Report Ocean recently published an extensive intelligence report titled “Middle East and Africa Marine Fleet Management Software Market Report: Size, Share, Competitive Landscape, Technology, Latest Updates, and Forecasts to 2030.” This report provides a comprehensive analysis of the market at a micro-level, focusing on insurers, major market sectors, products, and distribution methods within the industry.
The competitive segment of the report offers a summary of key competitors, their financial conditions, recent developments, competitive analysis, and market advancements. This analysis enables market participants to effectively identify relevant opportunities by assessing the strengths and weaknesses of major competitors.
Insights into the Market During the Forecast Period (from 2023 to 28), the Middle East and Africa Marine Fleet Management Software Market is anticipated to expand at a CAGR of approximately 6.02 percent.
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Market Definition Marine Fleet management software is a system that coordinates the fleet’s overall activities and the transfer of asset data between the headquarters and various vessels. The goal of fleet management software is to reduce working load by identifying potential risks and keeping an accurate and up-to-date overview of vessel diagnostics and location. The fleet management software keeps communication going, offers real-time notifications, extends the vessel’s lifespan, increases safety, lowers costs, optimizes routes, and remotely manages the fleet.
The Middle East’s ports, including Saudi Arabia’s King Abdullah Port, Oman’s Port Salalah, Qatar’s Hamad Port, Abu Dhabi’s Khalifa Port, and Saudi Arabia’s Jeddah Islamic Port, are experiencing exponential growth in economic activities, making the region a global hub for transshipment. The four world’s best-performing ports for 2021 are currently situated in the Middle East, as indicated by the Global Container Port Performance Index (CPPI) produced by the World Bank. Because these crowded ports in the region must deal with a lot of fleet traffic, fleet managers and operators are increasingly turning to fleet management software because it simplifies the coordination of fleet management tasks.
Numerous nations, including the United Arab Emirates, Saudi Arabia, Oman, and others, have made significant investments in container port technology and infrastructure. in the region, as numerous nations are demonstrating significant maritime sector growth, are proving to be effective. For example:
The UAE’s ports achieved global third place in the Bunker Supply Index and global fifth place as a key competitive maritime hub in 2020. In order to handle higher traffic volumes, countries in the Middle East are now concentrating on increasing the efficiency of their bunker terminals and expanding the capacities of their ports. Shipping companies and fleet managers are gradually switching to fleet management software as a result of the high load pressure on ports in the Middle East and Africa.
Throughout recent many years, ports in the Center East, similar to Ports on the Eastern Mediterranean, the Persian Bay, and the Red Ocean, have drawn gigantic amounts of venture, attributable to which the ports have extended their ability. As more nations in the region establish and expand free zones to enhance their logistics services and offerings, investments in these ports are rising. For instance, Saudi Arabia’s Hassana Investment Co. made a USD2.4 billion investment in three major projects in crucial Dubai Ports in 2022.
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Similarly, the Global Supply Chain Resilience Initiative (GSCRI) was launched by the Saudi Arabian government in 2022. By attracting USD10.6 billion, the GSCRI hopes to establish the kingdom as a significant location for supply chain investors. Onshore shipping facilities and fleet brokers would see an increase in demand for fleet management software during the forecast period as a result of these initiatives by the countries in the region’s increased port traffic.
Trends in the Market:
Major Trends: Adoption of Data Analytics in Software for Marine Fleet Management Numerous businesses, including Marine Digital, DNV, SBN Technology, and others, are providing ship management tools for data analytics. The vessels’ day-to-day operations generate a lot of data, which can be easily accessed and utilized in an efficient manner through the use of data analytic tools. As a result, the adoption of these data analytics is growing.
The data analytics provide reports, summaries, statistics, and other information to fleet management about the performance of vessels and fleets. As a result, maritime businesses are constantly investing in solutions like data analytics that can help them reduce overall costs while simultaneously increasing productivity.
Additionally, real-time updates provided by analytics contribute to improved asset management. As a result, the market will be driven in the coming years by the trend of using data analytic tools for fleet management.
Key Factor: In the Middle East, heavy investments in container port infrastructure and technological upgradation of ports have led to an increase in average berth moves (container moves) per hour, resulting in heavy loads at the ports. Surging focus on operational efficiency is driving demand for fleet management software. Data analytics, artificial intelligence (AI), and other techniques software for fleet management aids in the tracking and compilation of data, as well as the analysis of the vessel’s overall operation, resulting in financial and time savings.
