Global Automatic Identification System Market to Reach $2.5 Billion by 2028, Says MarkWide Research
According to a new report published by MarkWide Research, titled, “Automatic Identification System Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2023-2028,” the global automatic identification system market is projected to reach a value of $2.5 billion by the year 2028. The market is expected to exhibit a robust CAGR of 8.2% during the forecast period from 2023 to 2028.
Automatic Identification System (AIS) has emerged as a pivotal technology in the maritime industry, playing a crucial role in enhancing vessel navigation, safety, and communication. The implementation of AIS enables real-time tracking and identification of vessels, which aids in preventing collisions, ensuring efficient traffic management, and responding promptly to distress situations. The growing emphasis on maritime security and the need to comply with regulations imposed by organizations such as the International Maritime Organization (IMO) are driving the adoption of AIS systems worldwide.
The report highlights that the increasing trade activities through sea routes, rising maritime tourism, and the need to reduce accidents at sea are major factors propelling the demand for automatic identification systems. The Asia-Pacific region is anticipated to dominate the automatic identification system market during the forecast period. The region’s dominance can be attributed to the growing shipping industry, expanding seaport infrastructure, and the rising awareness of maritime safety measures. Moreover, technological advancements, including the integration of AIS with other navigation and communication systems, are expected to further drive market growth.
“The global automatic identification system market is witnessing significant growth due to its pivotal role in ensuring maritime safety and security,” stated Dr. Emily Carter, Senior Analyst at MarkWide Research. “As countries invest in enhancing their maritime infrastructure and regulations, the demand for advanced AIS solutions is expected to surge.”
The report provides a comprehensive analysis of the competitive landscape of the automatic identification system market. Key players in the market are focusing on collaborations, partnerships, and product innovations to gain a competitive edge. Additionally, the report profiles prominent companies operating in the market, shedding light on their product portfolios, recent developments, and strategic initiatives.
In terms of technology, the report segments the market into Class A AIS and Class B AIS. Class A AIS, owing to its ability to provide more comprehensive data, holds a significant market share. However, Class B AIS is gaining traction due to its cost-effectiveness, making it an attractive choice for smaller vessels and leisure boats.
Furthermore, the report analyzes the market based on application segments, including vessel tracking, collision avoidance, maritime security, and others. Vessel tracking remains the dominant application segment, driven by the need for real-time vessel monitoring and efficient traffic management.
In conclusion, the global automatic identification system market is poised for substantial growth in the coming years, driven by increasing maritime trade, safety regulations, and technological advancements. As vessels continue to rely on AIS for accurate positioning, collision avoidance, and communication, the market is set to witness significant expansion. MarkWide Research’s comprehensive report provides valuable insights for industry participants, investors, and stakeholders to make informed decisions in the evolving automatic identification system market landscape.