Burlingame, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled, "Geospatial Analytics Market, By Component (Solution, Service), By Solution (Geocoding & Reverse Geocoding, Data Integration & ETL, Reporting & Visualization, Thematic Mapping & Spatial Analysis, Others), Deployment Mode (On-premise, Cloud),By Enterprise Size (Large Enterprises, SMEs), By Technology (Remote Sensing, GIS, GPS, Others), By Type (Surface & Field Analytics, Network & Location Analytics, Geovisualization, Others), By Industry Vertical (Automotive, Energy & Utilities, Government, Defense & Intelligence, Smart Cities, Insurance, Natural Resources, and Others), - Size, Share, Outlook, and Opportunity Analysis, 2023 – 2030,” According to the report, the global geospatial analytics market is estimated to be valued at US$ 59.46 billion in 2022 and is expected to exhibit a CAGR of 7.1% during the forecast period (2023-2030).
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Analysts’ Views on Global Geospatial Analytics Market
Geospatial analytics, a field of data analysis, focuses on understanding and interpreting patterns, trends, and relationships within geographic or spatial data. It is used to add timing and location to traditional types of data and to build data visualizations (maps, graphs, statistics and cartograms). Geospatial analytics gathers and displays geographic information system (GIS) data and imagery including GPS and satellite photographs. Geospatial analytics combines traditional data analytics with geographic information system (GIS) technology to gain valuable insights and make informed decisions related to various spatial phenomena.
Key Trends and Analysis of the Global Geospatial Analytics Market:
Growing penetration of geospatial artificial intelligence (GeoAI) is one of the key trends expected to augment growth of the global geospatial analytics market. For instance, GeoAI is an emerging science that uses advances in high-performance computing to apply novel/advanced technologies to extract meaningful information from spatial big data. Many companies worldwide are updating novel or advanced technologies, such as artificial intelligence (AI) and Machine Learning (ML) to provide accurate insights. This trend is expected to continue over the forecast period owing to the emergence of 5G technologies or advent of 5G.
Global Geospatial Analytics Market – Drivers
High demand for GIS solutions to drive market growth
A GIS Software (Geographic Information System) is designed to store, manage, retrieve, display, and analyze all types of geographic and spatial data. GIS software helps build data visualizations (maps and other graphic displays) for analysis and presentation. In December 2021, Esri India, one of the leading GIS software and solutions provider, launched Indo ArcGIS to address the need for ready-to-use GIS-based solutions and geospatial content for GIS users in India. Esri India is also providing more than 300 layers and these data layers are very important for both the government and private organizations for making critical decisions.
Geospatial Analytics Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2022 | Market Size in 2022: | US$ 59.46 Bn | |
| Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 to 2030 | |
| Forecast Period 2023 to 2030 CAGR: | 7.1% | 2030 Value Projection: | US$ 103.01 Bn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | Alteryx, Inc., Bentley Systems Incorporated, ESRI, Furgo NV, General Electric, Hexagon AB, Google, Inc., MDA Corporation, Oracle Corporation, SAP SE, Trimble, Inc., and TOMTOM International, Inc. | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Introduction of 5G to augment the market growth
Advent of 5G with analytics and AI can enable new and better services and applications, improve efficiency, reduce cost, and create new opportunities across various industries. For instance, 5G is poised to be the game-changer in telecom industry. According to the Mobile Economic Report, 5G connections will account for over half of total mobile connections in the developed North America, Asia Pacific, and Greater China by 2025. 5G also creates an intelligent networked communication environment by connecting people, applications, data, things, transportation systems, and/or cities. This in turn is expected to augment the market growth.
Global Geospatial Analytics Market – Restrain
High cost of GIS to hamper the market growth
One of the key factors expected to hamper the growth of the global geospatial analytics market growth is high cost of associated with GIS (Geographic Information System). The use of geospatial analytics is growing or has increased in various end-use industries because of its advantages. However, the cost of a GIS solution or system is high owing to the high complexity of the software development as well as the collection of real-time data. Depending on the type and quality of services, as well as the size of the project, GIS can cost anywhere from US$ 600 to US$ 17,000 per year. Moreover, free GIS doesn't have the same functionality and support as commercial GIS.
