Allied Market
The report offers detailed segmentation of the global market based on component, deployment model, organization size, type, industry vertical, and region.
PORTLAND, OR , UNITED STATES, UNITED STATES, May 9, 2023 /EINPresswire.com/ — Rise in demand for AI-based GIS solutions, demand for GIS software in smart cities development and urban planning, and increase in usage of satellite monitoring drive the growth of the global geospatial analytics market. Rise in adoption of advanced technologies such as AR, VR, and IoT for GIS and development of 4D GIS software create new opportunities in the coming years.
The global geospatial analytics industry generated $60.94 billion in 2020, and is projected to reach $209.47 billion by 2030, witnessing a CAGR of 13.0% from 2021 to 2030.
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Based on component, the solution segment contributed to the highest market share in 2020, accounting for more than three-fifths of the global geospatial analytics industry, and is expected to maintain its leadership status throughout the forecast period. This is attributed to increase in adoption of geospatial analytics solutions among enterprises to avail strategic as well as competitive advantage and strong customer retention over their competitors. Moreover, these solutions save time and money, leverage existing data investments, and improve image analysis capabilities with installation of a software application. However, the service segment is expected to manifest the highest CAGR of 14.3% from 2021 to 2030, owing to effective coordination between software provider companies and users of geospatial analytics software by offering services such as implementation, training, consulting services, and managed services.
Based on industry vertical, the mining and manufacturing segment accounted for the highest market share, contributing to around one-fifth of the global geospatial analytics market in 2020, and is projected to maintain its dominant share throughout the forecast period. This is attributed to rise in use of digital technology such as geographical information system to monitor mining operations and sites. However, the environmental monitoring segment is projected to grow at the fastest CAGR of 17.3% from 2021 to 2030. This is due to increase in environment monitoring concerns with rise in levels of global warming.
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Based on region, North America contributed to the highest share in terms of revenue with around two-fifths of the global geospatial analytics industry in 2020, and is expected to maintain its highest contribution by 2030. This is attributed to surge in investments in the defense sector and technological advancements in the telecommunication industry. However, Asia-Pacific is expected to grow at the highest CAGR of 15.7% during the forecast period, owing to strong economic growth along with the ongoing development in the field service and inventory management that drive organizations to invest heavily in geospatial analytics to achieve sustained growth and improve productivity.
Major industry players such as – Alteryx, Inc., Bentley Systems, Incorporated, ESRI, Furgo NV, General Electric, Hexagon AB, Google, Inc., MDA Corporation, Oracle Corporation, SAP SE, Trimble, Inc., and TOMTOM International, Inc.
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Some of the Recent Product Launches, Product approval, Announces and Merger in Geospatial Analytics Market –
• In April 2021, Hexagon AB launched HxGN Smart Census, a cloud-based platform that provides real-time access to population data and analytics for governments and organizations.
• In February 2021, Esri launched ArcGIS Field Maps, an all-in-one mobile app for data collection, mapping, and location-based workflows.
• In December 2020, Trimble announced the release of its new Trimble R12 GNSS receiver, which provides improved accuracy and performance for geospatial data collection.
• In November 2020, Planet Labs announced the launch of Planet Basemaps, a global mapping product that provides high-resolution imagery and data for mapping and analytics applications.
• In October 2020, Maxar Technologies signed a contract with the U.S. National Geospatial-Intelligence Agency (NGA) to provide commercial satellite imagery and data for geospatial analysis and intelligence applications.
• In September 2020, Harris Corporation (now L3Harris Technologies) was awarded a contract by the U.S. Space Force for the development of a new geospatial intelligence system.
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Segmental analysis of the market is provided in both qualitative and quantitative aspects. This aids the clients in identifying the most lucrative segment to go on with investments, on the basis of a complete backend analysis concerning the segmental presentation, coupled with brief salutation of the operating organizations and their important developmental activities.
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