Expanding Maritime Software Market: Key Challenges And Tools For Effective Vendor Selection

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The maritime software market is rapidly expanding, with numerous vendors offering technologies to enhance operational efficiencies and meet ambitious environmental goals. However, the abundance of options can make it challenging for shipowners to select the right software. This article explores the market landscape, the importance of proper vendor evaluation, and tools available to aid in decision-making.

The Expanding Maritime Software Market

The global market for maritime digital products and services is projected to more than double by 2030, reaching $345 billion. Over 550 companies now compete in this space, offering diverse applications such as vessel performance monitoring, voyage management, navigation, cargo tracking, and port operations. Despite the plethora of choices, navigating this crowded marketplace remains difficult for shipowners.

Challenges in Software Selection

Selecting the right software is complicated by the crowded market and business uncertainties regarding technology adoption criteria. OrbitMI’s Head of Customer Success, Aina Huseby, emphasizes the need for long-term vendor relationships to ensure solutions are sustainable, scalable, and adaptable. Relying solely on attractive marketing pitches can lead to poor investment decisions, lost time, and stalled innovation.

Tools for Informed Decision-Making

To assist with vendor evaluation, OrbitMI developed SET Maritime, a free toolkit in the form of an Excel workbook. This comprehensive checklist allows shipping companies to assess vendors based on criteria such as company profile, solution architecture, customer support, usability, and voyage management features. Vendors are rated on a scale of 1-4, resulting in a radar chart that visually summarizes their strengths, aiding companies in making informed software selection decisions.

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Source: Container News