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Growth Strategy: Maritime Data and Analytics
Market opportunity assessment for maritime data and analytics product.
Client and project overview
Supported a leading global information services provider in its consideration to expand its presence in the maritime B2B information market. The client wanted to assess the global market opportunity of maritime data and analytics products.
Typical maritime data analytics products serve vessel owners and operators, port authorities, commodity traders and financial institutions e.g., insurers. We investigated the use cases for analytics across user categories in its assessment of the global market opportunity.
Key questions
- What is the market opportunity for maritime data and analytics products?
- What are the drivers of adoption?
- Which user segments are using maritime data?
- What is the user profile(s) and what are the critical user needs? How are these needs currently being served?
- How and what is the current utilization of maritime data-analytics solutions?
- Who are the key vendors serving the market?
Maritime data and analytics broadly span four core product segments, situational data is an emerging category.
Methodology highlights
- Assessed the needs of users across segments and provided a clear view on user type(s) that are data “literate”
- Users’ data “literacy” impacts the preferred delivery model (API vs. UI vs. Reports) and their willingness to spend
- Provided a detailed view of current adoption rates by user segments and developed a market opportunity estimate based on adoption, average spend, and number of licenses per user
- This effort was supported by the our in-depth interview program with users at large corporates in the industries of focus
Findings
- Investigated and confirmed the critical uses cases in each segment, and provided a clear view of the industries with the most critical needs and highest willingness to spend
- Customers in different industries had varying levels of data “literacy”; targeted solutions with appropriate delivery models and complexity of analysis were also identified as success criteria
- In addition, we identified the emergence of alternative data sources and AI-based predictive data analytics solutions as a new frontier in maritime information solutions.
Results
- Delivered clear recommendations to the client on its future strategy to pursue investment opportunity in maritime data and analytics. This included market segments that are attractive and vendors that are best placed to ‘win’ share.
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