Geospatial Analytics Market 2024-2033: Latest Trends, Recent Developments, Growth Strategy And Major Players

The geospatial analytics market size has grown rapidly in recent years. It will grow from $81.95 billion in 2023 to $93.99 billion in 2024 at a compound annual growth rate (CAGR) of 14.7%. The growth in the historic period can be attributed to urbanization and population growth, natural resource management, risk assessment and disaster management, supply chain optimization, government initiatives and regulations.

The geospatial analytics market size is expected to see rapid growth in the next few years. It will grow to $173.55 billion in 2028 at a compound annual growth rate (CAGR) of 16.6%. The growth in the forecast period can be attributed to smart city development, precision agriculture adoption, healthcare and epidemic monitoring, integration with IoT and big data, environmental conservation efforts. Major trends in the forecast period include geospatial big data analytics, mobile geospatial applications, blockchain integration for spatial data security, social media and geospatial analysis, urban mobility and smart city planning.

Market Overview -
Geospatial analytics is a technology that gathers, display, and manipulate geographic information using a geographic information system (GIS) to manage and predict the phenomenon and affecting the earth and its inhabitants.

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Geospatial Analytics And Smart City Evolution
The development of smart cities is expected to propel the growth of the geospatial analytics market going forward. A smart city is a modern technology metropolitan region that makes use of available information to optimize resource consumption and control activities. Geospatial analytics integrates smart city planning and conceptualization by delivering high-end visualization tools to aid decision-making for better site identification, increased efficiency, and a better understanding of complex urban processes using geospatial data. For instance, according to Otonomo, an Israel-based automotive data services platform, smart cities are expected to grow to over $820 billion by 2025 from $410.8 billion in 2020. Therefore, the development of smart cities is driving the geospatial analytics market growth.

Competitive Landscape -
Major companies operating in the geospatial analytics market report are UnitedHealth Group Incorporated, McKesson Corporation, Optum Inc., Walgreens Boots Alliance Inc., International Business Machines Corporation, Tata Consultancy Services Limited, Capgemini SE, NTT DATA Corporation, WellCare Health Plans Inc., Tenet Healthcare Corporation, Cognizant Technology Solutions Corporation, IQVIA Holdings Inc., DaVita Inc., Wipro Limited, Quest Diagnostics Incorporated, Xerox Holdings Corporation, Lonza Group AG, PAREXEL International Corporation, Genpact Limited, Sutherland Global Services Inc., R1 RCM Inc., Mphasis Limited, Infosys BPM Limited, WNS Limited, Omega Healthcare Investors Inc., Firstsource Solutions Limited, HCL Technologies Limited, GeBBS Healthcare Solutions Inc., Invensis Technologies Pvt Ltd

Innovative Geospatial Analysis Platforms Transforming The Landscape
Major companies operating in the geospatial analytics market are launching new platforms such as geospatial analysis platform to increase their profitability in the market. A geospatial analysis platform refers to a comprehensive and integrated system that allows users to perform advanced analysis and derive meaningful insights from geographic and spatial data. For instance, in June 2022, ICEYE, a Finland-based company that enables continuous surveillance of any global location through the use of synthetic-aperture radar (SAR) technology, ensuring persistent monitoring capabilities launched ICEYE Insights that offers insurers immediate flood impact analysis. The platform provides insurers with near real-time flood situational awareness by integrating ICEYE's flood observation data. This enables data-driven decision-making, allowing insurers to assess the impact on specific customers and properties. The platform supports proactive customer communication, resource allocation refinement, and reserve optimization. ICEYE's synthetic-aperture radar constellation ensures continuous data collection day or night, overcoming cloud cover for reliable flood hazard information.

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Key Segments -
The geospatial analytics market covered in this report is segmented -

1) By Components: Solutions, Services
2) By Type: Surface And Field Analytics, Network And Location Analytics, Geovisualization, Other Types
3) By Technology: Remote Sensing, GIS, GPS, Other Technologies
4) By Application: Surveying, Medicine And Public Safety, Disaster Risk Reduction And Management, Climate Change Adaptation, Other Applications
5) By End-User Industry: Agriculture, Utility And Communication, Defense And Intelligence, Government, Natural Resources, Other End User Industries

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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