As per the report published by Fior Markets, the geospatial analytics market size is projected to grow from USD 55.3 billion in 2021 to USD 117.68 billion in 2028, at a Compound Annual Growth Rate (CAGR) of 9.9% during the forecast period.
The geospatial analytics market is witnessing significant growth form the past years. Geospatial analytics solution providers will be able to deliver advanced spatial solutions to clients in many business verticals and deploy them much more efficiently as AI and ML technology advances. This is propelling the geospatial analytics industry forward. Individual worries over geoprivacy and private data are likely to impede the geospatial analytics market’s growth in the next years.
Geographic data including location information expressed in terms of coordinates (latitude and longitude), address, city, or ZIP code is referred to as geospatial. Satellites, the global positioning system (GPS), geo tagging, and remote sensing are all used to collect geospatial data. Geospatial data is mapped and analysed using the Global Information System (GIS). Sensors such as radars, radiometers, and lidar are used in remote sensing to collect geographic data without requiring human touch (a laser based light detection sensor). The global positioning system is made up of 24 satellites that circle the world and are used to determine the exact location of an object on the planet. Geo tagging is the process of adding geographical information to media such as photos and webpages in the form of tags. Geospatial analytics solutions integrate geographic and business data to provide insight that aids in logistics and marketing choices.
The global geospatial analytics market is expected to witness significant growth. Geospatial data also plays a key role in the deployment of the 5G infrastructure. This is also expected to boost the demand for geospatial analytics solutions from the telecom industry in the near future. Several businesses are unaware of the benefits of geospatial analytics solutions that may be utilised in a variety of business applications; as a result, many organisations are not utilising geospatial analytics solutions, limiting the market’s growth. The implementation of 5G network services is projected to open up new prospects for geospatial analytics companies, since 5G technology may be used to capture extremely precise geographical data.
Key players operating in global geospatial analytics market include Alteryx, Inc., Google, Inc., Bentley Systems, ESRI, Incorporated, General Electric, Hexagon AB, Furgo NV, MDA Corporation, Trimble, Inc., Oracle Corporation, SAP SE, and TOMTOM International, Inc. To gain a significant market share in the global geospatial analytics market, these companies have used a variety of tactics to expand their market share. Alteryx, Inc. and Google, Inc. are some of the key manufacturers operating in geospatial analytics market.
- For instance, in 2020, during the COVID-19 epidemic, MicroMultiCopter (Shenzhen) deployed more than 100 drones in several Chinese cities to monitor regions and efficiently identify people and traffic.
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Small & medium enterprises segment dominated the market and held the largest market share of 51.9% in the year 2020
On the basis of enterprise size, the global geospatial analytics market is segmented into large enterprises and small & medium enterprises. Small & medium enterprises segment dominated the market and held the largest market share of 51.9% in the year 2020. One of the key factors driving the growth of the geospatial analytics market is the rising number of location-based spatial data in SMEs and big organisations. Large companies are more likely to use geospatial analytics. Increased use of cloud technology leads to improved company performance, resulting in a need for geospatial analytics among SMEs.
Surveying segment dominated the market and held the largest market share of 29.15% in the year 2020
On the basis of application, the global geospatial analytics market is segmented into surveying, urban planning, disaster risk reduction & management and others. Surveying segment dominated the market and held the largest market share of 29.15% in the year 2020. The expanding use of geospatial analytics across different industries, such as security and defence, architecture, engineering & construction, oil & gas, manufacturing, and utilities, is responsible for this rise. Surveying also has other advantages, such as improved decision-making, more trustworthy record-keeping and better land management. These elements contribute to the company’s leadership position.