The Geospatial Analytics Market size is projected to grow from USD 52.6 billion in 2020 to USD 96.3 billion in 2025, at a Compound Annual Growth Rate (CAGR) of 12.9% during the forecast period. The major factors driving the growth of the geospatial analytics market include the increasing number of AI and ML based GIS solutions, development of smart cities and urbanization, increased deployment of IoT sensors across locations, and advancement in big data analytics for organizations by improving the workflow.
Based on component, the services segment to grow at a higher CAGR during the forecast period
The services segment includes consulting, integration and deployment, and support and maintenance. Organizations require geospatial analytics services to implement effective geospatial analytics strategies, which can be handled by third-party companies so that organizations can concentrate on their core business activities. The demand for geospatial analytics services is surging during the pandemic, due to the rising tailored demands of customers. The customers are coming up with customization requirements for already installed solutions to enhance asset performance
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Based on solutions, Geocoding and Reverse Geocoding is to lead the market during the forecast period
The geocoding and reverse geocoding solution segment is estimated to lead the geospatial analytics market in 2020. The geocoding and reverse geocoding solution helps businesses across verticals map coverage, acquire new customers, and identify competitors to determine prime target areas for promotional activities. The growing need to perform risk assessments using exact location information for making accurate analysis during natural calamities, such as earthquakes and floods, is driving the adoption of the geocoding and reverse geocoding solution in the geospatial analytics market.
Major geospatial analytics vendors include ESRI (US), Precisely (US), Oracle Corporation (US), Alteryx, (US), Fugro N.V. (Netherlands), Hexagon AB (Sweden), RMSI (India), SAP (Germany), Trimble Navigation Ltd. (US), Maxar Technologies (US), MapLarge (US), L3Harris Corporation (US), Bentley Systems (US), General Electric (US), Google (US), TomTom (Netherlands), Atkins (UK), AAM Pty (Australia), Critigen (US), Orbital Insights (US), Autodesk (US), Descartes Labs (US), ZillionInfo (US), Geospin (Germany), and Mapidea (Portugal). These market players have adopted various growth strategies, such as partnerships, collaborations, and new product launches, to expand have been the most adopted strategies by major players from 2018 to 2020, which helped companies innovate their offerings and broaden their customer base.
ESRI (US) is one of the leading vendors in the geospatial analytics market. The company offers a wide range of solutions for geospatial analytics that includes such as GIS and mapping products, geo-enabled products, and location analytics products. The company focuses on the adoption of both the organic and inorganic growth strategies to enhance its position in the geospatial analytics market. For instance, in July 2020, Esri announced new additions to the ArcGis platform at a virtual user conference. As part of the June 2020 ArcGIS online update, Esri added a new deployment option to ArcGIS Indoors and Space Planner (a new app template), and a number of other enhancements for ArcGIS Indoors mobile and ArcGIS Indoors in ArcGIS Pro. In July 2020, Esri and Facebook partnered to release new OpenStreetMap-Ready Datasets for building maps. The partnership would support developers at Facebook to enhance the RapiD editor and JOSM plug-in. The development of RapiD editor and JOSM plug-in would improve user experience.
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Oracle (US) is another geospatial analytics solution and services provider across the globe. Oracle offers a wide range of solutions for geospatial analytics, which include the Oracle spatial and graph, Oracle analytics cloud, and Oracle Business Intelligence Enterprise Edition (OBIEE). The company majorly focuses on the organic growth strategies to improve its place in the geospatial analytics market. For instance, in December 2019, Oracle announced that the machine learning, and spatial and graph features of Oracle Database could be used for development and deployment purposes with all on-premises editions and Oracle Cloud Database Services. This enhances the benefits of Oracle’s multi-model converged architecture by supporting multiple data types, data models, algorithms, and workload types within a single database.
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