Geospatial Analytics Market Poised to Exceed CAGR 16.63% By 2030

---

09 Sep 2024

Table of Content

The global geospatial analytics market size was evaluated at USD 79.89 billion in 2022 and is expected to touch around USD 273.6 billion by 2030, growing at a noteworthy CAGR of 16.63% from 2022 to 2030.

Technological advancements are one of the major reasons driving the global geospatial analytics market. As smart city investments expand, demand for services that use location-based solutions is projected to surge. The adoption of 5G technology is in high demand in order to acquire exact geographic data. Vendors of geospatial analytics are expecting significant growth. As the 5G infrastructure takes shape, geospatial technology is becoming more popular in a range of businesses. All of these factors are helping to propel the geospatial analytics sector forward.

Report Highlights:

• On the basis of component, the software segment holds the largest market share in the global geospatial analytics market. This is attributed to the enterprises’ rising usage of software solutions for gaining location-based business intelligence for informed decision-making. 
• On the basis of type, surface and field analytics segment holds the largest market share in the global geospatial analytics market. The surface and field analytics solutions are also used to analyze top soil erosion in agriculture. 
• On the basis of application, the military intelligence segment holds the largest market share in the global geospatial analytics market. In terms of geospatial analytics usage for obtaining actionable intelligence from huge amounts of images and other data, military intelligence is one of the key applications. 

Geospatial Analytics Market Report Scope:

Regional Snapshot:

Asia-Pacific is the largest segment of the geospatial analytics market in terms of region. China and India are dominating the geospatial analytics market in the Asia-Pacific region. Government initiatives are driving the growth of the geospatial analytics industry in Asia-Pacific. Furthermore, the growing trend of mobility as a service facility is propelling the Asia-Pacific geospatial analytics market forward. This is one of the key driving prospects for new business models in the mobility industry, together with a continuous tremendous shift in terms of electrification, sharing, and connection.

North America region is the fastest growing region in the geospatial analytics market. The U.S. holds the highest market share in the North America geospatial analytics market. The increased usage of new and cutting-edge technologies like as the internet of things, big data analytics, artificial intelligence, and cloud computing is one of the primary factors driving the growth of the North American geospatial analytics market. Furthermore, the increased need for high-speed internet is boosting the geospatial analytics industry in North America.

Market Dynamics:

Drivers:

Surge in usage of artificial intelligence

Due to scientific and technological developments in previous years, artificial intelligence has advanced to a whole new level of effectiveness. Thus, artificial intelligence is increasingly being employed in healthcare and medical, commercial solutions, and geospatial analytics technologies. In addition, cloud computing technology is also supporting the market growth. For example, in March 2018, Microsoft Corporation teamed with Esri to introduce geospatial artificial intelligence technologies on the Microsoft Azure platform to improve location-based data management, prediction, collection, and analysis. As a result, surge in usage of artificial intelligence is driving growth of global geospatial analytics market.

Restraints”

Stringent government regulations

The location privacy, geographical variances, data licensing, intellectual property rights, and geospatial data storage all limit the use of geospatial imaging analytics systems. The large private and public geospatial analytics projects require geospatial analytics technology suppliers to consider such legal issues. Thus, stringent government regulations is hindering the growth of the global geospatial analytics market.

Opportunities:

Growing implementation of 5G networks

Most of regions and nations are developing 5G technologies and infrastructural improvements in order to attract foreign direct investment. Smart city projects rely heavily on geospatial technologies to function. It uses precise data from geospatial imaging and video analytics technology to assist public and government sectors in designing appropriate infrastructure in cities. As a result, deployment of 5G technology is supporting expansion of worldwide geospatial analytics market.

Challenges:

Data privacy concerns

There has been a rise in public issue and concern about privacy as the usage of geospatial analytics technology has grown. In several scientific domains, as well as governments and enterprises, geospatial data analysis and creation is commonplace. Due to intrinsic secrecy characteristics of location data, geospatial research and its societal applications confront significant challenges. Thus, this is one of the major challenge for growth of global geospatial analytics market.

Recent Developments:

• Esri inaugurated its latest research and development center in India, in March 2019. The deep learning, data science, and geospatial artificial intelligence solutions will be the focus of the new facility.
• In August 2016, ISM Watson partnered with MAPBOX to provide corporate users with analysis services. The users were able to get insight into the partners of their location related business data using these services, which helped them improve marketing operations and strategies.
• Esri, the worldwide leader in location intelligence and geospatial analytics technology, announced ArcGIS Platform in January 2021 for developers and analysts interested in incorporating location intelligence services into their business models.

Major Key Players:

• Harris Corporation
• RMSI
• DigitalGlobe, Inc.
• Fugro N.V.
• Hexagon AB
• ESRI
• General Electric Co.
• MacDonald
• Dettwiler & Associates, Ltd.
• Trimble Navigation LTD.
• Bentley Systems, Inc.

Market Segmentation:

By Component

• Software
  • Mapping
  • Spatial Analysis
  • Geo-visualization
  • Data Management
• Services
  • System Integration
  • Training & Geo-consultation
  • Support & Maintenance 

By Type

• Surface & Field Analytics
• Network & Location Analytics
• Geovisualization
• Others

By Solution

• Geocoding & Reverse Geocoding
• Data Integration & ETL
• Report Visualization
• Thematic Mapping & Spatial Analysis

By Technologies

• Remote Sensing
• Global Positioning System
• Geographic Information System
• 3D Scanning

By Deployment Mode

• Cloud
• On-premises

By Organization Size

• Large Enterprises
• SMEs

By Application

• Surveying
• Medicine & Public Safety
• Military Intelligence
• Disaster Risk Reduction & Management
• Marketing Management
• Climate Change Adaptation (CCA)
• Urban Planning
• Others

Buy this Research Report@ https://www.precedenceresearch.com/checkout/2254

You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 9197 992 333