Geospatial Solutions Market Growth & Trends 2024-2033

The Business Research Company recently released a comprehensive report on the Global Geospatial Solutions Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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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Market Drivers and Trends:

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.

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.

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Major Key Players of the Market:

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.

Geospatial Solutions Market 2024 Key Insights:

• 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%.
• Research Investments Drive Geospatial Solutions Market Forward
• Geospatial Solutions Market Embraces Cutting-Edge Advancements
• North America was the largest region in the geospatial solutions market in 2023

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