Increasing Demand for Smart Cities Drives the Market - Geospatial Analytics Market Expected to Grow with a CAGR 4.8%

As stated in our extensive report; providing insights on Key Drivers, Key Restraints, Segments (i.e., By Components, Solution, Service, Type, Technology, Deployment size, Application, Organization size, and Vertical); the Global Geospatial Analytics Market accounted for USD 58.2 Billion in the year 2021.

Geospatial Analytics makes use of data from a variety of sources, including GPS, position sensors, social media, mobile devices, and satellite imaging, to create data visualizations for better understanding phenomena and identifying trends in complex human-environment relationships. In North American industrial applications such as military and defense, building, agriculture, transportation, and mining, geospatial technology is frequently used. Several geospatial solutions, including thematic mapping and geographic analysis, geocoding and revere geocoding, data integration& ETL tools, and others, are included in the global keyword market size.

COVID-19 has had an unprecedented and devastating worldwide impact, with Geospatial Analytics solutions seeing a positive demand shock across all areas because of the pandemic. According to our calculations, the global market will rise by 11.7 percent in 2020 compared to year-on-year growth from 2017 to 2019. This market's demand and growth are responsible for the continuous increase in CAGR, which will revert to pre-pandemic levels after the pandemic is ended.

An increase in demand for GIS software in smart city development and urban planning, growing variety of AI and machine learning-based GIS solutions available, and the Growth of 5G communication technology advancements are the primary drivers driving the market.

As smart cities become more data-driven and reliant on exchanging real-time information, data from thousands of IoT sensors is collected and analyzed by a corporate GIS, resulting in a map visualization of the data for rapid actionable insights, which is projected to see a growth in demand in the Geospatial Analytics market. Another is the introduction of 5G network services is projected to open new prospects for Geospatial Analytics suppliers, as 5G technology may be used to capture extremely precise geographical data. Due to huge antenna arrays and broad bandwidths, 5G networks are likely to provide device location shortly. The deployment of 5G infrastructure also relies heavily on geospatial data. Shortly, this is also projected to increase the desire for Geospatial Analytics solutions in the telecom industry.

North Americaholds the largest share in the Geospatial Analytics Market and is expected to continue this trend in the forecast period. This is owing to the increase in the adoption of mobile GIS technologies along with presence of leading companies in the region.

Some of the key players in the Global Geospatial Analytics Market include, Alteryx (US), Bentley Systems (US), Carto (US), Descartes Labs (US), ESRI (US), Fugro (Netherlands), General Electric (US), Geospin (Germany), Google (US), Hexagon AB (Sweden), Mapidea (Portugal), MapLarge (US), Maxar Technologies (US), Oracle (US), Orbica (New Zealand), Orbital Insight (US), Precisely (US), RemOT Technologies (Spain), RMSI (India), SAP (Germany), Skymap Global (Singapore), Sparkgeo (Canada), TomTom (Netherlands), Trimble (US), Ubimo (US)and others.