Geospatial Analytics Market

Global Geospatial Analytics Market

Geospatial Analytics Market- By Components, Solution, Service, Type, Technology, Deployment size, Application, Organization size, Vertical and Region.

Market Synopsis:

The Global Geospatial Analytics Market is valued at USD 60.73 Billion in the year 2022 and is expected to reach a value of USD 87.70 Billion by the year 2030. The Global Market is anticipated to grow exhibiting a Compound Annual Growth Rate (CAGR) of 4.70% over the forecast period.

Geospatial Analytics' overall purpose is to merge GIS technology with diverse scientific technologies to process, transform, and validate significant data for business processes. The improvements in artificial intelligence, machine learning, and big data technologies are driving the growth of the Geospatial Analytics Market during the forecast period. Artificial intelligence helps businesses run more efficiently by decreasing turnaround times, eliminating human errors, automating repetitive activities, analyzing patterns, and delivering the desired results. Furthermore, the growth of the oil and gas industry, the development of 5G infrastructure, the rising demand for connected vehicles, the presence of global players in the automotive industry, and a strong healthcare infrastructure are some of the factors driving the Geospatial Analytics Market over the upcoming years.

Geospatial Analytics was designed to address challenges in the environmental and biological sciences industries, with a focus on ecology, epidemiology, and geology. However, the technology is now widely used in a variety of businesses, including government and defense, utilities, public safety, healthcare, and natural resources management. Also, Increased crime rates have led governments to install technologies that allow them to track the source of crimes or provide them with intelligence that allows them to stop crimes from occurring in the first place, this is expected to increase the usage of Geospatial Analytics during the forecast period. Market segmentation based on demography, lifestyle, and behavioral characteristics could be studied using Geospatial Analytics. The demand for organizations to reduce operational and logistic expenses is expected to fuel the expansion of the Geospatial Analytics Market over the upcoming years. On the other hand, legal issues related to the storing of personal data could also limit the market's expansion. Besides, the initial launch of Geospatial Analytics solutions requires a significant financial investment, which may hinder the market's growth over the upcoming years.

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Market Segmentation:

The Geospatial Analytics Market is segmented based on components, service, type, solution, technology, deployment size, application, organization size and vertical. Based on Components, the market is segmented as solutions and services. Based on Solution, the market is segmented as Geocoding and Reverse Geocoding, Data Integration and ETL, Reporting and Visualization, Thematic Mapping and Spatial Analysis and Other solutions (DBMS and data storage software).

Based on service, market is segmented as Consulting, Integration and Deployment and Support and Maintenance. Based on Type, market is segmented as Surface and Field Analytics, Network and Location Analytics, Revisualization and Other types (Recompilation, Gesticulation, Artificial Neural Networks (ANN), Map Generalization, Map Abstraction, Map Sheet, Manipulations, Digital Terrain Analysis, Buffer Generation, Polygon Overlay and Dissolve, And Data Measurements).

Based on deployment size, market is segmented as on premises and cloud based. Based on vertical, market is segmented as Utility, Government, Defense, and Intelligence, BFSI, Real Estate and Construction, Healthcare, Mining and Natural Resource, Security, Logistics and Supply Chain, Automotive, Agriculture and Others. Based on Technology, market is segmented as Remote Sensing, GIS, GPS, and other technologies (Internet Mapping Technologies).

Based on Organization Size, market is segmented as SMEs and Large Enterprises. Based on Application, market is segmented as Surveying, Medicine and Public Safety, Disaster Risk Reduction and Management, Climate Change Adaptation and Other applications (Supply Chain Planning and Optimization, Sales and Marketing Optimization, Predictive Asset Management, and Inventory Management).

Based on Vertical:

Based on application, the market is segmented as Utility, Government, Defense, and Intelligence, BFSI, Real Estate and Construction, Healthcare, Mining and Natural Resource, Security, Logistics and Supply Chain, Automotive, Agriculture and Others. The logistics and supply chain quickly involved Geospatial Analytics methods during the forecast period. New and advanced technologies, such as the Internet of Things, 5G, and self-driving cars, are transforming the supply chain and logistics sector. The increasing use of connected and self-driving cars is likely to drive demand for Geospatial Analytics. For mapping routes and providing high-accuracy inputs for the Advanced Driver-Assistance System, Geospatial Analytics is critical (ADAS). The demand for Geospatial Analytics is expected to be driven by the rise of the autonomous vehicle market during the forecast period.

Based on Deployment Size:

Based on deployment size, the market is segmented as cloud based and on premises. The Cloud based segment is anticipated to grow at the highest rate during the forecast period. Depending on the security, collaboration, and ownership requirements of the organization, cloud-based analytics platforms can be accessed via private, public, hybrid, or community cloud services.

This cloud data can be made available to the public for continual updates and open access. There has been a significant increase in decision-making accuracy since the most updated datasets have become accessible. Furthermore, cloud-based analytics solutions deliver on-demand geospatial data, imagery, and maps, minimizing data collection time. It enables users to share data and perform operations such as viewing, producing, monitoring, managing, and analyzing data. Additionally, cloud platforms remove data risks and cyber threats, which is another factor why cloud-based Geospatial Analytics tools are so popular.

North America is Projected to Grow at the Highest CAGR During the Forecast Period

North America is accounted to grow at the highest CAGR during the forecast period. The North America is witnessing a rise in government regulations, introduction of numerous technological companies in the region, as well as their increasing use of artificial intelligence and machine learning, are helping to drive market expansion. Government rules that make it easy for private companies to share geospatial data are also helping to grow this market. Furthermore, the increasing number of available remote sensing satellites, the availability of high-speed internet and communication network infrastructure, and the widespread deployment of UAV technology to capture geospatial data are expected to boost market expansion.

Competitive Landscape:

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.

Segmentation of the Global Geospatial Analytics Market: