Press release
Geocoding and Reverse Geocoding Market Size, Share, Growth, Analysis, Trends and Outlook 2023-2030.
Geocoding and Reverse Geocoding Market- DataM Intelligence 4Market Research
Over the last three years, the Indian market for geocoding and reverse geocoding has expanded dramatically, rising from 23 thousand crores in 2019 to 28 thousand crores in 2022. The sector has the ability to significantly impact the nation's socioeconomic growth, the creation of job opportunities, and the progress of knowledge.
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Market Drivers:
The Growing Impact of Smart City Development Drive the Role of Geocoding Solutions
The growth of smart city development is one of the primary drivers behind this. Geocoding and reverse geocoding techniques now help the creation of smart cities. A centralized information system based on geographic information system (GIS) would provide an IT infrastructure for configuring and overseeing data and applications at every phase of smart city development, creating a large amount of market opportunity.
Additionally, according to a survey by the Consumer Technology Association, investments in smart cities were valued at USD 34.85 billion in the previous year and are projected to reach USD 54.35 billion by 2026. Thus, the expanding influence of smart city development complements the function of geocoding solutions in the worldwide market.
Market Segmentation: Cloud-Based Geocoding for Business Development
Cloud-based geocoding is the use of geocoding software that is hosted in the cloud rather than on-premises. As a result, businesses may use geocoding technology without having to spend a lot of money on hardware or software.
It's important because it allows enterprises to employ geocoding technology without requiring expensive gear or software. Thanks to cloud-based geocoding, businesses of all sizes may now make use of geocoding technology without having to make large upfront expenditures. Cloud-based deployment, therefore, gains a segmental share of over 60.2% in the worldwide market.
Geocoding and Reverse Geocoding Market Companies:
The major global players include Google Maps Platform, HERE Technologies, Esri, Tom Tom, Mapbox, OpenStreetMap, Microsoft Bing Maps, SmartyStreets, Geocodio and MapQuest.
By Component
• Software
• Services
By Deployment
• Cloud-Based
• On-Premise
By End-User
• Transportation and Logistics
• Real Estate and Construction
• Retail and E-commerce
• Healthcare and Life Sciences
• Banking, Financial Services and Insurance (BFSI)
• Government and Public Sector
• Others
By Region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa
Geographical Share: Geocoding and Reverse Geocoding's Revolutionary Effects on the North American Market
Due to the expanding innovation and changing sectors in the region, geocoding and reverse geocoding are having a big impact on the North American market. North America now holds a majority of the market shares.
Organizations may make well-informed decisions, streamline processes, and promote economic growth by utilizing the potential of location-based data. It enables effective infrastructure construction, greater disaster preparedness and response, and improved business and governmental decision-making.
Industry Developments:
• In July 2023, in all states and UTs, GSTN started offering geocoding. The system-generated geocoded address will be presented when businesses access the geocoding functionality in the portal.
• On June 2, 2022, LightBox Data and Esri have collaborated to expand geocoding for Canadian content. Users of ArcGIS can now access newer and more accurate address data.
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