The market for automatic identification systems is expected to be worth US$ 264.5 million in 2023 and US$ 534.9 million by 2033. During the forecast period, the market is expected to grow at a CAGR of 7.3%.
Automatic identification systems are becoming more prevalent as a means of safeguarding ships. The market potential grows in lockstep with the volume of international trade as well as the size of ships and fleets. The maritime department employs an autonomous identification system to manage traffic and reduce collision risk, hence accelerating market growth.
Sales of autonomous identification systems are predicted to increase as navigational systems improve, globalization increases, and worldwide connectivity improves. The growing demand for automatic identification systems to communicate data from coastal authorities to crew members and vice versa is propelling the market growth. During the projection period, the government’s increasing investment in and support of the marine industry will result in a rise in market size.
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Marine Industry Drives Automated Identification System Market Opportunities
The marine industry is massive and spreads all over the world. Cruises, fleets, and ships facilitate almost 90% of international commerce activity. As a result, in order to maintain any circumstance or natural calamity, marine management is implementing an automatic identification system to follow the vessel, control it, and assist it in sailing smoothly.
Shipping businesses struggle to manage huge ships and fleets, such as communicating information, location, and other updates. The development of an advanced technical automatic identification system makes it easier for mariners to keep track of their daily records. Weather forecasts, fuel use, and job data are all monitored by the system. These opportunities in the marine sector propel market growth.
Who is Winning?
The prominent players are essential to uplift the global market. The players focus on research and development activities to dive deeply into the market. These players and top manufacturing companies are developing better products and services using novel technology.
The prominent vendors are making several marketing strategies to drive market growth. The players are adopting marketing tactics such as mergers, acquisitions, partnerships, and agreements.
