Yacht Management Software Market Expected to Reach $2.5 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Yacht Management Software Market," The yacht management software market was valued at $653.54 million in 2021, and is estimated to reach $2.5 billion by 2031, growing at a CAGR of 14.8% from 2022 to 2031.

Boatyards, marinas, and yacht dealers can efficiently manage complex supply chain activities with the aid of yacht management software, which improves performance. The programme offers yacht management data to yacht owners and managers, assisting them in running leaner and more effective operations. Additionally, the marine industry must use digital technology to collect, process, store, distribute, and show data to participants due to the increasing demand for transportation services via waterways. The warehouse management system is enhanced by the yacht management software, which also provides better trade services and increases safety. This software offers cargo details for yacht leaving from different ports and helps to detect these yacht timetables for improved trade and communication. The information interchange between the yacht, which is well-connected, aids in improved coordination and prevents maritime mishaps. Additionally, connectivity with enterprise resource planning software enables supply chain visibility, lowers the cost of freight delivery, and enhances business judgment.  

Furthermore, surge in increase in saving time while scheduling maintenance and transparency among the captain, crew, and the owner in the market primarily drive the growth of the yacht management market. However, cost of subscription and setup and onboarding initial user’s providers hamper the market growth to some extent. Moreover, increase in use of cloud-based yacht management tools to automate shipping processes are expected to provide lucrative opportunities for the market growth during the forecast period. 

Depending on enterprise size, the large enterprise segment dominated the yacht management market in 2021, and is expected to maintain its dominance in the upcoming years, owing to the need to safeguard data along with a rise in awareness of security events boosts the growth of the yacht management market across large enterprises. However, the SMEs segment is expected to witness highest growth, owing to GPS tracking which can track staff locations and headcount in the event of emergencies or significant injuries, enabling swift rescue operations are the major factors that drive the market growth. 

Region-wise, the yacht management software market size was dominated by North America in 2021 and is expected to retain its position during the forecast period, owing to rise in demand is being considerably influenced by the obvious trend of people becoming wealthier in this region aiding the growth of the yacht management software market. However, Asia Pacific is expected to witness significant growth during the forecast period, owing to tourist destinations and offer modern cities with authentic cultures, opulent beach resorts with white sandy beaches, and lush tropical habitats to explore which is expected to fuel the market growth in this region.

In the first half of 2020, the COVID-19 epidemic had a negative impact on the statistics for the boat sector. A number of issues have arisen as a result of the global standstill and travel restrictions, including supply chain interruptions, a shortage of raw materials, components, and skilled personnel, as well as investment delays. Moreover, many builders survived the epidemic by taking out loans to protect their crucial suppliers and to sustain production activities. Additionally, in the second half of 2020, there was a growth in the popularity of boating and water sports in Europe and North America, which increased demand for smaller yachts. Therefore, many brokerage firms are providing greater reassurance to clients reserving charters by including an addition to the standard charter agreement that outlines options for changing the charter area, rescheduling the charter, or, in the event that these two options cannot be agreed upon, a no-penalty cancellation of the charter.   

KEY FINDINGS OF THE STUDY 

• By component, the software segment accounted for the largest yacht management software market share in 2021. 

• On the basis of location, the onboard segment generated the highest revenue in 2021. 

• On the basis of deployment, the On-premise segment generated the highest revenue in 2021. 

• By enterprise size, the large enterprise segment accounted for the largest yacht management software market share in 2021. 

• On the basis of application, the crew management segment generated the highest revenue in 2021. 

• Region-wise, North America generated the highest revenue in 2021 

The key players profiled in the yacht management software market analysis are ABB, Ltd., Chetu Inc., DockMaster, Harbour Assist, Lloyd's Register, Marina Master, Marine Cloud Ltd., Oracle Corporation, Scribble Software and Seahub. These players have adopted various strategies to increase their market penetration and strengthen their position in the yacht management software industry.