Geospatial Analytics Market – Overview
Gathering of geographical information has increased at a steady pace in recent times owing to the need to analyze geographical data for decisions relating to earth, such as crisis planning and management to name a few. Focused Market reports connected to the information & communication technology sector among others lately have been made available by Market Research Future which publishes a report on this sector. The industry is estimated to earn revenues worth $95 billion by while expanding positively at a 19% CAGR in the forecast period.
The diversifying nature of geospatial analytics’ commercial application are the main driving factors driving the industry in the forecast period. Technologies such as GPS, GIS, LiDAR technology, remote sensing are expected to lead the way in the expansion of the market, due to their increasing employment in conducting geospatial analytics. Geospatial data commercialization is expected to be the main driver for the expansion of the market through the forecast period.
The geospatial analytics industry includes competitors such as Trimble Navigation Ltd. (U.S.), ESRI (U.S.), IBM Corporation (U.S.), General Electric (U.S.), Fugro N.V. (Netherlands), RMSI (India), Alteryx (U.S.), Bentley Systems, Inc. (U.S.), Hexagon AB (Sweden), MDA (Canada), Harris Corporation (U.S.), DigitalGlobe, Inc. (U.S.) and Transerve technologies (India).
The industry segments of the geospatial analytics market are segmented into application, type, component, technology and end-user.
On the basis of component, the industry is segmented as services and software. The services segment of the market is segmented into managed services and professional services. The professional services are further divided into training services and consulting services. Moreover, the market segment is segmented into network analytics, surface analytics, and geo-visualization.
Additionally, the technology segment of the market is segmented into global positioning system (GPS), LiDAR Technology, 3D laser scanning, photogrammetric, remote sensing, geographic information system (GIS), and others. The application segment of the geospatial analytics market is segmented into survey solutions, land administration, mobile mapping and others. Lastly, on the basis of end-user, the market is segmented into construction & real estate, forestry, retail, marine & mining, energy, transportation & logistics, agriculture and others.
Detailed Regional Analysis
The Geospatial Analytics Industry is segmented into four major regions such as Asia Pacific, Europe, North America and the Rest of the World. The European region is estimated to observe considerable growth in the geospatial analytics industry.
Germany, United Kingdom and France are important nations in the region. This is primarily due to the growth in demand for the geospatial technology for the security and safety applications for the automotive and aerospace sectors. The Asia Pacific region is also estimated to be the most rapidly growing region in the geospatial analytics industry over the forecast period.
Japan, India, South Korea and China are the foremost countries in the geospatial analytics industry. This is primarily owing to the higher demand for the geospatial technology in the real estate sector for developing smart cities.
Global Competitive Analysis
Challengers in the market who are constantly delivering customer value have devised their corporate strategy blueprint in a manner that can bring about the best outcomes for development in the current scenario, while also concurrently enhancing their product’s value. The capability to fuel their competitive edge is one of the chief causes powering their efforts in this period.
The opportunity for development in the industry appears to be encouraging through the forecast period. The escalating interest for diversification in the industry, has indirectly allowed the companies to utilize many scenarios available in the industry. This situation has created prospects for portfolio improvements along with diversification in the sector, which has enhanced the scenario for market competitors immensely in this industry. The firms in this industry are also trying to improve and preserve financial liquidity that can be vital to invest in growth prospects as and when they arise.
As a result of its partnership with Mapbox, Microstrategy has rereleased a latest version of its Microstrategy 10 platform. The tools will enable Microstrategy users to apply analytics to discover large datasets, as well as geospatial data and real-time location data. The tools will help organize data within geographic boundaries, and zoom in at different levels to evaluate for trends.