USD Million)
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Asia Pacific holds the highest voyage management software market share and is expected to grow with the highest CAGR during the forecast period due to increasing R&D investments, strengthening voyage management software, and optimizing technological support to the regional maritime industry. China exceeded Japan and South Korea in shipbuilding activities to become the world's largest shipbuilding country. These aspects made APAC a growing region in the global marine management market. In addition, various market players are growing their presence by partnering and collaborating with local market players to expand their business in this region. For instance,
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Europe is expected to show remarkable voyage management software market growth during the projected period due to the continuous increase in offshore construction. The European Union and the shipping industry also collaborate to reduce emissions by slow steaming for just-in-time arrival. Furthermore, the European Union joined forces with the Oil Companies International Marine Forum (OCIMF) and Intertanko by deploying Virtual Arrival, a voyage management software to optimize and reduce the emission of the vessel. Thus, it is expected to create a high growth rate in the European market. For instance,
North America displays noticeable growth due to the essential business information in the maritime industry, creating high demands for correct data solutions and allowing users to integrate tailored data into their business models. Additionally, companies, such as Northrop Grumman Corporation, offer voyage management software to the U.S. Navy by providing computer-based navigation, monitoring, and planning systems to meet the U.S. Navy’s electronic chart display and information system-navy (ECDIS-N) requirements.
South America demonstrates steady growth in the market due to progressions in shipping and transportation technologies with increasing globalization and contribution of economic growth in commercial harbors. In addition, the increase in service-oriented architecture will grow market share in the region.
Similarly, advanced and equipped ports with the latest technologies in the Middle East & Africa are making maritime processes flawless. Also, various companies are investing in regional harbors using AI-driven software to enhance safety, improve valuable insights, efficiency, and reliability, save fuel, and minimize emissions.
Key Players to Adopt Mergers and Acquisitions Strategies to Expand Market Share
The key voyage management software players, such as Wärtsilä, Veson Nautical, DANAOS, MariApps Marine Solutions, Blue Water Trade Winds Pvt. Ltd., SEA/(Maritech Services Limited), Q88 LLC, are focused on expanding their geographies by launching industry-specific solutions to launch new products to attract a large customer base, thereby increasing sales. New product launches and Innovations attract a vast customer base, thus improving revenue. Additionally, the report provides comprehensive information that vendors can utilize to gain a competitive edge. Many businesses are forming mergers & acquisitions, partnerships, and collaborations to enable market growth.
An Infographic Representation of Voyage Management Software Market
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The report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product/service types, and leading product applications. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market in recent years.
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ATTRIBUTE | DETAILS |
Study Period | 2019-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2019-2022 |
Growth Rate | CAGR of 14.4% from 2024 to 2032 |
Unit | Value (USD Million) |
Segmentation | By Function
By Region
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The market is projected to reach USD 732.1 million by 2032.
In 2023, the market stood at USD 220.5 million.
The market is projected to grow at a CAGR of 14.4% in the forecast period (2024-2032).
The chartering segment is anticipated to exhibit the highest CAGR during the forecast period.
Implementation of voyage optimization for effective management and fleet operations is expected to drive market growth.
Wartsila, Veson Nautical, DANAOS, MariApps Marine Solutions, Blue Water Trade Winds Pvt. Ltd., SEA/ (Maritech Services Limited), Q88 LLC, ONEOCEAN, Dataloy Systems AS, and OrbitMI, Inc., among others, are the top players in the market.
Asia Pacific is expected to hold the highest market share.
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