Geospatial Analytics Market
The rising use of GPS devices and several technical data is lifting the demand for geospatial analytics during the forecast period.
PORTLAND, PORTLAND, OR, UNITED STATE, October 27, 2022 /EINPresswire.com/ — The rise in demand for AI-based GIS solutions, demand for GIS software in smart cities development and urban planning, and the increase in usage of satellite monitoring drive the growth of the global geospatial analytics market.
However, the high cost of GIS solutions and the lack of comprehensive government policies hinder the market growth. On the other hand, the rise in the adoption of advanced technologies such as AR, VR, and IoT for GIS and the development of 4D GIS software create new opportunities in the coming years.
According to the report, 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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Covid-19 Scenario:
• The demand for geospatial analytics increased during the Covid-19 pandemic as high-quality geospatial data models assist in tackling the pandemic situation by effectively offering information in terms of risk factors, setting specific characterization of disease transmission, and forecasting the pathogen & viral prevalence.
• Furthermore, various governmental bodies are adopting geospatial analytics to gain real-time scenarios in terms of tracking the spread of the coronavirus and availing accurate and constant updating of infected patients. In Tunisia, the Ministry of Public Health developed a geo-referenced database of hospital bed capacity, necessary medical equipment, and corresponding medical staff.
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 the increase in the adoption of geospatial analytics solutions among enterprises to avail strategic as well as a competitive advantage and strong customer retention over their competitors.
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Moreover, these solutions save time and money, leverage existing data investments, and improve image analysis capabilities with the 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 rising in the use of digital technology such as geographical information systems 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 an increase in environmental monitoring concerns with the 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 a 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.
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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