Published Date : 19 Jun 2023
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.
Geospatial Analytics Market Report Scope:
|Market Revenue in 2023||USD 93.18 Billion|
|Projected Forecast Revenue in 2030||USD 273.6 Billion|
|Growth Rate from 2022 to 2030||CAGR of 16.63%|
|Largest Market||North America|
|Forecast Period||2022 To 2030|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
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.
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.
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.
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.
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.
Major Key Players:
By Deployment Mode
By Organization Size
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