Vessel Traffic Management Market worth $8.7 billion by 2027 - Exclusive Report by MarketsandMarkets™

The Service Segment is estimated to lead the vessel traffic management market in 2022 The Service Segment is estimated to lead the vessel traffic management market in 2022 Based on Component, the Service segment of the vessel traffic management market is accounted for the largest share during the forecast period. It is vital for VTM system to work efficiently to provide critical decision-making capabilities to the operator and captain. For this, periodic or yearly upkeep of the equipment...

The Service Segment is estimated to lead the vessel traffic management market in 2022

Based on Component, the Service segment of the vessel traffic management market is accounted for the largest share during the forecast period. It is vital for VTM system to work efficiently to provide critical decision-making capabilities to the operator and captain. For this, periodic or yearly upkeep of the equipment and solution need to be conducted.

The Port Management Information System segment is expected to grow at the highest CAGR during the forecast period

Based on system, the port management information system segment accounted for a share of 32% of the vessel traffic management market in 2022. The need for advanced and smart ports and supporting solution is driving the VTS market.

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The Asia Pacific region has accounted for the largest market share in 2022 as well has witnessed highest CAGR growth during the forecast period.

The Asia Pacfic region accounted for the largest market share of 34.14% in the year 2022 as well as witnessed the highest CAGR growth of 10.7%. The presence of major trading countries like China, India, and Singapore to drive the market growth in this region.

Key players operating in the vessel traffic management market include Kongsberg Gruppen (Norway), Saab SA (Sweden), Leonardo S.p.A. (Italy), Wartsila (Finland), Thales Group (France), among other solution, service and equipment providers. These players offer comprehensive solution to key stakeholders in the market.

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