Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Automatic identification system refers to an automatic tracking technology which provides the information about the traffic of the marines. Automatic identification system helps in better traffic management and prevention of possible maritime collision. It has been observed that automatic identification systems are mainly used for providing safety to the vessels.
Global automatic identification system market is expected to flourish at a CAGR of 4.8% during the forecast period. Further, the market of automatic identification system is expected to garner USD 272 Million by the end of 2024. In recent years, marine industry has witnessed huge growth all over the globe. Increasing demand for better maritime traffic management and advancement in marine transportation is expected to drive the growth of the global automatic identification system market.
In the terms of regional platform, North America dominated the overall automatic identification system market in 2016. Further, North America region is expected to continue its dominance over the forecast period. This can be attributed to the high maritime security in the region. Further, rising government participation in the adoption of automatic identification system is expected to foster the growth of the automatic identification system market. In North America region, U.S. accounted for the largest market share of automatic identification system market. Additionally, rising adoption of automatic identification system by the U.S. Coast Guard is anticipated to garner the growth of the market in the nation. Further, Canada is also expected to contribute significantly to the growth of automatic system identification market due to the stringent government rules and regulations. Further, Canadian government has made it mandatory to install automatic identification system in the vessels. This factor is expected to fuel the growth of automatic identification system in the nation.
Asia Pacific is projected to witness significant growth over the forecast period. Increasing number of waterborne transportation and trade in the region is anticipated to swell the demand for automatic identification system during the forecast period. Additionally, China and India are expected to be the major contributor to the growth of the automatic identification system market over the forecast period.CLICK TO DOWNLOAD FREE SAMPLE
Our in-depth analysis has segmented global automatic identification system market into the following segments:
Global automatic identification system market is further classified on the basis of region as follows:
The growth of global automatic identification system market can be attributed to rising volume of seaborne trade. Further, this rising growth of overseas trade is resulting in augmented demand for effective marine traffic management which is likely to boost the growth of the automatic identification system market. More importantly, huge growth in the GDP of the growing economies is anticipated to fuel the growth of the international trade. According to the Society of Maritime Industries, global economic expansion is projected to double the seaborne trade by 2030. This factor is expected to upscale the growth of the automatic identification system globally.
Stringent rules & regulations to minimize the marine accidents are expected to propel the growth of the automatic identification system market. Specifically, strict directive of the International Maritime Organization to install automatic identification system in the vessels is uplifting the growth of the automatic identification system market globally.
On the contrary, high cost of the automatic identification system technology is likely to hamper the growth of the global automatic identification market. That aside, technological limitations such as range limitation and lack of reporting facilities between marines and on shore authorities is anticipated to hinder the growth of the global automatic identification market.
Overview of the Parent Market
Analyst View
Segmentation
The global automatic identification system market is segmented as follows:
Market Dynamics
Supply & Demand Risk
Competitive Landscape
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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