The global geospatial analytics market is growing continually. The market growth attributes to heavy investments in data analytics. Digital tools for predictive modeling, pricing, and risk selection are the top priorities earmarked for investment in 2021. Other high-priority areas include real-time underwriting performance monitoring and management as well as spending on third-party data sources.
Besides, the increasing adoption of geospatial mapping to scale out digital streaming services boosts the market size. Simultaneously, advances in analytical capabilities in global positioning and geographic information systems escalate the market's growth. According to Market Research Future (MRFR), the global geospatial analytics market is projected to reach exponential valuation by 2030, registering a significant CAGR during the forecast period (2022-2030).
Additional factors bolstering the market growth include rising uses of databases and value-added geospatial data management, processing, analytics, fusion, and orthorectification software and solutions across a range of industries that rely on accurate, high-resolution elevation data including environmental planning, engineering, and aviation.
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Advances in satellite imagery, cell phone pings, and other data sources used by geospatial analytics to detect activities, such as plants closure or cargo ships held up at ports, are major driving forces for the market. Furthermore, surging demand for geospatial analytics, artificial intelligence, and commercialization of geospatial data act as major tailwinds for the growth of the market.
Advances in technologies, such as GPS, GIS, LiDAR technology, and remote sensing, substantiate the market shares, providing real-time information for the business enterprises for making a business decision and deploy their various services in different industry verticals.
Players leading the global geospatial analytics market include Trimble Navigation Ltd. (U.S.), IBM Corporation (U.S.), ESRI (U.S.), MDA (Canada), General Electric (U.S.), Fugro N.V. (Netherlands), RMSI (India), Hexagon AB (Sweden), Alteryx (U.S.), Harris Corporation (U.S.), Bentley Systems, Inc. (U.S.), DigitalGlobe, Inc. (U.S.), and Transerve technologies (India), among others.
Global Geospatial Analytics Market – Segmentation
The report is segmented into components, types, technology, application, end-users, and regions. The component segment is sub-segmented into services and software. The service segment is bifurcated as professional and managed services. Professional services are further segregated into consulting, training, and other services. The type segment is sub-segmented into surface analytics, network analytics, geo-visualization, and others.
The technology segment is sub-segmented into photogrammetric, LiDAR Technology, 3D laser scanning, remote sensing, global positioning system (GPS), geographic information system (GIS), and others. The application segment is sub-segmented into land administration, survey solutions, mobile mapping, and others.
The end-user segment is sub-segmented into agriculture, construction real estate, energy, forestry, marine mining, retail, transportation logistics, and others. The region segment is sub-segmented into Asia Pacific, Americas, Europe, and rest-of-the-world.
Geospatial Analytics Market – Regional Analysis
North America leads the global geospatial analytics market. The region is home to advanced communication technology providers with strong data mapping and data integration services, impacting the market growth. Besides, high investments in developing cloud-based solutions and other related technologies increase the geospatial analytics market size. Also, the increasing adoption of these analytics and emerging networking technologies attributes to the largest market share.
The APAC geospatial analytics market is gradually growing promisingly. The market growth is driven by the rising demand for home-based solutions and technological advantages. Additionally, the increasing adoption of GPS and GIS technologies for various applications, including land administration, survey solutions, mobile mapping, and others, influence the region's market share.
Global Geospatial Analytics Market – Competitive Analysis
Numerous players form a competitive landscape in the geospatial analytics market. These players adopt aggressive strategic initiatives such as innovation, mergers acquisitions, and brand reinforcement. They continuously launch analytics and services in developing economies to take advantage of the economic growth in these regions.
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Recent Development in 2023 - Geospatial Analytics Market
The global Geospatial Analytics Market is expected to grow at an exponential rate in the coming years. This is attributed to the increasing use of geospatial analytics in various industries for various purposes such as urban planning, military defense, natural resource management, and weather forecasting.
The increasing availability of satellite imagery and geographic information systems (GIS), cloud-based technologies, and rising demand for geospatial analytics solutions in the healthcare sector are some of the major factors driving the market growth.
Moreover, the increasing demand for geospatial analytics solutions in geomarketing, for providing location-based insights, is expected to further drive the market growth.
The growing government investments in geospatial analytics solutions for urban planning, disaster management, and other related activities are also anticipated to contribute significantly to the market growth.
Furthermore, significant investments in the development of automated geospatial solutions and rising adoption of AI-based solutions are anticipated to fuel the market growth.
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