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Outlook on the Vessel Monitoring System Software Global Market to 2027 - by Vessel Type, Application and Geography - ResearchAndMarkets.com
February 1, 2021 GMT
DUBLIN--(BUSINESS WIRE)--Feb 1, 2021--
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According to this report the global vessel monitoring software market was valued at US$ 457.29 million in 2019 and is projected to reach US$ 1168.85 million by 2027; it is expected to grow at a CAGR of 12.8% from 2019 to 2027.
The report highlights the key factors driving the market growth, and prominent players and their developments in the market.
The increasing demand from fisheries and cargo vessel sectors to have an eye on trade to curb unauthorized dealings. Countries such as Thailand and South Korea have started using VMS software to monitor their vessels and ensuring that fisheries are carrying marine products legally. Another factor is the need for a mandatory environment to install VMS. Backed by government support, VMS is a standard system of fisheries monitoring and control globally. The European government has mandated that all European countries should have this system to transmit the data quickly and allow the commission to monitor effectively.