Westford, USA, Aug. 21, 2024 (GLOBE NEWSWIRE) -- Global Geospatial Analytics Market was valued at USD 126.22 billion in 2022 and is expected to rise from USD 142 billion in 2023 to reach a value of USD 364.34 billion by 2031, at a CAGR of 12.5% during the forecast period (2024–2031).
SkyQuest projects that the Geospatial Analytics market will attain a value of USD 364.34 billion by 2031, with a CAGR of 12.5% over the forecast period (2024-2031). The growing importance of geographical data in creating meaningful insights and optimizing data use drives the demand for geospatial analytics. Increasing emphasis on infrastructure development and environment conservation will also favor geospatial analytics market development in the long run.
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Browse in-depth TOC on "Geospatial Analytics Market"
- Pages - 274
- Tables - 156
- Figures – 78
Geospatial Analytics Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 142 billion |
| Estimated Value by 2031 | $ 364.34 billion |
| Growth Rate | Poised to grow at a CAGR of 12.5% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Offering, Technology, Vertical, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Development of 5G infrastructure |
| Key Market Drivers | Growing demand for better data insights and data optimization |
Expansive Application Scope of Geographic Information Systems Allows it to Dominate the Market
Geographic information systems (GIS) are capable of capturing, storing and even analyzing geographic data. These systems are being widely used across multiple industry verticals for their versatility ranging from agriculture to transportation. Moreover, the improved capabilities of GIS when integrated with advanced technologies also help it maintain a dominant stance.
Emphasis on Maximization of Geospatial Investments to Help Bolster Demand for Services
From consulting to integration, almost all kinds of geospatial analytics services are projected to increase in demand at a notable pace over the coming years. Services will help organizations get the most out of their geospatial investments. Most companies are outsourcing their geospatial management needs as acquiring resources for the same is quite expensive. All of these factors make the services segment a highly opportune one.
High Use of Geospatial analytics Across Multiple Industry Verticals Helps North America Lead Market Growth
Organizations and individuals in the North American region have always been quick to adopt advanced technologies, which is also true for geospatial analytics. Rapidly evolving 5G infrastructure and adoption of smart agriculture practices in this region are also supporting the demand for geospatial analytics. Canada and the United States are estimated to be the most opportune markets in this region.
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Geospatial Analytics Market Insights:
Drivers
- High demand for better insights
- Emphasis on data optimization in different industry verticals
- Rapidly expanding construction and infrastructure development activity
Restraints
- Concerns regarding privacy of people
- High costs of development and deployment
Prominent Players in Geospatial Analytics Market
The following are the Top Geospatial Analytics Companies
- GOOGLE (US)
- ALTERYX (US)
- HEXAGON AB (Sweden)
- TOMTOM (Netherlands)
- MAXAR TECHNOLOGIES (Canada)
- TRIMBLE (US)
- PRECISELY (US)
- ESRI (US)
- CALIPER CORPORATION (US)
- BLUE MARBLE GEOGRAPHICS (US)
Key Questions Answered in Geospatial Analytics Market Report
- What drives the global Geospatial Analytics market growth?
- Who are the leading Geospatial Analytics providers in the world?
- Which region leads the demand for Geospatial Analytics in the world?
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This report provides the following insights:
- Analysis of key drivers (rising demand for data optimization, adoption of smart agriculture and intelligent transport systems, growing infrastructure development around the world), restraints (high costs of development and deployment, concerns regarding privacy breach), and opportunities (development of 5G infrastructure), influencing the growth of Geospatial Analytics market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the Geospatial Analytics market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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