VANCOUVER, British Columbia, Sept. 22, 2022 (GLOBE NEWSWIRE) -- Location-aware technologies which are built to accurately capture and contextualize location information are reshaping the finance, insurance, logistics, and climate impact sectors. Companies in these sectors rely on geographic and location data (known as geospatial data) as a core function of their business. IT infrastructure upgrades due to technological advancements in location-intelligence software, offer companies the ability to continue to improve on their data accuracy and operational efficiency.
According to a recent study by Market Data Center, the global geospatial market is set to grow exponentially over the next eight years, from USD 64.72 billion in 2021 to 153.25 billion in 2030. The North American market is poised to play a significant role in this growth, with industry leaders like Canadian-based Sparkgeo spearheading advancements in the design of custom location-based intelligence software across several sectors.
This industry-wide growth is being fueled by a decade-long digital transformation in the commercialization of satellites (providing affordable access to daily Earth imagery), remote sensing data, and IoT devices. These advancements continually benefit from the ancillary software technologies used to contextualize both satellite data and on-the-ground geospatial data. The progress being made in the capabilities of location-intelligence software provides companies new ways to collect and analyze geospatial data.
Examples can be found in the insurance industry, where location-aware technology is used to query property conditions remotely. By updating this information daily, insurers have the data they need to consistently generate accurate quotes for their customers. Companies like Sparkgeo develop customized data-collection environments for clients in this industry (as well as others). These environments combine remote sensing technology and satellite imagery to collect and integrate data into daily operations. Sparkgeo’s team also builds software that analyzes this data and APIs that integrate with internal IT infrastructure.
Market leaders in the insurance, finance, logistics, and climate sectors have demonstrated a growing appetite for on-demand access to location-enabled data. This data provides a more accurate picture of the increasingly unpredictable environmental changes and helps track climate events that can impact real-world assets.
About Sparkgeo
Sparkgeo is a global consulting company that builds location-aware technologies for some of the world’s top tech companies in Silicon Valley and other corporations in North America, Asia, Europe, and the Middle East. Learn more at www.sparkgeo.com.
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