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Weather Forecasting Services Market Size to Fly High as Demand Continues to Increase | Global Weather Corporation, Accuweather, BMT Group
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Governmental organizations are boosting their maintenance budgets for system infrastructure while simultaneously funding initiatives for project development, modernization, and enhancement. As a result of the investments' success, ICT vendors now annually set aside funding for the growth of the online market.Global ICT exports are anticipated to increase 3.9% on average year fromUS$ 784.3 billion in 2021 to US$ 955.19 billion in 2030. Global supply has increased by 9.5% yearly since 2009. In terms of global ICT exports in 2021, Ireland came in first place with US$ 169. 32 billion. The rankings placed China at number 4, the United States at number 2, and India at number 3. Since 2009, Brunei has increased by228.2%year over year, while Sierra Leone has decreased by 61.7% year over year.
By 2026, European ICT Revenue is likely to increase by 1.5% annually, from US$ 1,802,413 Million in 2021 to US$ 1,933,429 Million. The European market has increased by 3.1% annually since 2016. In terms of ICT Revenue in Europe in 2021, Germany came in first place with US$ 339,074 million. Positions 2, 3, and 4 in this ranking were held by the United Kingdom, France, and Ireland, respectively. Since 2016, Malta has increased by 16.5% year over year, while Italy has decreased by 0.2%.
The process of forecasting follows functionalities of meteorology. Massive volume of structured and unstructured data is utilized by weather forecasting models to deliver improved analytical output that enables optimization of business revenues for various end-use industries. Weather forecasting services are currently implemented by transportation, aviation, energy & utilities, banking financial services & insurance (BFSI), agriculture, media, manufacturing, retail, others.
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The growth of the weather forecasting services market is majorly driven by growth in demand for real-time weather management, increase in demand for performance optimization, development associated with end-use industries, rise in safety concerns among various end-use industries, and others. However, dearth of trained professionals, complexities associated with weather prediction models, and uncertainty of weather prediction are expected to restrain the weather forecasting services market growth. Increase in the production of renewable energy and growth of transportation industry among developing regions are expected to provide lucrative opportunities for market growth.
The global weather forecasting services market is segmented based on forecasting type, end-use industry, and region. On the basis of forecasting type, the market is divided into short-range forecasting, medium-range forecasting, and long-range forecasting. By end-use industry, it is classified into transportation, aviation, energy & utilities, banking financial services & insurance (BFSI), agriculture, media, manufacturing, retail, others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
KEY BENEFITS FOR STAKEHOLDERS
This report provides an overview of the trends, structure, drivers, challenges, and opportunities in the global weather forecasting services market.
Porter's Five Forces analysis highlights the potential of buyers & suppliers, and provides insights on the competitive structure of the weather forecasting services market to determine the investment pockets of the market.
Current and future trends adopted by the key market players are highlighted to determine overall competitiveness of the market.
The quantitative analysis of the weather forecasting services market growth from 2016 to 2023 is provided to elaborate the market potential.
Key players profiled in the report
Global Weather Corporation
Accuweather Inc.
BMT Group
Skymet Weather services Pvt., Ltd.
Precision Weather
The Weather Company
Fugro
Enav S.p.A
Met Office
Skyview Systems Ltd.
Key Market Segments
By forecasting type
Short-range Forecasting
Medium-range Forecasting
Long-range Forecasting
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By end-use industry
Transportation
Aviation
Energy & Utilities
Banking Financial Services & Insurance (BFSI)
Agriculture
Media
Manufacturing
Retail
Others
By Geography
North America
U.S.
Canada
Mexico
Europe
UK
France
Germany
Rest of Europe
Asia-Pacific
China
Japan
India
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Arica
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