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The Global Geospatial Analytics Market Size is valued at USD 74.83 billion in 2023 and is predicted to reach USD 191.61 billion by the year 2031 at a 12.72% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- The demand for geospatial analytics is being driven by the broad use of location-based services in a variety of industries, such as retail, logistics, and transportation.
- The widespread usage of location-based services in a range of industries, including retail, logistics, and transportation, is driving the demand for geospatial analytics.
- North America dominated the market and accounted for a revenue share of global revenue in 2023.
- One of the significant concerns restraining industry growth is the initial costs associated with implementing geospatial analytics solutions.
The global geospatial analytics market is experiencing significant growth due to the increasing adoption of location-based technology across various industries. Geospatial analytics processes, stores, and analyses geospatial data, including location, elevation, and other geographic information, to gain insights and make informed decisions. Technological developments, the increasing adoption of cloud computing and big data analytics, and the growing demand for geospatial analytics in the defense and intelligence sectors primarily drive the growth in the market. The rising demand for geospatial analytics in transportation and logistics, natural resource management, and urban planning is expected to develop significant growth opportunities for the market in the coming years.
However, the market is expected to face challenges such as the lack of skilled manpower, the high cost of geospatial analytics software and hardware, and data privacy concerns.
Competitive Landscape:
Some of the geospatial analytics market players are:
- 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)
Market Segmentation:
The geospatial analytics market is segmented based on component, solution, technologies, type, deployment mode, organization size, application, and vertical. On the basis of components, the market is categorized into solutions and services. The market is segmented by solution: geocoding & reverse geocoding, data integration & ETL, report visualization and thematic mapping & spatial analytics. Based on technologies, the market is segmented as remote sensing, global positioning systems, and geographic information systems. By type, the market is segmented into surfacing & files analytics, network & location analytics and visualization. By deployment mode, the market is categorized into cloud and on-premises.
By organization size, the market is categorized into large enterprises and SMEs. By application, the market is segmented into surveying, medicine & public safety, disaster risk reduction & management, urban planning, transportation planning & management, natural resource management, agriculture value chain and environment impact analytics. By vertical, the market is segmented into energy & utilities, government, defense & intelligence, BFSI, retail estate & construction, healthcare, mining & natural resources, automotive & transportation and agriculture.
Based On The Component, The Service Segment Is A Major Contributor To The Geospatial Analytics Market
The service category is expected to hold a major share of the global geospatial analytics market. The service sector includes a wide range of industries, such as banking, insurance, healthcare, retail, and hospitality, which all need location-based data analysis. For example, banks and insurance companies can use geospatial analytics to identify areas prone to natural disasters and assess the risk of insuring properties. Similarly, healthcare providers can use geospatial analytics to identify areas with high disease rates and allocate resources accordingly.
Furthermore, technological advancements, such as the Internet of Things (IoT) and artificial intelligence (AI), enable the service sector to collect and analyze more data than ever before. This increased data availability drives the demand for geospatial analytics services in the service sector. Overall, the service sector is expected to continue to dominate the geospatial analytics market in the coming years as more industries recognize the value of location-based data analysis in improving their operations and decision-making processes.
Agricultural Segment Witnessed Growth At A Rapid Rate
The agriculture segment is projected to grow rapidly in the global geospatial analytics market. Geospatial analytics in agriculture is known as precision agriculture, which involves using location-based data to optimize crop yields, reduce resource consumption, and minimize environmental impact. Geospatial analytics can give farmers valuable insights into their crops, such as soil moisture levels, nutrient content, and pest infestations, which can help them make more informed conclusions about planting, fertilization, and pest management. Additionally, geospatial analytics can monitor weather patterns, predict crop yields, and identify areas at risk of drought or other weather-related disasters.
The North American Geospatial Analytics Market Holds A Significant Regional Revenue Share
The North American geospatial analytics market is expected to register the highest market share in revenue shortly. The region is home to several technological firms, and these firms are using artificial intelligence and machine learning more and more. Government rules that facilitate seamless geospatial data sharing between private businesses also aid in expanding this market.
Additionally, North America holds the largest share of the geospatial analytics market thanks to the expansion of the oil and gas industry, the creation of 5G infrastructure, the rise in demand for connected vehicles, the presence of international players in the automotive sector, and the region's robust healthcare infrastructure. Besides, Asia Pacific is also anticipated to play a significant role in driving the market's growth, driven by the high adoption of developed technologies and the growing demand for location-based data analysis across various industries.
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.
Geospatial Analytics Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 74.83 Bn |
|
Revenue forecast in 2031 |
USD 191.61 Bn |
|
Growth rate CAGR |
CAGR of 12.72% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Million, and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
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Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Delivery Mode, Application, Destination, Service Type, Vehicle Type And Mode Of Operation |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Esri (US), Precisely (US), Caliper Corporation (US), Blue Marble Geographic (US), Google (US), eSpatial (Ireland), HexagonAB (Switzerland), TomTom (Netherlands), Trimble (US), Maxar Technologies (US), RMSI (India), Maplarge (US), General Electric (US), Bentley Systems (US), Fugro (Netherlands), Orbital Insights (US), Mapidea (Portugal), Geospin (Germany), Sparkgeo (Canada), Orbica (New Zealand), Descartes Lab (US), Skymap Global (Singapore), Remote Technologies (US), CARTO (US), UBIMO(US), Pasco Corporation (Japan), Geoviet Consulting (Vietnam), Mandalay Technology (Myanmar), GIS Co. Ltd. (Thailand), Suntac Technologies (Myanmar), Geomatic Consulting International (Vietnam), Imago Global (Mynamar), Mappointasia (Thailand), Vegastar Technology (Vietnam), HERE Technologies (Netherlands) |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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