Press Release Description
Marine Fleet Management Software Market to Spur Due to Advancing Maritime Industry across MEA
The Middle East & Africa Marine Fleet Management Software Market is projected to grow at a CAGR of around 6.02% in the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The surging focus of fleet managers on operational efficiency, the demand for routing & scheduling software, technological advancements in the maritime industry, adoption of data analytics in fleet management software are the factors driving the market.
Middle Eastern countries are now focusing on expanding their port capacities & improving the efficiency of their bunker terminals to handle higher volumes of traffic. The region has over four of the world's best-performing ports, and hence is emerging as a global transshipment hub. The busy ports and the current large number of shipping companies, such as Atlantic Maritime Group FZE, Gulftainer Company Limited, United Arab Shipping Company (UASC), and others, have pushed fleet managers & operators to adopt fleet management software. The software coordinates fleet management activities with much less complication, resulting in significant growth during the forecast period.
Countries like the UAE, Saudi Arabia, Oman, etc., have heavily invested in container port infrastructure & technology, which has significantly improved the maritime sector in the region. Moreover, investments in the logistics sector are growing, owing to which many free zones & special economic zones are surging in the region. Further, the growth of these free zones & port infrastructure across the region is expanding the logistic sector, subsequently increasing the container traffic in the ports.
Therefore, to tackle the traffic at busy ports & save time, fleet managers & onshore shipping companies are registering high demand for this software, further states the research report, "The Middle East and Africa Marine Fleet Management Software Market Analysis, 2023."
Routing & Scheduling Software to Showcase the Fastest Growth During the Forecast Period
Based on function, the market is bifurcated into Tracking & Monitoring, Routing & Scheduling, Procurement Management, Safety Management, Environment Management, Document Management, Crew Management, and Others. Of them, Routing & Scheduling software registered considerable growth during the historical period as it helped fleet operators in cost reduction, carbon impact minimization, and operation efficiency.
Mostly route management systems are highly customizable, and they help fleet operators to generate efficient routes. This software provides benefits in arenas like multi-stop route planning, smart resource allocation, route monitoring, proof of delivery, geocoding features, delivery route optimization, etc. The growth of the shipping industry in the Gulf Cooperation Council region is creating significant competition among the players, due to which the software for routing & scheduling would witness a spike in adoption during the forecast period.
The UAE to Account for the Sizeable Share of the Market
Middle East & Africa Fleet Management Software market is forecasted to grow significantly across countries, with the UAE expected to acquire the largest share. The UAE's strategic geopolitical positioning and pro-business environment have resulted in a surge in the number of shipping companies in the region. Due to the competitiveness in the maritime sector, shipping companies have stepped up investments to accelerate digital capabilities, resulting in a substantial rise in marine fleet management software systems over the historical period.
The UAE's proposal to include the element of digitization in the next Strategic Plan of the IMO (International Maritime Organization) as part of the country's digitization initiative would support the growth of the fleet management software market in the country during the forecast period, reveals MarkNtel Advisors in their research report, "The Middle East & Africa Marine Fleet Management Software Market Analysis, 2023."
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including TIMEZERO, Norcomms, Veson, SpecTec, Shipment AS, ABS Group, PRIME Marine, SERTICA, SBN Technologies Private Limited, Micromarin, Madrid Technologies, Kongsberg, Bassnet Software Ltd., Hanseaticsoft GmBH, JiBe ERP, DNV GL, etc., are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends that have shaped the industry to its current form?
- What key factors would propel and impede the industry across the region?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition shaped across various countries, followed by their comparative factorial indexing?
- How have buying behavior, customer inclination, and expectations from product manufacturers evolved during 2018-28?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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