The global geospatial analytics market size is anticipated to be USD 134,479.7 million by 2025, as per a new report published by Million Insights. The market is projected to register 15.0% of CAGR over the next seven years. The recent innovation in drone technology and UAVs have helped in easy monitoring of remote data with minimal human interference, thereby, offered a huge opportunity for the geospatial market to expand. Further, the growing use of smartphone and devices with GPS features are likely to drive the market growth.
Government initiatives such as smart city projects have led to the growing use of innovative technologies in 3-dimensional urban mapping, which, in turn, is proliferating the growth of the market. Location-based geospatial analytics helps in better decision making in case of occurrence of natural disasters. Further, leading oil & gas firms across the globe are using geospatial solutions to find out natural gas and crude oil.
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With safety being the first priority, the automotive industry is widely deploying geospatial analytics. As per the U.S. Census Bureau nearly 85.7% of employees in the U.S, aged above 16, use the car, truck and van to commute. With over 125 million commuters on the road daily, the U.S faces stiff challenges in managing its transportation.
North America was the leading player in 2018 owing to the presence of key players such as Google LLC, Harris Corporation, Pitney Bowes, Alteryx, Inc., and Digital Globe among others. Additionally, high penetration of leading technologies such as IoT, AI and cloud computing offers a lucrative opportunities for the market players to invest in the region. APAC, on the other hand, is projected to emerge as the highest growing region over the forecast duration owing to increasing demand from China, Japan and India.
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Further key findings from the report suggest:
• The service category is likely to be the fastest-growing segment over the forecast duration owing to the growing need for training, support and deployment.
• The network and location category is projected to grow at a significant rate owing to the growing deployment of this system in studying people movement in the retail store.
• Military intelligence division is anticipated to register the maximum growth due to the rise in the number of remote sensing satellite and growing use of UAVs.
• APAC is estimated to grow at the fastest pace over the forecast duration.
• Major players in the market are Trimble Inc., MapLarge, Oracle Corporation, RMSI, Digital Globe, Hexagon AB and Oracle Corporation among others.
Million Insights has segmented the global geospatial analytics market based on component, type, application, and region:
Geospatial Analytics Component Outlook (Revenue, USD Million, 2014 – 2025)
Geospatial Analytics Type Outlook (Revenue, USD Million, 2014 – 2025)
• Surface & Field Analytics
• Network & Location Analytics
Geospatial Analytics Application Outlook (Revenue, USD Million, 2014 – 2025)
• Medicine & Public Safety
• Military Intelligence
• Disaster Risk Reduction & Management
• Marketing Management
• Climate Change Adaption (CCA)
• Urban Planning
Geospatial Analytics Regional Outlook (Revenue, USD Million, 2014 – 2025)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
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