Portland, OR -- (SBWIRE) -- 07/18/2017 -- According to a new report by Allied Market Research, titled, Weather Forecasting Services Market by Forecasting Type, and by End-Use Industry: Global Opportunity Analysis and Industry Forecast, 2016-2023, the global weather forecasting services market was valued at $1,205 million in 2016, and is projected to reach at $2,777 million by 2023, growing at a CAGR of 13.1% from 2017 to 2023. The short-range forecasting segment is expected to possess maximum potential during the forecast period.
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The current business scenario has witnessed surge in adoption of weather forecasting services in the developed and developing regions, owing to technological innovations in product offerings, increased need to improve performance & operational efficiency, rise in demand for advanced data analytical models, and increase in application areas among end users. Furthermore, the need to reduce costs towards maintenance operations, increase in air traffic, rise in need to reduce economical turnbacks, and growth in awareness towards forecasting solutions are expected to provide lucrative opportunities for the market. However, uncertainty of weather prediction solutions, complexities of these models, and dearth of trained professionals are expected to restrict the weather forecasting services market growth.
The short-range forecasting segment dominated the weather forecasting services market in 2016, accounting for 52% revenue share of the global market. This is attributed to rise in demand for improved analytical models and increased cloud-related expenditures to cater to the untapped markets among the developing nations.
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The aviation segment dominated the weather forecasting services industry in 2016, with around 19% share, followed by media and transportation segments. Furthermore, transportation segment is estimated to grow at the highest CAGR of 15.7%, owing to widespread adoption of advanced weather prediction models and increased trade traffic.
North America was the highest revenue contributor in 2016, accounting for around 45% share. However, Asia-Pacific is projected to grow at the highest CAGR of 17.3% during the forecast period.
The report features the competitive scenario of the weather forecasting services market and provides comprehensive analyses of the significant growth strategies adopted by major players. The key players operating in the market include Global Weather Corporation, Accuweather, Inc., BMT Group Ltd., Skymet Weather Services Pvt. Ltd., Precision Weather, The Weather Company, Fugro, Enav S.p.A., Met Office, and Skyview Systems Ltd.
Key Findings of the Weather Forecasting Services Market
- The short-range forecasting segment dominated the global weather forecasting services market in 2016, while the medium-range forecasting segment is expected to grow at the highest CAGR from 2017 to 2023.
- The aviation, media, and transportation segments are estimated to provide significant growth opportunities to the key market players.
- North America is expected to dominate the weather forecasting services market, in terms of market size. However, Asia-Pacific is estimated to possess significant growth rate during the forecast period.