Geospatial analytics Market Size is projected to reach $158.84 billion by 2027, growing at a CAGR of 14.2% from 2020 to 2027

According to a recent report published by Report Ocean, titled, “Geospatial analytics Market by Component, Deployment Model, Enterprise Size, Solution, Type, Technology, and Industry Vertical: Opportunity Analysis and Industry Forecast, 2020–2027,” the global geospatial analytics market size was valued at $58.35 billion in 2019, and is projected to reach $158.84 billion by 2027, growing at a CAGR of 14.2% from 2020 to 2027. Geospatial analytics refers to the solution, which provides insightful information on satellite images and data captured from various geospatial technologies, including remote sensing, geographic information systems (GIS), and global positioning system (GPS). In addition, the major function of geospatial analytics solution is to identify problem, monitor the change, and manage as well as respond to the problems.

GET SAMPLE PAGES @ https://www.reportocean.com/industry-verticals/sample-request?report_id=AMR1370

Numerous benefits provided by geospatial analytics include improvement in decision-making capability, easy record keeping ability of the software, and increase in efficiency of organizations. Moreover, various organization are adopting AI-based GIS solutions for data processing and to enhance the functional and user experience of GIS software, which is expected to be a game-changer in the geospatial analytics market. Surge in demand for geospatial analytics in smart cities development and urban planning drives the growth of the market.

In addition, integration of GIS with mainstream technologies for business intelligence positively impacts the growth of the market. However, high cost of geospatial analytics and regulatory issues and lack of comprehensive government policies pertaining to geospatial analytics are expected to hamper the geospatial analytics market growth. On the contrary, emerging trend of adopting cloud-based GIS and increase in application of AR and VR technologies in geographic information system are expected to offer potential growth opportunities for the geospatial analytics market.

The GPS segment is expected to garner a significant share during the forecast period, owing to rise in adoption of mobile commerce and social media activities; surge in penetration of 3G & 4G networks; and increase in application of GPS in industries, such as entertainment, media, and healthcare are further expected to supplement the growth of GPS. However, the GIS segment is expected to grow at the highest rate during the forecast period, owing to its rise in GIS adoption in various sector which include transportation for different purpose such as highway maintenance, traffic modelling, accident analysis, and route planning.

Region wise, the geospatial analytics market was dominated by North America in 2019, and is expected to retain its position during the forecast period. This is attributed to the presence of major players that offer advanced solutions. Esri, one of the leading players in GIS software market in North America, is investing heavily for market development in the region. However, Asia-Pacific is expected to witness significant growth rate during the forecast period, owing to rise in penetration of mobility; transition from 2D to 3D-based mapping; and surge in adoption of GIS technologies in China, South Korea, and Japan.

The outbreak of the COVID-19 pandemic has a significant impact on the trade. For instance, as coronavirus cases continue to increase across the globe, many countries have realized that their supply chains are dependent on others. Supply chains that have been disrupted include hardware components of the geospatial analytics. Some countries may choose to start manufacturing these components domestically in the future to be better prepared for new outbreaks. The geospatial analytics market is experiencing supply shortages or halted shipments of these components around the world, as workforce is reduced and nonessential businesses have stopped operations.

Key Findings Of The Study

By technology, the GPS segment accounted for the geospatial analytics market share in 2019.
Region wise, North America generated the highest revenue in 2019.
Depending on component, the solution segment generated the highest revenue in 2019.
The key players operating in the global geospatial analytics market include Alteryx, Inc., Bentley Systems, Incorporated, ESRI, Furgo NV, General Electric, Hexagon AB, Google, Inc., MDA Corporation, Oracle Corporation, SAP SE, Trimble, Inc., and TOMTOM International, Inc. These players have adopted various strategies to increase their market penetration and strengthen their foothold in the industry.

READ FULL REPORT @ https://www.reportocean.com/industry-verticals/sample-request?report_id=AMR1370

Get in Touch with Us:
Report Ocean
Email: sales@reportocean.com
Address: 500 N Michigan Ave, Suite 600, Chicago, IIIinois 60611 – UNITED STATES
Tel: +1 888 212 3539 (US – TOLL FREE)
Website: https://www.reportocean.com/

We are the best market research reports provider in the industry. Report Ocean believe in providing the quality reports to clients to meet the top line and bottom line goals which will boost your market share in today’s competitive environment. Report Ocean is “one-stop solution” for individuals, organizations, and industries that are looking for innovative market research reports.

This release was published on openPR.