In this way, the exceptionally aggressive business climate of the Center Eastern delivery and strategies industry urges armada administrators to utilize armada the executives programming. As they focus on creating smart vessels, ships, and fleets, shipping companies and fleet managers would increase their demand for fleet management software during the forecast period.
For a variety of reasons, including data analytics, fuel management, crew management, and other functions, fleet management software is essential for smart ships and fleets. Consequently, over the forecast period, demand for fleet management software would be driven by the emerging trend of smart shipping technology.
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Possible Limitation: The fleet management software performs a wide range of functions, including monitoring fuel and vessel safety, telematics, finance, etc., Risks Associated with Cyber Threats to Act as a Limitation Furthermore, a significant amount of confidential data must be handled during these operations. This cloud-based software exposes it to data breaches as a result. Hackers can easily access data and even control vehicles within the system if the system lacks adequate security. For example:
A ransomware attack in 2021 targeted a number of Greek shipping companies and spread through the systems of Danaos Management Consultants, a well-known and reputable IT consulting firm.
Additionally, fleet managers and operators are becoming wary of adopting cloud-based fleet management software as a result of the software’s vulnerability to cyberattacks, which is hindering the Middle East and Africa Fleet Management Software Market’s expansion.
Learning experience: The growing volume of shipping in the Middle East and Africa is forcing the maritime industry to use cutting-edge technological solutions, which will open up new opportunities for the market for fleet management software. The digitalization of ports and terminals has begun as a result of the region’s rapid maritime industry growth, which has also provided numerous opportunities and investment prospects to accelerate digital capabilities.
In the beginning, COVID pushed for digitalization of the ports, but later, port congestion in the Middle East pushed for digitalization. Similar to Jebel Ali, the port already has digital and physical infrastructure that can accommodate up to ten ultra-large container ships at once.
Additionally, fleet management software for real-time container terminal fleet management would be required as a result of the ongoing digitalization of ports and terminals. Additionally, new opportunities for fleet management software in the Middle Eastern market are emerging as a result of the increasing digitalization of ports.
Function-Based Market Segmentation:
Following and Observing
Steering and Planning
Acquirement The board
Security The board
Climate The executives
Report The board
Group The board
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Others (Record and Consistence The executives, Inventory network, and Strategies The board)
Here, Steering and Planning Programming enlisted impressive development during the verifiable period as it assisted armada administrators in cost decrease, carbon with impacting minimization, and activity effectiveness. The rapid adoption of these systems is due to the fact that route planning is essential for both improved operational and financial performance as well as the secure delivery of consignments at the appropriate time.
Because of the high volume of traffic in the ports, shipping companies and port authorities in the Middle East are heavily reliant on precise predictions of the vessels’ arrival times. As a result, there will be an increase in demand for routing and scheduling software during the forecast period.
Based on the Location:
On-premise Cloud Of these, the Cloud-based segment has gained the most market share in the Middle East and Africa Fleet Management Software market in recent years. Using mobile phones, tablets, laptops, and other electronic devices, operators and logistics companies can access business data and applications from a remote location at any time.
In comparison to On-premise software, this software was more widely used during this time period. Cloud-based fleet management software is also being used more and more as fleet managers increasingly prioritize real-time updates and the prevention of lawsuits, accidents, thefts, and frauds.
The Middle East and Africa Fleet Management Software Market spans the following regions geographically:
The United Arab Emirates (UAE) possessed a significant stake in Saudi Arabia, Qatar, Oman, Turkey, Egypt, and South Africa, and as a result, they dominated the Middle East and Africa fleet Management Software market at the time. The country’s steady growth as a logistics hub can be attributed to its strategic geopolitical positioning and the government’s strategic vision for bolstering technology and innovation. The United Arab Shipping Company (UASC) UAE, Atlantic Maritime Group FZE, Gulftainer Company Limited, and other major shipping companies have expanded as a result of the expansion of the logistics industry and the favorable business environment.
The growth of the Fleet Management Software Market in the region has been positively impacted by shipping companies’ increased investment in digital capabilities as a result of the region’s growing logistics industry’s economic competitiveness.
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Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
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