Redding, California, Aug. 29, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Geospatial Solutions Market by Offering, Application, Organization Size, Deployment Mode, End-use Industries (Natural Resources; Security & Defense; BFSI; Media & Entertainment; Healthcare; Architecture, Engineering) - Global Forecast to 2029,’ the global geospatial solutions market is projected to reach $845.7 billion by 2029, at a CAGR of 16.9% from 2022 to 2029.
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Geospatial solutions collect, manage, organize, and store data pertaining to geographic information. These enable consumers to acquire data referenced to the earth and use it for analysis, modeling, simulations, and visualization.
Geospatial solutions are increasingly gaining traction due to their utilization across various end-use industries such as BFSI, healthcare, natural resources, manufacturing, transportation & logistics, and security & defense. The growth of the global geospatial solutions market is driven by the surge in demand for GIS & asset mapping solutions, the growing proliferation of IoT and connected devices, and the high adoption of cloud computing. However, the data privacy concerns and high set-up and operating costs are notable restraints for market growth. The growing demand for mobile mapping systems and government initiatives to promote smart infrastructure are expected to offer significant growth opportunities for the players in this market. However, geospatial data integration challenges and the lack of a CORS network pose serious challenges to the growth of the geospatial solutions market.
Impact of COVID-19 on the Geospatial Solutions Market
The spread of COVID-19 severely impacted the performance of several industries and economies globally, including the geospatial solutions market. The pandemic created several challenges for this market due to the lockdowns imposed during the second and third quarters of 2020. The pandemic lowered consumers' financial potential, which decreased the sales of geospatial solutions.
However, in 2021, major industries, including healthcare, retail, manufacturing, and natural resources, started recovering from the economic setbacks. The delayed and postponed orders for geospatial solutions negatively impacted this market during the pandemic. However, the market started recovering rapidly in the last quarter of 2020.
The deployment of geospatial solutions promotes location intelligence, situational analysis, and awareness, which are important factors for crisis management. The players in this market plan to move forward and capitalize on the lucrative market growth opportunities resulting from the pandemic. The geospatial solutions market is projected to transform drastically over the coming years. Several leading companies are rapidly growing through product launches, enhancements, partnerships, and collaborations. For instance:
- In 2021, Trimble Inc. (U.S.) expanded its geospatial automated monitoring portfolio with world sensing geotechnical IoT solutions.
- In 2020, Hexagon’s Safety, Infrastructure & Geospatial division (a subsidiary of Hexagon AB) (Sweden) launched the Luciad 2020.1, a significant update to its platform for building advanced location intelligence and real-time situational awareness applications.
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The global geospatial solutions market is segmented by offering (solution, services), application (surveying, military/border security, disaster management, marketing management, urban planning, public safety, and asset management), organization size (SMEs, large enterprises), deployment mode (on-premise deployments, cloud deployments), and end-use industries (natural resources; security & defense; BFSI; media & entertainment; healthcare; architecture, engineering & construction; education; telecom & IT; manufacturing; oil & gas; retail; transportation & logistics; and utilities). The study also evaluates industry competitors and analyses the regional and country-level markets.
Based on offering, the global geospatial solutions market is segmented into solutions and services. In 2022, the services segment is expected to account for the largest share of the global geospatial solutions market. The large market share of this segment is attributed to the increasing demand for geospatial services for land surveying, mapping, data visualization, and GIS services. This segment is also projected to register the highest CAGR during the forecast period.
Based on application, the geospatial solutions market is segmented into surveying, military/border security, disaster management, marketing management, urban planning, public safety, and asset management. In 2022, the surveying segment is expected to account for the largest share of the global geospatial solutions market. The large market share of this segment is attributed to the growing need for interpretation/analysis and presentation of the natural, social and economic environments; better land management solutions; the rising popularity of land surveying solutions for infrastructure management and development; and land management and reform across urban and regional planning. This segment is also projected to register the highest CAGR during the forecast period.
