Geospatial Analytics Market: A Catalyst for Innovation in Resource Management, Urban Planning, and Precision Agriculture

Geospatial Analytics Market in terms of revenue was estimated to be worth $74.83 billion in 2023 and is poised to reach $191.61 billion by 2031, growing at a CAGR of 12.72% from 2024 to 2031 according to a new report by InsightAce Analytic.

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Latest Drivers Restraint and Opportunities Market Snapshot:

Key factors influencing the global Geospatial Analytics Market are:
• Increasing Adoption of Location-Based Services (LBS)
• Growing Awareness of Spatial Data and Analytics
• Rising Demand for Real-Time Location Data

The following are the primary obstacles to the Geospatial Analytics Market's expansion:
• High Initial Costs and Infrastructure Requirements
• Limited Skilled Workforce
• Infrastructure Limitations in Developing Regions

Future expansion opportunities for the global Geospatial Analytics Market include:
• Integration with Artificial Intelligence (A.I.) and Machine Learning (ML)
• Climate Change and Environmental Monitoring
• Supply Chain Optimization

Market Analysis:

The market has experienced notable growth, primarily due to factors like rising urbanization, the spread of advanced technologies like machine learning (ML), artificial intelligence (A.I.), and the Internet of Things (IoT), the global adoption of 5G technology, and the growing significance of supply chain optimization. By generating more precise and valuable insights from location-based data, the market is also being revolutionized by the emergence of Artificial Intelligence (AI) and Machine Learning (ML).

List of Prominent Players in the Geospatial Analytics Market:
• Bentley Systems
• Blue Marble Geographic
• Caliper Corporation (U.S.)
• CARTO (U.S.)
• Descartes Lab (U.S.)
• eSpatial (Ireland)
• Esri
• Fugro
• General Electric
• Geomatic Consulting International (Vietnam)
• Geospin (Germany)
• Geoviet Consulting (Vietnam)
• GIS Co. Ltd. (Thailand)
• Google
• HERE Technologies (Netherlands)
• HexagonAB
• Imago Global (Mynamar)
• Mandalay Technology (Myanmar)
• Mapidea (Portugal)
• Maplarge
• Maplarge (U.S.)
• Mappointasia (Thailand)
• Maxar Technologies
• Orbica (New Zealand)
• Orbital Insights (U.S.)
• Pasco Corporation (Japan)
• Precisely
• Remote Technologies (U.S.)
• RMSI
• Skymap Global (Singapore)
• Sparkgeo (Canada)
• Spatial
• Suntac Technologies (Myanmar)
• TomTom (Netherlands)
• Trimble
• UBIMO(US)
• Vegastar Technology (Vietnam)

Recent Developments:
• In May 2023, Geolocation technology expert TomTom International B.V. increased its collaboration with Alteryx, Inc. Through this collaboration, Alteryx will incorporate spatial data into its products and location insights packages, such as Alteryx Designer by utilizing TomTom's Maps APIs and location data.
• In May 2023, the Oracle Cloud Infrastructure (OCI) marketplace and on-premises deployment options for Oracle Spatial Studio 23.1 were introduced by Oracle Corporation. With a no-code mapping tool, users may browse, study, and analyze geographic data that is managed and stored by Oracle.
• In May 2023, HERE Global B.V. established a partnership with information technology, services, and consulting firm Cognizant to provide location-based digital client experiences. Through this cooperation, Cognizant will create spatially intelligent solutions for its clients by leveraging the real-time traffic, weather, and road attribute data from the HERE location platform.

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Geospatial Analytics Market Dynamics:
Market Drivers: Increasing Adoption of Location-Based Services (LBS)
Over the course of the projected period, the number of GIS solutions based on A.I. and ML increased, significantly accelerating market growth. The demand for geospatial analytics is also being supported by the growing investment in smart city projects and the speed at which urbanization is occurring. The traditional way of life is changing into a high-tech lifestyle due to the Internet of Things (IoT) rapid technical breakthroughs. The introduction of IoT has enabled smart cities, pollution control, energy conservation, smart homes, and smart transportation.

Challenges: Limited Knowledge and Skilled Workforce
Over the past few years, there has been a notable increase in the field of geospatial data analytics. However, it's expected that the lack of standards and the trained labor shortage would restrain the expansion of the geospatial analytics market. Because there is no standard for storing geospatial data, GIS specialists spend the majority of their time cleaning data before analyzing it. Standardization problems arise from the relatively lax color guidelines for geographic information and the limited diversity in element definitions on the map.

North America Is Expected To Grow With The Highest CAGR During The Forecast Period
The North America Geospatial Analytics Market is likely to register a significant revenue share and develop at a rapid CAGR in the near future. As the building process uses sophisticated 3D Mapping and geospatial analytics to create realistic modeling-a preferred alternative to using rolls of blueprints-the demand for 3D Mapping is expected to increase as the construction industry grows in the U.S. and Canada. Additionally, modeling is expected to grow during the forecast period. This is increasing the demand in the regional marketplace.

Segmentation of Geospatial Analytics Market-
By Component-
• Solution
o Geocoding & Reverse Geocoding
o Data Integration & EtL
o Report Visualization
o Thematic Mapping & Spatial Analytics
• Service

By Technologies-
• Remote Sensing
• Global Positioning Systems
• Geographic Information Systems

By Type-
• Surfacing & Files Analytics
• Network & Location Analytics
• Geovisualization

By Deployment Mode-
• Cloud
• On-premises

By Organization Size-
• Large Enterprises
• SMEs

By Application
• Surveying
• Medicine & Public Safety
• Disaster Risk Reduction & Management
• Urban Planning
• Transportation Planning & Management
• Natural Resource Management
• Agriculture Value Chain
• Environment Impact Analytics

By Vertical-
• Energy & Utilities
• Government
• Defense &; Intelligence
• BFSI
• Retail Estate & Construction
• Healthcare
• Mining &; Natural Resources
• Automotive & Transportation
• Agriculture

By Region-
North America-
• The US
• Canada
• Mexico

Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America-
• Brazil
• Argentina
• Rest of Latin America

Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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This release was published on openPR.