Global Vessel Monitoring System Software Market is Estimated To Reach $11.57 Billion By 2030

CIOTechOutlook Team | Saturday, 15 July 2023, 02:14 IST

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According to the most recent research study, the size and revenue share of the global market for vessel monitoring system software was estimated at USD 8.75 billion in 2022 and are projected to reach USD 11.57 billion by 2030, expanding at a compound annual growth rate (CAGR) of roughly 4.3% from 2023 to 2030.
 
Increased oversight of illegal fishing in the area is urgently needed in order to enhance the sector's overall condition globally.
 
The rise in demand for finding illicit activities occurring in waterways will play a significant role in driving the expansion of the global market for vessel monitoring software. An rise in funds allocated for enhancing the safety of vessels while they are sailing on the ocean will enrich the trends in the global market. The huge demand for boat repair and restoration is anticipated to be the primary driver of demand on the international market. 
 
Additionally, the rise of the global market will be fueled by the growth of business operations carried out through maritime routes, as well as the necessity of updating older vessels by repairing them and installing new software for vessel monitoring systems. The need for the product has expanded further as a result of the introduction of AI and machine learning techniques into the software of vessel monitoring systems, which has accelerated the market's global expansion. The global market for vessel monitoring system software is also expected to benefit from the introduction of new products and product upgrades.
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