Based on organization size, the global geospatial solutions market is segmented into SMEs and large enterprises. In 2022, the large enterprises segment is expected to account for the largest share of the global geospatial solutions market. However, the SMEs segment is projected to register the highest CAGR during the forecast period. Open access to geospatial data has been proven advantageous to SMEs, which was earlier considered a major hindrance due to their revenue constraints.
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Based on deployment mode, the geospatial solutions market is segmented into on-premise deployment and cloud deployment. In 2022, the cloud deployment segment is expected to account for the largest share of the global geospatial solutions market. The large market share of this segment is attributed to the rising demand for viewing, creating, monitoring, managing, and analyzing geospatial data through cloud platforms. Additionally, the high demand for cloud-based GIS solutions for landslide mapping and safe construction planning and the growing benefits of cloud-based solutions such as data access, easy distribution, and centralized data capture and analysis is expected to further the growth of this segment. This segment is also projected to register the highest CAGR during the forecast period.
Based on end-use industry, the global geospatial solutions market is segmented into natural resources; security & defense; BFSI; media & entertainment; healthcare; architecture, engineering & construction; education; telecom & IT; manufacturing; oil & gas; retail; transportation & logistics; and utilities. In 2022, the transportation & logistics segment is expected to account for the largest share of the global geospatial solutions market. This segment's large market share is attributed to the growing need for geospatial data for transportation management & planning, the rising demand for location-enabled intelligent mapping solutions, geospatial solutions to promote route planning and ensure safety, and the increasing need for geospatial data to improve delivery schedules.
Based on geography, the global geospatial solutions market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, North America is expected to account for the largest share of the global geospatial solutions market. The large market share of this region is attributed to favorable government policies supporting the easy sharing of geospatial data between private organizations, promoting this market’s growth.
Some of the key players operating in the global geospatial solutions market are HERE Technologies (Netherlands), ESRI (U.S.), TomTom N.V. (Netherlands), Google LLC (U.S.), IBM Corporation (U.S.), Microsoft Corporation (U.S.), Trimble, Inc. (U.S.), Orbital Insights (U.S.), Oracle Corporation (U.S.), RMSI Pvt. Ltd. (India), Precisely (U.S.), General Electric (U.S.), Hexagon AB (Sweden), Cyient Limited (India), L3Harris Technologies, Inc. (U.S.), Fugro N.V. (Netherlands), Foursquare (U.S.), Carmenta (Sweden), Maxar Technologies (U.S.), and Cesium GS, Inc. (U.S.).
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Scope of the Report
Geospatial Solutions Market, by Offering
- Solution
- Asset Management Solutions
- Data Management Solutions
- GIS and Mapping Solutions
- Imagery and Remote Sensing Solutions
- Field Data Collection Solutions
- Earth Observation Solutions
- Other Solutions (Emergency & Risk Management Systems, Visualization Tools, and Traffic and Travel Information Solutions)
- Services
Geospatial Solutions Market, by Application
- Surveying
- Military/Border Security
- Disaster Management
- Marketing Management
- Urban Planning
- Public Safety
- Asset Management
Geospatial Solutions Market, by Organization Size
- SMEs
- Large Enterprises
Geospatial Solutions Market, by Deployment Mode
- On-premise Deployments
- Cloud Deployments
Geospatial Solutions Market, by End-use Industry
- Natural Resources
- Agriculture
- Forestry
- Fishery
- Mining
- Security & Defense
- BFSI
- Media & Entertainment
- Healthcare
- Architecture, Engineering, and Construction
- Education
- Telecom & IT
- Manufacturing
- Oil & Gas
- Retail
- Transportation & Logistics
- Utilities
Geospatial Solutions Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Netherland
- Switzerland
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Singapore
- Australia and New Zealand
- Rest of Asia-Pacific
- Latin America
- Mexico
- Brazil
- Rest of Latin America
- Middle East and Africa
- UAE
- Israel
- Rest of MEA
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