Geospatial Analytics Market is Expected to be Worth USD 69.1 million in 2022, Rising Advancement Of AI And Machine Learning

According to Precision Business Insights (PBI), the latest report, the geospatial analytics market is expected to be worth USD 69.1 million in 2022, growing at an 12.5% CAGR from 2022 to 2028. The primary driver of the expansion of the global Geospatial Analytics market includes the increasing number of AI and ML-based GIS solutions, the progress of smart cities and urbanization, development in big data analytics, and increased positioning of IoT sensors over regions.

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Software Based Analytical Solutions Segment to Dominate the Geospatial Analytics Market:
Software based analytical solutions segment is expected to account for a larger revenue share in the global Geospatial Analytics market in the forecasted period. A noteworthy rush in the adoption of software-based analytical solutions, including data management and storage, with these applications would expect to expand the geospatial analytics market. The mapping and analytics software helps to create competitive advantages among prominent key players. These features of geospatial analytics have increased its adoption across various productions center. Thus, it is expected to push the growth of the software segment with the highest CAGR during the forecasted period.

North America Geospatial Analytics Market:
North America market is expected to increase in the global Geospatial Analytics market over the forecast period. North America is one of the greatest important regions in the geospatial analytics market. With wide-ranging applications such as construction, transportation, agriculture, education, and sales management planning North America leads the geospatial market at the current time. The demand for real-time information and location-based services is witnessed to increase in the next few years, attributable to an increase in the acceptance of mobile GIS technologies which will have a positive impression on the geospatial analytics market in this region. Furthermore, the presence of foremost companies, such as Trimble (US Oracle (US), Google (US), ESRI (US), and Maxar Technologies (US) in this region is projected to boost the growth of the geospatial analytics market globally.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global Geospatial Analytics market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In Jan 2021, In Kentucky, Crown Holdings Inc. constructed a new beverage can. The new plant helps meet North America's rising demand for Geospatial Analytics, which includes a rise in demand for sparkling water, energy drinks, craft beer, and cocktails, among other beverages.

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The geospatial analytics market is segmented based on component, type, technology, application, end-user, and geography.
Based on the component, the market is segmented into the following:
• Solutions
• Services

Based on the type, the market is segmented into the following:
• Network and Location Analytics
• Surface and Field Analytics
• Geovisualization
• Geosimulation
• Digital Terrain Analysis
• Polygon Overlay and Dissolve
• Artificial Neural Networks (ANN
• Others

Based on the technology, the market is segmented into the following:
• GPS
• Remote Sensing
• GIS
• Internet Mapping Technologies

Based on the application, the market is segmented into the following:
• Surveying
• Disaster Risk Reduction and Management
• Medicine and Public Safety
• Climate Change Adaptation
• Sales and Marketing Optimization
• Predictive Asset Management
• Supply Chain Planning and Optimization
• Others

Based on the end user, the market is segmented into the following:
• Security & Defense
• BFSI
• Education
• Media & Entertainment
• Healthcare
• Transportation & Logistics
• Architecture, Engineering & Construction
• Education
• Manufacturing
• Oil & Gas
• Retail

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

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Key players' profiles in the Geospatial Analytics market report are ESRI (U.S.), General Electric Company (U.S.), Oracle Corporation (U.S.), HERE (Netherlands)Alteryx, Inc. (U.S.), Atkins (U.K.), Hexagon AB (Sweden), RMSI Pvt. Ltd., India (India), CARTO (U.S.), SAP SE (Germany), Trimble Inc. (U.S.), L3Harris Technologies, Inc. (U.S.), Fugro N.V. (Netherlands), TomTom N.V. (Netherlands), Autodesk, Inc. (U.S.), Google LLC (U.S.), AAM Pty Ltd. (Australia), Orbital Insight (U.S.), Cyient Limited (India), and Precisely (U.S.).

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This release was published on openPR.