Jersey City, NJ, April 20, 2023 (GLOBE NEWSWIRE) -- The global geospatial analytics market is estimated to reach over USD 187.51 billion by 2031, exhibiting a CAGR of 12.47% during the forecast period.
Geospatial analytics collects, displays, and manipulates geographic information to provide insights and solutions. While many factors are driving the growth of the global geospatial analytics market, the lack of skilled manpower is also considered a significant challenge.
The field of geospatial analytics involves complex data analysis and requires a range of technical skills, such as knowledge of GIS software, data analysis and visualization tools, and programming languages. There is a growing demand for geospatial analytics expertise across many industries, including agriculture, defense, transportation, and urban planning. The major limitation of this market is data privacy concerns. Using geospatial analytics involves collecting and analyzing large amounts of data, including sensitive and personal information. This has raised concerns over data privacy and security; some organizations may need to be more open to using these tools.
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Recent Developments:
- In May 2022, Old City Innovations (formerly Geospoc LLC) was purchased by India-based decision intelligence business SatSure Analytics Pvt. Ltd. for an unknown sum.
- In March 2022, Esri and PrecisionHawk announced a partnership. The best geospatial intelligence is made available through this alliance.
List of Prominent Players in the Geospatial analytics market:
- Bentley Systems
- Blue Marble Geographic
- Caliper Corporation (US)
- CARTO (US)
- Descartes Lab (US)
- eSpatial (Ireland)
- Esri
- Fugro
- General Electric
- Geomatic Consulting International (Vietnam)
- Geospin (Germany)
- Geoviet Consulting (Vietnam)
- GIS Co. Ltd. (Thailand)
- HERE Technologies (Netherlands)
- HexagonAB
- Imago Global (Mynamar)
- Mandalay Technology (Myanmar)
- Mapidea (Portugal)
- Maplarge
- Maplarge (US)
- Mappointasia (Thailand)
- Maxar Technologies
- Orbica (New Zealand)
- Orbital Insights (US)
- Pasco Corporation (Japan)
- Precisely
- Remote Technologies (US)
- RMSI
- Skymap Global (Singapore)
- Sparkgeo (Canada)
- Spatial
- Suntac Technologies (Myanmar)
- TomTom (Netherlands)
- Trimble
- UBIMO(US)
- Vegastar Technology (Vietnam)
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Geospatial Analytics Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 66.29 Bn |
| Revenue forecast in 2031 | USD 187.51 Bn |
| Growth rate CAGR | CAGR of 12.47% from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Million, and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Delivery Mode, Application, Destination, Service Type, Vehicle Type And Mode Of Operation |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Market Dynamics:
Drivers:
Technological advancements have been a major driver of the global geospatial analytics market in recent years. As technology continues to improve, more and more data can be gathered, analyzed, and visualized in real-time, providing businesses with valuable insights that can be used to construct more informed conclusions.
The increasing use of artificial intelligence, machine learning, and big data analytics has also helped to drive the growth of the geospatial analytics market. These technologies enable companies to extract more value from their data and better understand complex spatial relationships. Moreover, the growing demand for location-based services, such as navigation, asset tracking, and emergency response, has also played a key role in driving the adoption of geospatial analytics solutions across various industries.
Challenges:
The prime challenge is the lack of skilled manpower, which is predicted to reduce the growth of the geospatial analytics market. However, there currently needs to be more skilled professionals who can meet this demand, particularly in emerging markets where the use of geospatial analytics is growing rapidly.
Many organizations are investing in training and education programs to address this challenge to build a pipeline of skilled geospatial analysts. This includes partnerships with universities and vocational training programs to provide students with the necessary skills and experience to work in the field. Additionally, companies are using automation and artificial intelligence to augment the skills of their existing workforce and make geospatial analytics more accessible to non-experts.
Regional Trends:
The North American geospatial analytics market is expected to register a major market share in revenue and is projected to grow at a high CAGR shortly. This can be linked to the presence of significant players in the region and the increasing adoption of geospatial analytics solutions in various industries such as government, defense, and transportation. Additionally, the region has a highly developed technology infrastructure and a high level of awareness about the benefits of geospatial analytics, which further fuels the market's growth.
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Segmentation of the Geospatial Analytics Market-
By Component
- Solution
- Geocoding & Reverse Geocoding
- Data Integration & ETL
- Report Visualization
- Thematic Mapping & Spatial Analysis
- Service
By Technologies
- Remote Sensing
- Global Positioning Systems
- Geographic Information Systems
By Type
- Surfacing & Files Analytics
- Network & Location Analytics
- Geovisualization
By Deployment mode
- Cloud
- On-premises
By Organization Size
- Large Enterprises
- SMEs
By Application
- Surveying
- Medicine & Public Safety
- Disaster Risk Reduction & Management
- Urban Planning
- Transportation Planning & Management
- Natural Resource Management
- Agriculture Value Chain
- Environment Impact Analytics
By Vertical
- Energy & Utilities
- Government
- Defense & Intelligence
- BFSI
- Retail Estate & Construction
- Healthcare
- Mining & Natural Resources
- Automotive & Transportation
- Agriculture
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
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