Geospatial Analytics Market
The introduction of Big Data analytics along with GIS had resulted in increasing growth opportunities for the emerging geospatial analytics market.
PORTLAND, PORTLAND, OR, UNITED STATE, October 3, 2022 /EINPresswire.com/ — Allied Market Research published a new report, titled, “Geospiatial Analytics Market 2030 : Increasing Demand, Emerging Trends, Growth Opportunities and Future Scope .” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
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The global geospatial analytics market was estimated at $60.94 billion in 2020 and is expected to hit $209.47 billion by 2030, registering a CAGR of 13.0% from 2021 to 2030.
The report offers key drivers that propel the growth in the global geospatial analytics market. These insights help market players in devising strategies to gain market presence. The research also outlined restraints of the market. Insights on opportunities are mentioned to assist market players in taking further steps by determining potential in untapped regions.
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Increase in demand for AI-based GIS solutions, rise in inclination toward adopting GIS software in smart cities development and urban planning, and surge in the use of satellites in monitoring the spread of COVID-19 drive the global geospatial analytics market. On the other hand, high cost of GIS solutions and several regulatory issues, and lack of comprehensive government policies pertaining to geospatial analytics hinder the growth to some extent. However, the incorporation of advanced technologies such as AR, VR, and IoT for GIS and development of 4D GIS software are expected to create lucrative opportunities in the industry.
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The global geospatial analytics market is analyzed across component, deployment mode, enterprise size, industry vertical, solution, technology, type, and region. Based on component, the solution segment accounted for the major share in 2020, holding more than three-fifths of the global market. The service segment, on the other hand, would grow at the fastest CAGR of 14.3% throughout the forecast period.
Based on deployment mode, the on-premise segment generated the highest share in 2020, accounting for nearly three-fifths of the global geospatial analytics industry. The cloud segment, however, is projected to manifest the fastest CAGR of 14.5% from 2021 to 2030.
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Based on region, the market across North America held the lion’s share in 2020, garnering around two-fifths of the global market. The market across Asia-Pacific, simultaneously, is expected to cite the fastest CAGR of 15.7% by the end of 2030.
The key market players analyzed in the global geospatial analytics market report include Bentley Systems, Incorporated, ESRI, Furgo NV, General Electric, TOMTOM International, Inc., Hexagon AB, Google, Inc., MDA Corporation, Oracle Corporation, SAP SE, Trimble, Inc., and Alteryx, Inc. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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Key findings of the study
• By component, the solution segment dominated the geospatial analytics industry in 2020. However, the service segment is expected to exhibit significant growth during the forecast period.
• By Solution Type, the geocoding & reverse geocoding segment dominated the geospatial analytics market in 2020. However, the thematic mapping & spatial analysis segment is expected to exhibit significant growth during the forecast period.
• Depending on collection medium, the GIS segment generated the highest revenue in 2020. However, the satellites segment is expected to witness the highest growth rate in the near future.
• On the basis of Deployment Mode, the on premise segment accounted for the highest revenue of market in 2020; however, the cloud segment is expected to witness the highest growth rate during the forecast period.
• Depending on organizational size, the large scale segment generated the highest revenue in 2020. However, the SMEs segment is expected to witness the highest growth rate in the near future.
• Depending on type, the network & location analytics segment generated the highest revenue in 2020. However, the geovisualization segment is expected to witness the highest growth rate in the near future.
• Depending on industry vertical, the smart cities segment generated the highest revenue in 2020.
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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
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