New York , Nov. 22, 2023 (GLOBE NEWSWIRE) -- The global geospatial solutions market size is slated to expand at 16% CAGR between 2024 to 2036. The market is poised to garner a revenue of USD 3060 billion by the end of 2036, up from a revenue of USD 460 billion in the year 2023. The growth of the market is set to be influenced by a surge in the adoption of smartphones. About 5 billion individuals use smartphones worldwide as of 2023, which means that over 84% of people on the planet own a smartphone. A majority of the essential features required to use mobile phones as mapping tools are already present in modern models.
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Mapping with a Geographic Information System (GIS) has evolved into an essential part of our everyday existence. The ability to travel and explore the world around is made possible by the numerous GIS applications that one can access on the phones. Hence, with the number of tourists travelling around the world the demand for mobile GIS is also estimated to grow. In the first three months, there were an anticipated about 234 million foreign tourists, which is over two times as many as in the same period in 2022.
Geospatial Solutions Market: Key Takeaways
- Market in North America to propel the highest growth
- Web mapping segment to garner the highest growth
- Market in Asia Pacific region to grow at a highest rate
Surge in the Use of the Internet to Boost the Growth of the Global Geospatial Solutions Market
About 4 billion people accessed the internet globally as of October 2023, totaling up close to 64% of the world's population. Data warehouses may be accessed immediately by Internet GIS systems, eliminating the need to download and store individual datasets. In order to take advantage of distributed GIServices, Internet GIS systems may additionally interface with other Internet GIS systems at the logic tier. Hence, with the growing use of internet the market revenue for geospatial solutions is also projected to grow.
Geospatial Solutions Industry: Regional Overview
The global geospatial solutions market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Surge in Launch of Satellite to Drive the Market Growth in North America
The North America market for geospatial solutions is estimated to capture the highest market share of about 33% over the forecast period. This growth in this region’s market is owing to rising launch of satellite. As of April 30, 2022, the United States possesses about 3,432 of the approximately 5,464 artificial satellites that are currently in orbit. Since it provides a dependable and accurate means of data collection, the utilization of satellites for geospatial mapping is growing in popularity. Through the utilization of satellite imagery, entities may generate comprehensive maps offering significant insights on the topography, facilities, and additional characteristics of a given region. Hence, with the growing launch of satellite the market in this region is also rising.
Rising Urban Population to Influence the Market Expansion in Asia Pacific
The geospatial solutions market in Asia Pacific is projected to capture significant share of about 27% over the coming years. This growth could be influenced by rising urban population. Nearly 2.2 billion people, or 54% of the worldwide metropolitan population, reside in Asia. Asia's urban population is predicted to increase by 50% by 2050, adding 1.2 billion new residents. Further, the initiatives for smart cities is growing in urban region. Hence, the market share is set to experience growth in this region.
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Geospatial Solutions Segmentation by Application
- Resource Management
- Web Mapping
- Research
The web mapping segment is predicted to generate the largest market share of about 58% over the forecast period. This growth of the segment is set to be influenced by growing traffic owing to surge in adoption of vehicles. Globally auto sales increased to around 66 million vehicles in 2022 from approximately 65 million in 2021. Hence, the need for traffic management system is growing which is further increasing demand for web mapping.
Geospatial Solutions Segmentation by End-User
- Utility
- Business
- Transportation
- Defense & Intelligence
- Infrastructure Development
The transportation segment is projected to have notable growth in the market over the forecast period. This could be owing to growing production of vehicles. Approximately 84 million automobiles were produced globally in 2022, an about 4% increase from 2021. These vehicles have inbuild mapping system which is why it is influencing the growth of the market.
Geospatial Solutions Segmentation by Technology
- Earth Observation
- Scanning
Geospatial Solutions Segmentation by Solution
- Hardware
- Software
- Services
A few of the well-known market leaders in the global geospatial solutions market that are profiled by Research Nester are TomTom International BV, Telenav Inc., HERE Global BV, Hexagon AB, Esri, SNC Co, Ltd., GeoConnexion Limited, MAXAR TECHNOLOGIES, L3Harris Technologies, Inc., WaveOn, and others.
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Recent Development in the Market
- The theme of the 2023 Conference on Geospatial Information Software Technology, "Geospatial Intelligence Elevated by Integration," was presented, and it took place in Beijing on June 27 and 28. Chinese government trailblazers and scholars, experts, and international industry representatives were cordially invited to exchange ideas about the innovation of geospatial knowledge and share their experiences with its wide range of applications.
- Esri Features' most recent land cover map Improved Al modelling and land use and land cover (LULC) maps contextualize and measure the environmental impacts of human and natural activity.
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