Rapid Growth Expected: Geospatial Solutions Market to Reach $1009.56 Billion by 2028

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Geospatial Solutions Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $1009.56 billion In 2028 At A CAGR Of 15.9%:

The geospatial solutions market size has grown rapidly in recent years. It will grow from $491.78 billion in 2023 to $560.18 billion in 2024 at a compound annual growth rate (CAGR) of 13.9%. The growth in the historic period can be attributed to demand for location-based services (lbs), infrastructure development, environmental monitoring and conservation, rise of smart cities, precision agriculture.

The geospatial solutions market size is expected to see rapid growth in the next few years. It will grow to $1009.56 billion in 2028 at a compound annual growth rate (CAGR) of 15.9%. The growth in the forecast period can be attributed to climate change monitoring, global navigation satellite system (GNSS) enhancement, natural resource management. Major trends in the forecast period include artificial intelligence (AI) and machine learning (ML) integration, satellite technology advancements, geospatial analytics for business intelligence, 5G connectivity for geospatial applications, indoor mapping and navigation.

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Geospatial Solutions Market Major Segments
The geospatial solutions market covered in this report is segmented -

1) By Solution Type: Hardware, Software, Service
2) By Technology: Earth Observation, Scanning, Other Technologies
3) By Application: Surveying and Mapping, Geovisualization, Planning and Analysis, Land Management, Other Applications
4) By End-User: Utility, Business, Transportation, Defense and Intelligence, Infrastructural Development, Other End-Users

Key Driver - Research Investments Drive Geospatial Solutions Market Forward

Growing research activities regarding space and earth and continuous investments in research activities are expected to propel the growth of the geospatial solutions market going forward. Governments all around the world are investing in geospatial technologies to improve national, regional, and global emergency response capabilities as well as to promote human health, security, and well-being. For instance, in June 2023, according to the U.S. Bureau of Economic Analysis, a US-based government agency, in the year 2021, the economic activities related to space in the United States contributed to a gross output of $211.6 billion, comprising $129.9 billion (equivalent to 0.6 percent) of the Gross Domestic Product (GDP). Additionally, this sector generated $51.1 billion in private industry compensation and supported approximately 360,000 jobs within the private industry. Therefore, growing research activities regarding space and earth and constant investment in research activities are expected to propel the geospatial solutions market growth.

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Prominent Trend - Geospatial Solutions Market Embraces Cutting-Edge Advancements

Technological advancements have emerged as a key trend gaining popularity in the geospatial solutions market. Major players operating in the geospatial solutions sector are focused on launching technologically advanced products and innovative services to stay ahead in the market and to gain market share. For instance, in March 2022, ESRI, a US-based geographic information system company, developed new land cover maps based on geospatial solutions, demonstrating how Earth as a planet has transformed over the last five years. The maps were generated by combining AI (Artificial Intelligence) and ML (Machine Learning) through satellite data, consisting of 26 pictures of every point on the planet throughout the last five years.

Geospatial Solutions Market Players
Major companies operating in the geospatial solutions market report are Apple Inc., Alphabet Inc., Microsoft Corporation, Amazon Web Services Inc., The International Business Machines Corporation, Oracle Corporation, SAP SE, General Electric Company, Baidu Inc., L3Harris Technologies Inc., Hexagon AB, Trimble Inc., Pitney Bowes Inc., Fugro N.V., Maxar Technologies, DigitalGlobe, Topcon Corporation, Leica Geosystems AG, Environmental Systems Research Institute, HERE Technologies, RMSI Pvt. Ltd., TomTom International B.V., SuperMap Software Co. Ltd., Telenav Inc., MapInfo Corporation, Mapbox Inc., BlackSky Global LLC, Supergeo Technologies Inc., CyberCity 3D Inc., Telnav Telecomunicações Navais, Quantduo Technologies Pvt. Ltd., Ubisense, GeoMarvel Technologies, Alteryx Inc., Galigeo, Geospatial Media And Communications, GeoOptics Inc.

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Largest And Fastest Growing Region In The Market
North America was the largest region in the geospatial solutions market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the geospatial solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Geospatial Solutions Market Report Structure
3. Geospatial Solutions Market Trends And Strategies
4. Geospatial Solutions Market - Macro Economic Scenario
5. Geospatial Solutions Market Size And Growth
…..
27. Geospatial Solutions Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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