Yacht Management Software Market Research, 2031
The global yacht management software market was valued at $653.5 million in 2021, and is projected to reach $2.5 billion by 2031, growing at a CAGR of 14.8% from 2022 to 2031.
Yacht management software is a full-service marina and boatyard that can handle all the boating requirements. The skilled marine crew at yacht management, a registered and insured boatyard, oversees all activities at an opulent facility to guarantee the best level of customer care. Yacht management software provides a wide range of services, such as complete refits or restorations, haul outs, bottom painting, fibreglass repairs, marine engine repair, marine generator service, and other such yacht management services. In an atmosphere that is growing more litigious, yacht owners are becoming more selective and seeking to reduce their different obligations. Protection, dependability, compliance, decreased liability, increased residual value, and financial accountability are all benefits of yacht management for the owner.
Furthermore, surge in as 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.
The yacht management software market is segmented into Location, Application, Component, Deployment Mode and Enterprise Size.
The yacht management software market is segmented on the basis of component, location, enterprise size deployment mode, application, and region. On the basis of component, it is segregated into software, and service. On the basis of location, it is divided into onboard and onshore. On the basis of enterprise size, it is segregated into large enterprise and SMEs. On the basis of deployment mode, it is bifurcated into on-premise and cloud. On the basis of application, it is classified into crew management, port management harbor management, reservation management and safety management. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The yacht management software industry is dominated by key players such as 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.
Depending on deployment mode, the on-premise segment dominated the yacht management software market in 2021, and is expected to maintain its dominance in the upcoming years, owing to the increase in agency services, provisioning, maritime insurance, and travel arrangement which helps the captain or owner of the yacht in overcoming the various problems faced in yacht. However, the cloud segment is expected to witness highest growth, owing to services such as maintenance schedules and crew management that are provided through cloud platform in yacht maintenance.
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. Furthermore, several major yacht management software solution providers including ABB, Ltd., Chetu Inc., DockMaster, Harbour Assist, Lloyd's Register, Marina Master, Marine Cloud Ltd., Oracle Corporation, are introducing new products & services to yacht management software.
Top impacting factors
Saving time while scheduling maintenance
Many yacht engineers still use antiquated record-keeping techniques, such as excel spreadsheets or pen and paper logs. These procedures add needless complexity to a difficult operation, making them time-consuming and subject to human mistake. Chief engineers can improve their work processes and free up valuable time to engage in more productive activities by employing yacht management software. They may save time and money by using a one-stop shop software to manage maintenance schedules, order components, and outsource specialists.
Transparency among the captain, crew, and the owner
Today's yacht captains, engineers, and management must overcome numerous obstacles. They must employ numerous software programmers, many of which are incompatible with one another. This may lead to an opaque system that makes it more challenging to set up an effective yacht management system. A direct connection may be drawn between management, procurement, and maintenance thanks to yacht management software. Engineers can, for instance, need a certain part to continue with a maintenance project. The crew in charge of procurement will be able to order this component because of the transparency of the boat management software. Without using email to connect with the engineers, all of this is possible. The owner can simultaneously keep track of the additional charges in real-time. Each maintenance task's progress can be transparently tracked from start to finish. As a result, all parties involved in the process have constant access to relevant information. This is a major driver of yacht management market.
Technological Trends
The yacht management market has experienced a whole new set of technological advancement owing to new generation developments occurring all over the world. The yacht management team as a whole was taken into account when developing the yacht management software program. It benefits the personnel onboard by making it simpler to manage quote and invoice approvals and account for the expenditure in many currencies. The approvals section is another element unique to yacht management and is frequently referred to as the Purchase order system. Latitude offers a means of producing purchase requests, obtaining management and captain approval, and notifying the crew when the invoices are paid. Moreover, the office now has a tool to make reports with color charts that are truly professional, reducing the chance of human error that is so typical in Excel. Thus, it can quickly locate any information the user could need with Latitude, including any connected scans of invoices and receipts.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the yacht management software market analysis from 2021 to 2031 to identify the prevailing yacht management software market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the yacht management software market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global yacht management software market trends, key players, market segments, application areas, and market growth strategies.
Yacht Management Software Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 2.5 billion |
 Growth Rate | CAGR of 14.8% |
 Forecast period | 2021 - 2031 |
 Report Pages | 201 |
 By Location |
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 By Application |
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 By Component |
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 By Deployment Mode |
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 By Enterprise Size |
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 By Region |
|
 Key Market Players | Chetu Inc., Harbour Assist, Marina Master, DockMaster, ABB Ltd., Scribble Software, Marine Cloud Ltd., Oracle Corporation, lloyd's register, Seahub |
Analyst Review
According to the CXOs of leading companies, a high-yield investment without owner occupancy or with a few weeks of owner occupancy each year, a yacht used for commercial purposes in order to at least cover the debt service payments required on the financing. The rising demand for small yachts is being driven by an increase in demand from retail buyers, as it is less expensive and easier to use in shallow waters. Additionally, the sailing boats category dominates the global market due to its eco-friendliness and cheaper running expenses than other vessels.
For instance, in June 2022, ABB collaborated with Wison Offshore & Marine (WOM), a technology and solution provider focusing on clean energy, to development and implementation of Floating Liquefied Natural Gas (FLNG) facilities worldwide. FLNG facilities make the production, liquefaction, and storage of natural gas possible at sea, from where it can be shipped directly to customers around the world.
Additionally, Nov 2022, ABB collaborated with Royal Caribbean Group to make emergency stops safer and more efficient. This collaboration aim to design safe and smooth emergency stops, the automatic braking system that is ABB Ability Marine Braking Assistance for Royal Caribbean Group. This the new digital solution improves safety for ships, seafarers and passengers.
Surge in as 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.
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
The Yacht management software market size was valued at $653.54 million in 2021, and is projected to reach $2,541.28 million by 2031, registering a CAGR of 14.8% from 2021 to 2031.
The key players operating in the market include ABB, Ltd.?, Chetu Inc.?, DockMaster, Harbour Assist?, Lloyd's Register?, Marina Master, Marine Cloud Ltd.??, Oracle Corporation?, Scribble Software? and Seahub?. Furthermore, it highlights the strategies of the key players to improve the market share and sustain competition.
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