Press release
Geospatial Analytics Market Bridging the Skills Gap: Unlocking Growth in the Geospatial Analytics Market
InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Geospatial Analytics Market Size, Share & Trends Analysis Report By Component, Solution (Geocoding and Reverse Geocoding and Thematic Mapping and Spatial Analytics), Type (surfacing & files analytics, network & location analytics and visualization), Technology (remote sensing, global positioning systems, and geographic information systems), Deployment Mode (cloud and on-premises), Organization Size
(large enterprises and SMEs), Application (surveying, medicine & public safety, disaster risk reduction & management, urban planning, transportation planning & management, natural resource management, agriculture value chain and environment impact analytics), Vertical (energy & utilities, government, defense & intelligence, BFSI, retail estate & construction, healthcare, mining & natural resources, automotive & transportation and agriculture) - Market Outlook And Industry Analysis 2031"
The global geospatial analytics market is estimated to reach over USD 187.51 billion by 2024-2031, exhibiting a CAGR of 12.47% during the forecast period.
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Geospatial Analytics: A Powerful Tool with Growing Pains
Geospatial analytics is a powerful technology that unlocks valuable insights by gathering, organizing, and analyzing geographic data. While it offers significant growth potential for various industries, the market faces a few key challenges:
• Skilled Labor Shortage: Despite its promise, the geospatial analytics market is hampered by a lack of skilled professionals. This field requires a unique blend of technical skills, including expertise in computer languages, Geographic Information Systems (GIS) software, and data analysis and visualization tools. As the demand for geospatial analytics grows across sectors like urban planning, transportation, defense, and agriculture, the need for qualified personnel will become even more critical.
• Data Privacy Concerns: A major hurdle for geospatial analytics lies in data privacy. This technology often relies on the collection and analysis of data that can be personal or commercially sensitive. Increased scrutiny on data security and privacy regulations may necessitate more flexible approaches and data anonymization techniques to ensure responsible use of geospatial analytics tools.
By addressing these challenges, the geospatial analytics market can unlock its full potential and empower various industries to make data-driven decisions for a more informed future.
This revised version highlights the two main challenges, explains their impact on the market, and emphasizes the future potential of geospatial analytics.
List of Prominent Players in the Geospatial analytics market:
• Precisely
• Remote Technologies (US)
• RMSI
• Skymap Global (Singapore)
• Sparkgeo (Canada)
• Spatial
• Suntac Technologies (Myanmar)
• TomTom (Netherlands)
• Trimble
• UBIMO(US)
• Vegastar Technology (Vietnam)
• Bentley Systems
• Blue Marble Geographic
• Caliper Corporation (US)
• CARTO (US)
• Descartes Lab (US)
• eSpatial (Ireland)
• Esri
• Fugro
• General Electric
• Geomatic Consulting International (Vietnam)
• Geospin (Germany)
• Geoviet Consulting (Vietnam)
• GIS Co. Ltd. (Thailand)
• HERE Technologies (Netherlands)
• HexagonAB
• Imago Global (Mynamar)
• Mandalay Technology (Myanmar)
• Mapidea (Portugal)
• Maplarge
• Maplarge (US)
• Mappointasia (Thailand)
• Maxar Technologies
• Orbica (New Zealand)
• Orbital Insights (US)
• Pasco Corporation (Japan)
Market Dynamics:
Drivers-
Technological advancements have been a major driver of the global geospatial analytics market in recent years. As technology continues to improve, more and more data can be gathered, analyzed, and visualized in real-time, providing businesses with valuable insights that can be used to construct more informed conclusions.
The increasing use of artificial intelligence, machine learning, and big data analytics has also helped to drive the growth of the geospatial analytics market. These technologies enable companies to extract more value from their data and better understand complex spatial relationships. Moreover, the growing demand for location-based services, such as navigation, asset tracking, and emergency response, has also played a key role in driving the adoption of geospatial analytics solutions across various industries.
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Challenges:
The prime challenge is the lack of skilled manpower, which is predicted to reduce the growth of the geospatial analytics market. However, there currently needs to be more skilled professionals who can meet this demand, particularly in emerging markets where the use of geospatial analytics is growing rapidly. Many organizations are investing in training and education programs to address this challenge to build a pipeline of skilled geospatial analysts.
This includes partnerships with universities and vocational training programs to provide students with the necessary skills and experience to work in the field. Additionally, companies are using automation and artificial intelligence to augment the skills of their existing workforce and make geospatial analytics more accessible to non-experts.
Regional Trends:
The North American geospatial analytics market is expected to register a major market share in revenue and is projected to grow at a high CAGR shortly. This can be linked to the presence of significant players in the region and the increasing adoption of geospatial analytics solutions in various industries such as government, defense, and transportation. Additionally, the region has a highly developed technology infrastructure and a high level of awareness about the benefits of geospatial analytics, which further fuels the market's growth.
Recent Developments:
• In May 2022, Old City Innovations (formerly Geospoc LLC) was purchased by India-based decision intelligence business SatSure Analytics Pvt. Ltd. for an unknown sum.
• In March 2022, Esri and PrecisionHawk announced a partnership. The best geospatial intelligence is made available through this alliance.
Segmentation of the Geospatial Analytics Market-
By Component
• Solution
o Geocoding & Reverse Geocoding
o Data Integration & ETL
o Report Visualization
o Thematic Mapping & Spatial Analysis
• 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
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
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Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses.
We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products.
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