Press release
Geospatial Analytics Market Projected to Flourish as Technologies like GIS, GPS, and Remote Sensing Drive Innovation in Multiple Verticals
Geospatial Analytics Market
The global geospatial analytics market is estimated to reach over USD 106.58 billion by the year 2034, exhibiting a CAGR of 11.5% during the forecast period.
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Geospatial analytics involves the systematic collection, visualization, and analysis of geographic data to derive insights that inform decision-making processes. The global market for geospatial analytics is experiencing substantial growth, fueled by increasing demand from various sectors, including agriculture, defense, transportation, and urban planning. However, a significant challenge for the market is the shortage of skilled professionals with the requisite technical expertise. Proficiency in geographic information systems (GIS) software, data analysis and visualization tools, and programming languages is essential for effective geospatial analytics.
A notable constraint in the geospatial analytics market is the growing concern over data privacy and security. The collection and analysis of vast amounts of data, including sensitive and personal information, has raised significant privacy-related issues. Consequently, some organizations may hesitate to adopt geospatial analytics solutions due to the potential risks associated with data security and the need to comply with regulatory requirements.
List of Prominent Players in the Geospatial analytics market:
• 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)
• Precisely
• Remote Technologies (US)
• RMSI
• Skymap Global (Singapore)
• Sparkgeo (Canada)
• Spatial
• Suntac Technologies (Myanmar)
• TomTom (Netherlands)
• Trimble
• UBIMO(US)
• Vegastar Technology (Vietnam)
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Market Dynamics
Drivers
Technological advancements have been a major catalyst for the growth of the global geospatial analytics market in recent years. Ongoing innovations in technology have significantly enhanced the capabilities to collect, analyze, and visualize data in real-time, enabling businesses to derive actionable insights and make more informed decisions. The integration of artificial intelligence (AI), machine learning (ML), and big data analytics has further augmented the market, allowing organizations to extract greater value from data and gain deeper insights into complex spatial relationships. Additionally, the growing demand for location-based services, such as navigation, asset tracking, and emergency response, has played a crucial role in driving the widespread adoption of geospatial analytics solutions across diverse industries.
Challenges
A key challenge faced by the geospatial analytics market is the shortage of skilled professionals, which is anticipated to limit the growth of the sector. This issue is particularly evident in emerging markets, where demand for geospatial analytics is expanding rapidly. To address this skill gap, many organizations are investing in training and educational initiatives aimed at developing a skilled workforce of geospatial analysts. Collaborations with universities and vocational institutions are being established to provide students with the necessary technical expertise. Additionally, companies are leveraging automation and artificial intelligence to enhance the capabilities of their current workforce, thereby making geospatial analytics more accessible to individuals without specialized skills.
Regional Trends
The North American geospatial analytics market is projected to maintain a dominant share of global revenue and grow at a high compound annual growth rate (CAGR) throughout the forecast period. This growth is driven by the presence of leading industry players and the widespread adoption of geospatial analytics across key sectors such as government, defense, and transportation. The region benefits from a well-established technological infrastructure and a high degree of awareness regarding the benefits of geospatial analytics, factors that further support the market's expansion.
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.
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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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About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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