Dublin, Aug. 22, 2023 (GLOBE NEWSWIRE) -- The "Global Geospatial Analytics Market by Offering (Solutions (Type (Geocoding & Reverse Geocoding, Thematic Mapping & Spatial Analytics)) & Services), Technology (Remote Sensing, GPS, GIS), Vertical, and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global market for geospatial analytics is projected to grow from USD 78.5 billion in 2023 to USD 141.9 billion by 2028, at a CAGR of 12.6% during the forecast period.
Geospatial analytics, with its foundation in spatial data analysis, offers a comprehensive approach to understanding and extracting insights from geospatial data. Spatial data analysis involves examining the relationships, patterns, and characteristics of spatially referenced information. Geospatial analytics leverages advanced techniques, such as spatial statistics, spatial interpolation, and spatial modeling, to analyze and interpret spatial data. By utilizing spatial data analysis, geospatial analytics enables the identification of spatial patterns, the detection of spatial clusters or outliers, and the exploration of spatial relationships. It facilitates decision-making processes by providing actionable insights for diverse applications, including urban planning, environmental management, transportation, and public health.
The BFSI vertical is projected to be the largest market during the forecast period
Geospatial analytics is significantly impacting the Banking, Financial Services, and Insurance (BFSI) sector by enabling enhanced risk assessment and fraud detection through the integration of geospatial and customer data, facilitating targeted marketing campaigns and personalized customer engagement based on location-based insights, optimizing branch and ATM networks for improved accessibility and cost-efficiency, improving credit risk assessment and underwriting through analysis of geospatial data on property values and market trends, and aiding in disaster and catastrophe risk management by utilizing geospatial data for accurate risk assessment and claims management. Geospatial analytics is empowering the BFSI sector to make data-driven decisions, improve operational efficiency, and deliver enhanced services to customers.
Among Technology, GPS segment is registered to grow at the highest CAGR during the forecast period
Geospatial analytics is significantly impacting the Global Positioning System (GPS) by leveraging its capabilities to extract valuable insights from geospatial data. Through the integration of GPS data with other geospatial datasets, geospatial analytics enhances the accuracy and precision of location-based analysis, enabling a deeper understanding of spatial patterns, trends, and relationships. Geospatial analytics enhances GPS applications by providing advanced spatial analysis, predictive modeling, and visualization capabilities, allowing for improved navigation, asset tracking, logistics planning, and location-based services. It empowers businesses and individuals to make informed decisions based on rich spatial insights derived from GPS data, enhancing efficiency, productivity, and decision-making in a wide range of industries and applications.
Among services, consulting services segment is anticipated to account for the largest market size during the forecast period
Geospatial analytics is impacting consulting services by providing valuable spatial insights and data-driven solutions. Consultants can leverage geospatial analytics to analyze location-based data, identify market trends, assess site suitability, and optimize resource allocation. With the integration of geospatial data and advanced analytics techniques, consultants can offer clients enhanced decision-making support, risk assessment, and market analysis. Geospatial analytics enables consultants to visualize spatial relationships, perform spatial modeling, and generate actionable recommendations, leading to improved strategies, operational efficiencies, and competitive advantages for their clients in various sectors such as real estate, retail, logistics, and urban planning.
North America to account for the largest market size during the forecast period
North America is estimated to account for the largest share of the Geospatial analytics market. The global market for Geospatial analytics is dominated by North America. North America is the highest revenue-generating region in the global Geospatial analytics market, with the US constituting the highest market share, followed by Canada. Geospatial analytics is making a profound impact on North America, revolutionizing various industries and driving innovation. With its advanced tools and techniques, geospatial analytics enables organizations to harness the power of location-based data for improved decision-making, resource optimization, and operational efficiency. From urban planning and infrastructure development to environmental conservation, disaster management, and healthcare, geospatial analytics plays a critical role in addressing complex challenges and driving sustainable growth in North America. By leveraging spatial insights and analysis, businesses and governments in the region can gain a competitive edge, and create a smarter, more resilient future for their communities.
