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Geospatial Analytics Market - Analysis, Share, Growth, Trends Forecast 2023
Geospatial Analytics Market: OverviewGeospatial is the geographical data having locational information described in terms of coordinates (latitude and longitude), address, city or ZIP code. Geospatial data is gathered through satellite, global positioning system (GPS), geo tagging and remote sensing. Global Information System (GIS) is used for mapping and analyzing geospatial data. Remote sensing tool is used to acquire geographical data without physical contact through sensors such as radars, radiometers and lidar (a laser based light detection sensor).
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Global positioning system comprises 24 satellites that orbit around earth for determining exact position of an object on earth. Geo tagging is addition of geographical data to media such as images and websites in the form of meta-data. Geospatial analytics products combine geographic data and business data to gain information that supports business decisions such as logistics and marketing.
Geospatial Analytics Market: Trends
Geospatial analytics could be used for analyzing market segmentation on the basis of demography, lifestyle and behavioral. This analysis would help organizations to design their promotional programs and targeting new customers. The need for reducing operational and logistic costs by organizations is anticipated to drive the growth of geospatial analytics market. Government could use geospatial analytics to map crime locations, issue alerts in situation of natural calamities and designing disaster recovery mechanisms.
Emergence of smart cities and increasing demand for innovating technologies in developing countries is likely to boost the market for geospatial analytics. The market is anticipated to grow with the increasing usage of GPS enabled smartphone devices. Innovations in drone technology would also increase the opportunities in geospatial analytics market. The major challenge for the market is the privacy issues related to storage of geospatial data. Legal issues related to storage of personal information could also hamper the growth of market. Moreover, initial setup of geospatial analytics products require high investment, therefore could impact the growth of the market.
Geospatial Analytics Market: Segmentation
Geospatial analytics market can broadly be segmented on the basis of service type, technology type, application and geography. On the basis of service type geospatial analytics market is segmented into surface analysis, network analysis and geo-visualization. Surface analysis analyses the properties of surfaces such as elevation, temperature and rainfall, whereas network analysis provides solutions to business problems such as transportation, warehouse and manufacturing location. Geo-visualization provides interactive ways such as 3D views, charts and images to visualize geospatial data. In terms of technology type, the market can broadly be segmented into remote sensing, GPS and GIS.
On the basis of application the geospatial analytics market is segmented into defense intelligence, medical survey, disaster reduction, natural resources and climate change adaption. Moreover, in terms of geographies, the global geospatial analytics market is segmented into North America, Europe, Asia Pacific, Middle East and Africa and Latin America regions. Geospatial analytics market show its strong presence in Europe region as majority of players belong to European countries such as Sweden and Finland. Heavy adoption of geospatial analytics products is seen in oil and gas sector in North America and Asia Pacific to discover potential crude oil and natural gas abundant regions.
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Geospatial Analytics Market: Key Players
The major participants in the geospatial analytics market include companies such as Trimble Navigation Limited, Hexagon AB, Topcon Corporation, Garmin Limited, Harris Corporation, MacDonald, Dettwiler and Associates Ltd., Environmental Systems Research Institute Inc., Fugro N.V., Bentley Systems Inc. and International Business Machine (IBM) Corporation.
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