Pune, India, Oct. 06, 2023 (GLOBE NEWSWIRE) -- Global Geospatial Analytics Market size was valued at USD 69.96 billion in 2022 and is projected to reach USD 206.93 billion by 2030, exhibiting a CAGR of 14.7% during the forecast period. Fortune Business Insights presents this information in their report titled "Global Geospatial Analytics Market Forecast, 2023-2030."
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Geospatial data analytics is used by organizations to collect, modify, and visualize a wide range of datasets generated by location sensors, GPS, satellite imagery, drones, and smartphones. This analysis plays a vital role in helping end-users analyze large quantities of topographic, demographic, and environmental datasets, and make informed decisions. Factors, such as large-scale urbanization, adoption of innovative technologies, such as AI, Machine Learning, and IoT, and growing demand for 5G technology is expected to propel the geospatial analytics market growth.
Notable Industry Development:
June 2023: Esri and Databricks, an enterprise software company, partnered with each other to provide users with Esri’s innovative spatial analytics capabilities on Databricks’ Lakehouse Platform. Esri’s products, such as ArcGIS GeoAnalytics Engine and Big Data Toolkit can be integrated with the Databricks Lakehouse Platform, allowing spatial analysis on large datasets.
Key Takeaways
- Geospatial Analytics Market size in North America was USD 24.6 billion in 2022
- COVID-19 Increased Use of Geospatial Analytics Solutions to Collect Pandemic-Related Data
- Geospatial Analytics Solutions to Gain Traction Due to Their Ability to Address Industry-Specific Functions
- Increasing Need to Understand Consumer Patterns to Boost Demand for Thematic Mapping & Spatial Analysis
Discover the Leading Players Featured in the Report:
“Companies leading the global Geospatial Analytics Market are Esri Global, Inc. (U.S.), Trimble Inc. (U.S.), HERE Global B.V. (Netherlands), Alphabet Inc. (Google LLC) (U.S.), Oracle Corporation (U.S.), Precisely Holdings, LLC (U.S.), Alteryx, Inc. (U.S.), Hexagon AB (Sweden), Microsoft Corporation (U.S.), TomTom International B.V. (Netherlands)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 14.7% |
| 2030 Value Projection | USD 206.93 billion |
| Base Year | 2022 |
| Geospatial Analytics Market Size in 2022 | USD 69.96 billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 210 |
| Segments covered | By Component, Deployment, Enterprise Type, Application, End-user, and Region |
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Drivers and Restraints:
Introduction of Advanced Technologies to Augment Market Growth
Advanced technologies, such as IoT, AI, and Machine Learning are being introduced in the market. Moreover, various innovations are being introduced in IoT, which is helping the urban population live a high-tech lifestyle. IoT uses several sensors and GPS trackers to produce large quantities of high-precision data, such as humidity, noise, location, and images. This data can be incorporated into geospatial analytics to create valuable insights about complex research questions and queries.
However, lack of standardization and a shortage of skilled workers can hamper market growth.
Segmentation
By Application
- Disaster Management and Risk Reduction
- Public Safety and Medicine Delivery
- Surveying
- Climate Change Adaptation
- Others (Sales & Marketing Optimization, Supply Chain Management, Etc.)
By Enterprise Type
- Large Enterprises
- Small and Medium Enterprises
By Industry
- 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, Etc.)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights:
North America to Dominate Market Due to Growing Adoption of Advanced Technologies
North America is anticipated to dominate the global market as this region is considered one of the early adopters of advanced technologies. Companies across the region are focusing on improving its customer experience and business operations by offering customized location-based solutions.
The market in Europe is also predicted to grow at a notable pace due to rapid economic development, large-scale urbanization, and vast presence of key companies.
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Competitive Landscape:
Market Leaders to Engage in Constant Innovations to Boost Their Market Presence
The market has several reputed companies, such as Trimble Inc., Esri Global, Inc., HERE Global B.V., Oracle Corporation, and Alphabet Inc. (Google LLC), among many others. These companies are using various strategies, such as acquisitions, mergers, and partnerships to boost their market presence and solidify their dominance.
FAQs
How big is the Geospatial Analytics Market?
The Geospatial Analytics Market size was USD 69.96 billion in 2022. It is expected to reach USD 206.93 billion by 2030.
How fast is the Geospatial Analytics Market growing?
The Geospatial Analytics Market will exhibit a CAGR of 14.7% during the forecast period, 2023-2030.
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