The latest report by IMARC Group, titled “Geospatial Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global geospatial analytics market size reached US$ 89.3 Billion in 2022. Geospatial analytics refers to collecting, manipulating, and analyzing geological data obtained from maps, graphs, statistics, and cartograms. It relies on technological solutions such as global positioning systems (GPS), 3D scanners, geotagging, location sensors, social media platforms, mobile devices, and satellite imaging solutions for surface analysis, network analysis, and data visualization. It adds timing and location to the real-time geospatial data to provide more accurate and detailed insights through visual patterns and images. As a result, geospatial analytics finds extensive applications across disaster management, environment monitoring, urban planning and development, natural resource exploration, and weather forecasting.
Global Geospatial Analytics Market Trends:
The emerging military and defense applications of geospatial analytics represent the primary factor driving the market growth. In addition, with the growing geopolitical tensions and security concerns, there has been widespread adoption of geospatial analytics by military and defense organizations to improve situational awareness, detect cross-border infiltration, and enhance satellite monitoring of troops and enemy movements. Along with this, the increasing usage of geospatial analytics in geographic information systems (GIS) for weather modeling, population forecasting, and monitoring of retail sales trends has augmented product demand. Moreover, amid the sudden outbreak of coronavirus disease (COVID-19), governments of several countries are utilizing geospatial analytics to track the spread of the virus and monitor the affected areas in real-time. Besides this, the rising development of smart cities is another major growth-inducing factor. Furthermore, recent product innovations, such as the integration of connected devices with artificial intelligence (AI) and machine learning (ML) technologies to facilitate image classification, object detection, semantic segmentation, and instance segmentation, have catalyzed market growth. Other factors, including the increasing penetration of the Internet of Things (IoT), supportive government initiatives, improving 5G infrastructure, and technological advancements, are also creating a favorable market outlook. Looking forward, IMARC Group expects the market value to reach US$ 197.1 Billion by 2028, growing at a CAGR of 14% during 2023-2028.
- Based on the component, the market has been bifurcated into solutions and services.
- On the basis of the type, the market has been divided into surface and field analytics, network and location analytics, geovisualization, and others.
- The market has been segregated based on technology into remote sensing, GIS, GPS, and others.
- Based on the enterprise size, the market has been classified as large, and small and medium-sized enterprises.
- On the basis of the deployment mode, the market has been segmented into on-premises and cloud-based.
- The market has been categorized based on the vertical into automotive, energy and utilities, government, defense and intelligence, smart cities, insurance, natural resources, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being Alteryx Inc., Descartes Labs Inc, Environmental Systems Research Institute Inc., General Electric Company, Hexagon AB, Oracle Corporation, Orbital Insight Inc., SAP SE, Sparkgeo, TomTom N.V., Trimble Inc., and Ubimo Ltd. (Quotient Technology).
|Base Year of the Analysis
||Component, Type, Technology, Enterprise Size, Deployment Mode, Vertical, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Alteryx Inc., Descartes Labs Inc, Environmental Systems Research Institute Inc., General Electric Company, Hexagon AB, Oracle Corporation, Orbital Insight Inc., SAP SE, Sparkgeo, TomTom N.V., Trimble Inc. and Ubimo Ltd. (Quotient Technology)
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