Pune, India, April 13, 2023 (GLOBE NEWSWIRE) -- The Global Geospatial Analytics Market size was valued at around USD 56.88 billion in 2020. The market is forecast to rise from USD 63.61 billion in 2021 to USD 147.58 billion by 2028 at a CAGR of 12.8% during the assessment period 2021-2028. The expansion is due to the rise of smart cities and urbanization, and integration of IoT sensors across industries. Fortune Business Insights™ has mentioned these insights in its latest research report, titled, “Geospatial Analytics Market Forecast, 2023-2028.”
Key Industry Development:
MapmyIndia teamed up with the Indian Space Research Organization (ISRO) to integrate ISRO’s telematics and location data to roll out a geospatial solution for indigenous location and local data mapping.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 12.8% |
| 2028 Value Projection | USD 147.58 Billion |
| Base Year | 2020 |
| Geospatial Analytics Market Size in 2020 | USD 56.88 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 180 |
| Segments covered | Component, Deployment, Enterprise, Application, End- User |
According to the study, the trend for AI in the medical and healthcare sectors will boost industry growth. Industry players are expected to seek machine learning and AI in geospatial data to bolster efficiency and provide advanced solutions to end-users.
Key Takeaways:
- Geospatial Analytics Market size in North America was USD 18.62 billion in 2020
- Major driving factors include widespread applicability and advancements in location-based technology
- The cloud based geospatial analytics solutions segment has the largest share in the global market.
- Global demand is driven by the defense and internal security segment
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Drivers & Restraints:
Traction for Location-based Technology (LBT) to Boost RoI
Industry players are likely to inject funds into location-based technology for geospatial modeling, asset tracking, and route optimization. End-users, such as retail, construction, and transportation are likely to expand their presence across untapped areas through the adoption of geographical information system (GIS)-integrated LBT. Furthermore, the soaring number of AI-based GIS solutions and the growth of smart cities will bode well for the companies gearing to augment their RoI.
However, budget constraints for small and medium-sized enterprises and high costs linked with the services may hamper the market growth.
Segmentation:
Component, Deployment, Enterprise Size, Application, End-User, and Region Are Studied
Based on component, the market is segregated into solution and services. The solution segment is further sub-segmented into data integration and ETL, geocoding and reverse geocoding, thematic mapping and spatial analysis, reporting & visualization, and others.
In terms of deployment, the market is segmented into cloud and on-premises.
With respect to enterprise size, the industry includes large enterprises and small & medium-sized enterprises (SMEs).
By application, the market is fragmented into disaster management and risk reduction, public safety and medicine delivery, surveying, climate change adaptation, and others.
By end-user, the market is segmented into defense and internal security, retail & logistics, government, banking, financial services and insurance (BFSI), energy & utilities, agriculture, healthcare & life sciences, infrastructure & urban development, and others.
With respect to region, the market includes North America, Europe, Asia Pacific, the Middle East and Africa, and South America.
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Regional Insights:
Bullish Demand from Mining to Provide Lucrative Opportunities in North America
End-users in the U.S. and Canada are likely to exhibit strong demand for geospatial solutions, including geocoding, reporting & visualization and thematic mapping. Advanced technologies will be sought across major applications, including military and defense and mining. Organizations are injecting funds into GIS-based technologies and location-based solutions to collate and plan geological, geophysical and topographic data and information about natural resources. Moreover, the emergence of mobile-based GIS solutions is also likely to boost regional growth.
Asia Pacific is expected to witness investments galore on the back of the expansion of smart cities and a growing economy. Besides, the infusion of funds into 5G networks will further solidify the positions of leading companies vying to bolster their presence across untapped areas. Asia Pacific geospatial analytics market share is expected to witness an appreciable gain due to investments in IoT infrastructure.
The Middle East & Africa is poised to emerge as lucrative destination in the wake of the penetration of 5G infrastructure and the demand for connected vehicles. Besides, the presence of major automakers has made encouraged leading companies to invest in the region.
List of Key Players Mentioned in the Report:
- Alteryx (California, U.S.)
- Microsoft Corporation (New Mexico, U.S.)
- Bentley Systems, Incorporated (Pennsylvania, U.S.)
- CARTO (New York, U.S.)
- Descartes Labs, Inc. (New Mexico, U.S.)
- Esri (California, U.S.)
- Google LLC (Alphabet Inc.) (California, U.S.)
- Pitney Bowes (Connecticut, U.S.)
- TomTom (Amsterdam, Netherlands)
- Fugro (Leidschendam, Netherlands)
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Major Table of Contents:
- Global Geospatial Analytics Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled
- Overview
- Key Management
- Headquarters etc
- Offerings/Business Segments
- Key Details
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- Global Geospatial Analytics Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component (USD)
- Solution
- Data Integration and ETL
- Geocoding and Reverse Geocoding
- Thematic Mapping & Spatial Analysis
- Reporting & Visualization
- Others (Network Analysis, Geovisualization)
- Services
- Solution
- By Deployment (USD)
- Cloud
- On-premises
- By Enterprise Size (USD)
- Large Enterprises
- Small & Medium-sized Enterprises (SMEs)
- By Application (USD)
- Disaster Management and Risk Reduction
- Public Safety and Medicine Delivery
- Surveying
- Climate Change Adaptation
- Others (Sales & Marketing Optimization, Supply Chain Management)
- By End User (USD)
- Defense and Internal Security
- Retail & Logistics
- Government
- Banking, Financial Services and Insurance (BFSI)
- Energy & Utilities
- Agriculture
- Healthcare & Life Sciences
- Infrastructure & Urban Development
- Others (Education, Media & Entertainment)
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- By Component (USD)
- North America Geospatial Analytics Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component (USD)
- Solution
- Data Integration and ETL
- Geocoding and Reverse Geocoding
- Thematic Mapping & Spatial Analysis
- Reporting & Visualization
- Others (Network Analysis, Geovisualization)
- Services
- Solution
- By Deployment (USD)
- Cloud
- On-premises
- By Enterprise Size (USD)
- Large Enterprises
- Small & Medium-sized Enterprises (SMEs)
- By Application (USD)
- Disaster Management and Risk Reduction
- Public Safety and Medicine Delivery
- Surveying
- Climate Change Adaptation
- Others (Sales & Marketing Optimization, Supply Chain Management)
- By End User (USD)
- Defense and Internal Security
- Retail & Logistics
- Government
- Banking, Financial Services and Insurance (BFSI)
- Energy & Utilities
- Agriculture
- Healthcare & Life Sciences
- Infrastructure & Urban Development
- Others (Education, Media & Entertainment)
- By Country (USD)
- United States
- Canada
- Mexico
- By Component (USD)
- Global Geospatial Analytics Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
TOC Continued…!
FAQs
How big is the geospatial analytics Market?
Geospatial Analytics Market size was USD 56.88 billion in 2020. It is expected to reach USD 147.58 billion in 2028.
How fast is the Geospatial Analytics Market growing?
The Geospatial Analytics Market will exhibit a CAGR of 12.8% during the forecast period, 2021-2028
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