Portland, OR, March 09, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global geospatial analytics market garnered $58.35 billion in 2019 and is expected to generate $158.84 billion by 2027, witnessing a CAGR of 14.2% from 2020 to 2027. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, competitive scenario, and regional landscape.
Rise in demand for AI-based solutions for geographic information system (GIS), increase in GIS software demand for smart cities development & urban planning, and utilization of satellite monitoring for controlling the coronavirus spread fuel the global geospatial analytics market growth. However, expensive nature of GIS solutions and lack of stringent government regulations restrain the growth of the market. Contrarily, emergence of novel technologies and development of 4D GIS software create new opportunities in the next few years.
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Covid-19 Scenario:
- Geospatial analytics have been used by government bodies to determine real-time scenario of Covid-19 infected patients and monitor the spread. Through the real-time insights, the government authorities are able to identify and understand disease intensity & pattern and take necessary decisions to curb the pandemic.
- The demand for geospatial analytics rose significantly for gaining high-quality geospatial data and acquiring information regarding risk factors, disease transmission, and estimations regarding pathogen & viral prevalence.
- Smartphone applications have been launched to determine infected people around a specific area and take safety measures.
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The report offers detailed segmentation of the global geospatial analytics market based on component, deployment model, solution, type, technology, industry vertical, and region.
By component, the solution segment accounted for the highest share in 2019, contributing to nearly two-thirds of the total market share, and is projected to maintain its lead position during the forecast period. However, the service segment is projected to witness the fastest CAGR of 15.3% from 2020 to 2027.
By technology, the GPS segment held the highest share in 2019, accounting for nearly three-fifths of the global geospatial analytics market, and is expected to maintain its dominant share in terms of revenue during the forecast period. However, the GIS segment is estimated to portray the highest CAGR of 16.8% from 2020 to 2027.
By region, North America accounted for the largest share in terms of revenue, accounting for nearly two-fifths of the total market in 2019, and is expected to continue its highest contribution by 2027. However, Asia-Pacific is estimated to register the highest CAGR of 16.7% during the forecast period.
Leading players of the global geospatial analytics market analyzed in the research include Alteryx, Inc., ESRI, Bentley Systems, Incorporated, General Electric, Furgo NV, Google, Inc., Hexagon AB, Oracle Corporation, MDA Corporation, Trimble, Inc., SAP SE, and TOMTOM International, Inc.
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