- The global geospatial analytics market garnered a market size of $44.94 billion in 2018.
- Extensive implementation of geospatial analytics in natural resource monitoring and agriculture industry is supporting growth in the surveying segment..
- Introduction of Big Data and AI, coupled with the rising adoption of IoT are major factors augmenting the market worldwide.
Geospatial analytics uses facts from all kinds of technology including location sensors, mobile devices, GPS, satellite imagery, social media, etc. for building data visualizations for finding trends and understanding phenomena in complex relationships between places and people.
Adding location and timing to conventional types of data allows for a more complete picture of events.
According to a new market report published by Credence Research, Inc., the global geospatial analytics market is expected to witness a growth of 14.9% CAGR during the forecast period from 2019 to 2027.
The global geospatial analytics market garnered a market size of $44.94 Bn in 2018 and is likely to register significant growth, growing at a CAGR of 14.9% during the forecast period from 2019 to 2027. Introduction of Big Data and Artificial Intelligence (AI) coupled with the rising adoption of Internet of Things (IoT) across various end-use applications are some of the major factors augmenting the market for geospatial analytics worldwide. IoT and other such related technologies have penetrated the day-to-day lives of several individuals as they are being used for addressing a wide range of real-life challenges. These technologies and several handheld devices allow organizations to collect geo-referenced data about any event to build graphs, maps, statistics and cartograms for making complex relationships understandable.
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Based on application, the surveying segment held for the majority share in the overall geospatial analytics market in 2018. Extensive implementation of geospatial analytics in natural resource monitoring and agriculture industry is supporting the segment growth. On the contrary, the military intelligence segment is most likely to be the fastest-growing segment in the market during the forecast period.
Based on geography, North America denoted the largest regional market for geospatial analytics in 2018. The region is likely to endure its reign in the coming years. Increased espousal of advanced and emerging technologies such as IoT, cloud computing, business intelligence tools, big data analysis, etc. across the U.S. is bolstering the regional growth. Moreover, widespread adoption of UAV technology for capturing geospatial data, availability of high-speed communication and internet network infrastructure, and a high amount of available remote sensing satellites are further expected to support the regional market.
Major players in the geospatial analytics market include Alteryx Inc., DigitalGlobe, Fugro N.V., Hexagon AB, RMSI, SAP SE, Trimble Navigation Ltd., Maxar Technologies Inc., MapLarge, Harris Corporation, Bently Systems Inc., ESRI, GE Grid Solutions LLC, Oracle Corporation, Pitney Bowes Inc. and Google LLC among others. The major players are taking up strategies such as new product development partnerships, product innovation, product enhancement, etc. to have an edge in the competitive market settings.