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Global Geospatial Analytics Market – Opportunities
Rise in use/adoption of geospatial analytics is expected to provide significant growth opportunities for players in the global geospatial analytics market. In October 2022, AcreTrader announced the launch of Acres, a geospatial analytics platform providing comprehensive insights on land value. Acres is a user-friendly land analysis platform that provides access to comprehensive data for 150 million U.S. parcels, local insights, and comparable sales. It is a key part of the company’s mission to make buying and selling land common, transparent, and easy. Acres fills a critical need in the land marketplace by providing the necessary information to best evaluate, understand and improve land, said Carter Malloy, founder and CEO of AcreTrader.
Global Geospatial Analytics Market - Key Developments
In November 2022, Orbital Insight launched an analytics platform, TerraScope. TerraScope is the only platform in the world that can blend computer vision and geo-location sensor data to detect changes, monitor activity, and discover patterns of life at any location.
In November 2022, Aerial Vantage launched its flagship product, Accelerate, advanced geospatial intelligence platform enhances stakeholders' ability to make usage of aerial imagery by collecting, processing, managing, and transforming data from airborne sensors (e.g., aircraft, drone, satellite).
In September 2022, The Sanborn Map Company, Inc. acquired Applied Geographics, Inc. AppGeo has helped hundreds of governments and businesses develop the best GIS, location intelligence, and geospatial solutions for their needs.
Key Market Takeaways:
Global geospatial analytics market is expected to exhibit a CAGR of 7.1% over the forecast period. The global geospatial analytics market is growing rapidly in response to the increasing demand for AI-based GIS solutions/systems across the globe.
On the basis of Component: Solution Segment is expected to dominate the market during the forecast period and this is attributed to the increasing demand for GIS solutions.
On the basis of Solution: Geocoding & Reverse Geocoding Segment is expected to dominate the market during the forecast period and this is attributed to the increasing use or adoption of geospatial analytics across the world.
On the basis of Deployment Mode: Cloud Segment is expected to dominate the market during the forecast period and this is attributed to the increasing adoption of cloud-based solutions.
On the basis of Enterprise Size: Large Enterprises Segment is expected to dominate the market during the forecast period and this is attributed to the increasing use or adoption of GIS and geospatial analytics solutions in large enterprises.
On the basis of Technology: GIS Segment is expected to dominate the market during the forecast period and this is attributed to the increasing demand for GIS solutions/systems.
On the basis of Type: Geo-visualization Segment is expected to dominate the market during the forecast period and this is attributed to the rapid growth of the increasing use of geospatial analytics in various end-use industries worldwide.
On the basis of Industry Vertical: Automotive Segment is expected to dominate the market during the forecast period and this is attributed to the rapid growth of the Automotive Industry and rise in use of geospatial analytics in the Automotive Industry.
On the basis of Geography, North America is expected to hold a dominant position over the forecast period due to rise in use/adoption of geospatial analytics, increasing demand for GIS software, and growing penetration of GeoAI in the region.
Competitive Landscape:
Key players operating in the global geospatial analytics market include Alteryx, Inc., Bentley Systems Incorporated, ESRI, Furgo NV, General Electric, Hexagon AB, Google, Inc., Oracle Corporation, SAP SE, Trimble, Inc., MDA Corporation, and TOMTOM International, Inc.
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Detailed Segmentation:
- Global Geospatial Analytics Market, By Component:
- Solution
- Service
- Global Geospatial Analytics Market, By Solution:
- Geocoding & Reverse Geocoding
- Data Integration & ETL
- Reporting & Visualization
- Thematic Mapping & Spatial Analysis
- Others
- Global Geospatial Analytics Market, By Deployment Mode:
- On-premise
- Cloud
- Global Geospatial Analytics Market, By Enterprise Size:
- Large Enterprises
- SMEs
- Global Geospatial Analytics Market, By Technology:
- Remote Sensing
- GIS
- GPS
- Others
- Global Geospatial Analytics Market, By Type:
- Surface & Field Analytics
- Network & Location Analytics
- Geovisualization
- Others
- Global Geospatial Analytics Market, By Industry Vertical:
- Automotive
- Energy & Utilities
- Government
- Defense & Intelligence
- Smart Cities
- Insurance
- Natural Resources
- Others
- Global Geospatial Analytics Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country:
- GCC Countries
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
- North America
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