Valley Cottage, NY -- (SBWIRE) -- 10/12/2018 -- Global Automatic Identification System Market: Overview
An automatic identification system (AIS) is a tracking system used on ships to increase the safety aspect of sailing. A new research report by Future Market Insights briefs all about the global automatic identification system. This comprehensive research report is titled, "Automatic Identification System Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2027)", which presents the current market scenario along considering the dynamics affecting it. According to the outcomes of global automatic identification system market's analysis, it is expected to reach a market value of over US$ 340 Mn by the end of 2027, growing at a CAGR of 6.4% during the forecast period.
Global Automatic Identification System Market: Trends and Opportunities
The robust growth rate expected for global automatic identification system is a result of mandating government regulations to use AIS due to rising safety concerns. Owing to this, players associated with the automatic identification system market are focusing on research & development and continuously upgrading their product portfolios in order to meet the demands of the competitive automatic identification system market. The emergence of satellite or cloud based communication is also a great opportunity for major players to develop innovative offerings which integrate modern AIS with satellites. Cloud management for AIS is at a development stage, and soon, it will have a high demand in the market due to its advanced and smart features. Companies providing this feature will have huge opportunity by being technologically ahead in the market.
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Global Automatic Identification System Market: Segmental Analysis
Based on Region, APEJ is expected to be the strongest region, with market size expected to reach over US$ 130 Mn by the end of 2027, growing at a CAGR of 7.1% during the forecast period. In terms of growth rate, MEA is also expected to be one lucrative segment during the forecast period.
Based on Application, vessel tracking segment dominates the market with a high market size and growth rate. It is expected to reach a market size of over US$ 180 Mn by the end of 2027, growing at a CAGR of 8.8% during the forecast period.
On the basis of Category, the vessel based segment is projected to be the most attractive one in terms of value, with an expected market size of over US$ 250 Mn by the end of 2027. Among the types of vessel based AIS, class A contributes the most in the growth of vessel based products.
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Global Automatic Identification System Market: Competitive Landscape
FMI's report on the Global Automatic Identification System market includes a major section on the competitive analysis of the market. This section briefs the major players who are leading in the global automatic identification system market. Some of these key players mentioned in the report are Wartsila Corporation, Japan Radio Corporation, L3 technologies, Orbcomm Inc., Garmin, True Heading AB, Raymarine, Jotron AS, C.N.S. Systems AB, ACR Electronics Inc., ONWA Marine Electronics Co. Ltd etc