It is estimated that the market for geospatial solutions would grow from US$ 703.5 billion in 2022 to US$ 1,970.9 billion in 2029. The geospatial solutions market is anticipated to grow at a CAGR of 15.9% from 2022 to 2029.
The global geospatial solution market will expand phenomenally from 2022 to 2029, with a CAGR of almost 15%, predicts a recent study intelligence report by Future Market Insights (FMI). This industry is expected to increase rapidly due to advancements in processing power for geospatial solution-based research and applications.
The ever-increasing demand for effective geographic information distribution and transmission is being met via faster networking. This in turn enables users and governments to share Spatio-temporal data more efficiently for real-time applications, fueling the growth of the geospatial solutions market.
Key Takeaways – Geospatial Solution Market Study
- Developers are offering geomedicine solutions, which is not an emerging field, yet holds a lot of potential to boost the growth of the geospatial solution market in the following years.
- Blockchain technology is estimated to witness massive adoption in the foreseeable future. This technology can be geospatially enriched when combined with geospatial solution-based technologies such as Geographic Information System (GIS).
- Drones are estimated to witness a considerable adoption rate during the forecast period. New standards and legislations introduced by national governments are likely to motivate drone manufacturers and end users to operate more freely, thus driving the growth of the geospatial solution market.
- Global Positioning System (GPS) is estimated to retain a substantial revenue share in the geospatial solution market.
- Remote sensing technology will register a significant CAGR over the projection period.
Geospatial Information Becoming Critical Asset for Businesses
Geospatial technology has traditionally only been used by the military, intelligence services, and organizations involved in aviation and maritime. However, practically all end-use industries are increasing their demand for geospatial solutions. Geospatial solutions are now a crucial component of how businesses conduct their operations. Decision-making within organizations currently relies heavily on data processing technologies. As a result, companies are giving greater priority to the analysis of geospatial data as they understand the importance of managing the data they have gathered.
End-users are driven to continually uncover new and inventive methods to use data and discover patterns in the accumulated information by utilizing geospatial solutions by a constant search for new information tools, sources, specialists, and solutions. Data visualization is one of the most notable emerging fields in the larger data processing industry. Whether the gathered data is two or three-dimensional, geospatial solutions have been discovered by current end users to be the secret to effective data visualization.
Geospatial Solution Market by CategoryBy Technology :
- GIS/Spatial Analytics
- Remote Sensing
- 3D Scanning
By Component :
- Geospatial Software
- Geospatial Hardware
- Geospatial Services
By Application :
- Surveying and Mapping
- Planning and Analysis
- Land Management
By End-user :
- Defense and Internal Security
- Urban Development
- Retail and Logistics