According to a new market report published by Credence Research, Inc., “Global Geospatial Analytics Market (By Component (Solution and Services), By Type (Surface & Field Analytics, Network & Location Analytics, Geovisualization, and Others), By Application (Surveying, Medicine & Public Safety, Military Intelligence, Disaster Risk Reduction & Management, Climate Change Adaptation, Urban Planning, and Others), By End-use Vertical (Automotive, Agriculture, Utility & Communication, Government, Defense & Intelligence, Natural Resources, Construction & Real Estate, and Others)) – Growth, Future Prospects and Competitive Landscape, 2019 – 2027”, the global geospatial analytics market is expected to witness a growth of 14.9% CAGR during the forecast period from 2019 to 2027.
The global market for geospatial analytics amounted to US$ 44.94 billion in 2018 and is likely to show significant growth, rising at CAGR by 14.9 per cent during the forecast period from 2019 to 2027. Introduction of Big Data and Artificial Intelligence (AI) coupled with the growing adoption of the Internet of Things (IoT) across various end-use applications are some of the main factors that increase the demand for geospatial analytics worldwide. IoT and other related technologies have entered the daily lives of a number of individuals as they are used to solve a wide range of real-life challenges. Such tools and a variety of handheld devices enable organizations to collect geo-referenced data on any occurrence to create graphs, maps, statistics and charts to make complex relationships understandable.
Geospatial analytics uses facts from all kinds of technology, including location sensors, mobile devices, GPS, satellite imagery, social media, etc., to create data visualizations for the discovery of patterns and perception of phenomena in complex relationships between places and people. It is important to add location and timing to traditional data types, and this added context allows for a more complete picture of events.
Depending on the demand, the survey division retained a majority stake in the overall market for geospatial analytics in 2018. Extensive application of geospatial analytics in the monitoring of natural resources and the agriculture sector is promoting the development of the market. On the contrary, the military intelligence segment is most likely to be the fastest-growing segment on the market during the forecast period.
In addition, North America, based on geography, was the main regional market for geospatial research in 2018. In the coming years, the area is likely to survive its rule. Increasing adoption in advanced and emerging technologies such as IoT, cloud computing, business intelligence software, big data analysis, etc. across the U.S. is fueling regional growth. However, the widespread adoption of UAV technology for the collection of geospatial data, the availability of high-speed communication and Internet network infrastructure, and the high availability of remote sensing satellites are also expected to support the regional market.
Major players in the geospatial analytics market include Alteryx, Inc., DigitalGlobe, Fugro N.V., Hexagon AB, RMSI, SAP SE, Trimble Navigation Ltd., Maxar Technologies Inc., MapLarge, Harris Corporation, Bently Systems, Inc., ESRI, GE Grid Solutions, LLC, Oracle Corporation, Pitney Bowes Inc. and Google LLC among others. The major players are taking up strategies such as new product development partnerships, product innovation, product enhancement, etc. to have an edge in the competitive market settings.