Competitive landscape
In-depth assessment of market shares, growth strategies and service offerings of leading players such as Esri (US), Precisely (US), Caliper Corporation (US), Blue Marble Geographic (US), Google (US), Alteryx (US), Blue Sky Analytics (Netherlands), HexagonAB (Switzerland), TomTom (Netherlands), Trimble (US), Maxar Technologies (US), RMSI (India), Maplarge (US), General Electric (US), Bentley Systems (US), Fugro (Netherlands), Orbital Insights (US), Mapidea (Portugal), Geospin (Germany), Sparkgeo (Canada), Orbica (New Zealand), Descartes Lab (US), Skymap Global (Singapore), ReMOT Technologies (US), CARTO (US), Pasco Corporation (Japan), Geoviet Consulting (Vietnam), Mandalay Technology (Myanmar), GIS Co. Ltd. (Thailand), Suntac Technologies (Myanmar), Geomatic Consulting International (Vietnam), AAM, A Woolpert Company (Australia), Mappointasia (Thailand), Vegastar Technology (Vietnam), and HERE Technologies (Netherlands).
Premium Insights
- Increase in Number of AI- and ML-based GIS Solutions to Drive Market Growth
- Energy & Utility Segment to Account for Largest Share During Forecast Period
- North America to Account for Largest Share by 2023
- Solutions and Energy & Utility Segments to Account for Significant Share by 2023
Market Dynamics
Drivers
- Growing Demand for Location Intelligence
- Continuous Advancements in Location-based Technology
- Advancements in Technology and Computing Power
- Development of Smart Cities and Urbanization
- High Deployment of IoT Sensors Across Locations
- Advancements in Big Data Analytics
Restraints
- Budgetary Constraints in Small and Medium-Sized Enterprises
- Concerns Related to Geoprivacy and Confidential Data
- High Cost of GIS Solutions and Geospatial Data Barriers
- Location-based Technologies (LBT) Gaining Momentum to Increase ROI
Opportunities
- Technical Advancements in 4D GIS Software
- Advancements in 5G Communications Technology
- Rising Adoption of Geospatial Analytics in Small and Medium-Sized Enterprises
- Growing Ability of Organizations to Analyze Location Data for Wide Range of Critical Insights
Challenges
- Cost and Infrastructure Requirements
- Lack of Awareness Regarding Capabilities and Benefits of Geospatial Analytics
- Lack of Skilled Manpower
Case Study Analysis
Energy & Utility
- RMSI Helped US-based Electric and Gas Company Enhance Spatial Accuracy
- Kaukauna Utilities (KU) Transitioned to ArcGIS Utility Network and Implemented GIS-based Electric Design Workflows to Improve Design and Asset Management Processes
- Electric Authority of Cyprus Deployed Oracle's Solutions to Increase Application Stability and Resolve Several Application-Specific Deadlocks
Banking, Financial Services, and Insurance
- Bajaj Finserv Implemented Esri's Geospatial Platform Solution to Improve Customer Service
Automotive & Transportation
- Esri Helped Carrefour Establish a Global Platform for Geomarketing to Monitor Store Performance
Education
- Esri Enabled Chesley District Community School to Engage Students in Geography Classes
- University of Northampton Implemented GIS-based System to Improve Teaching and Research Capabilities, Reduce Costs, and Enhance Decision-Making
Healthcare & Life Sciences
- Sanitas Implemented Carto's Solutions to Evaluate Demographic Landscapes and Ensure Expansion During Site Planning
Government
- City of San Diego Implemented SAP Solutions to Strengthen Emergency Services
- Real Estate & Construction
- Crown Estate Implemented GIS-based System to Improve Operations and Reduce Costs
- Evolution of Geospatial Analytics
Company Profiles:
Key Players
- Alteryx
- Hexagon AB
- TomTom
- Maxar Technologies
- Trimble
- Precisely
- Esri
- Caliper Corporation
- Blue Marble Geographics
- RMSI
- Maplarge
- General Electric
- Bentley Systems
- Fugro
Startups/SMEs
- Orbital Insight
- Mapidea
- Geospin
- Sparkgeo
- Orbica
- Descartes Labs
- Remot Technologies
- Carto
- Mapbox
- Blue Sky Analytics
Companies with Strong Presence in Asia
- Pasco Corporation
- Mandalay Technology
- Geoviet Consulting
- GIS Co. Ltd.
- Suntac Technologies
- Geomatic Consulting International
- Mappointasia
- Vegastar Technology
- Here Technologies
- AAM, a Woolpert Company
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 315 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $78.5 Billion |
| Forecasted Market Value (USD) by 2028 | $141.9 Billion |
| Compound Annual Growth Rate | 12.6% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/ikq8op
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