The geospatial analytics market size is projected to register a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to rising use of GPS devices and technological advancements in GIS technology.
Geospatial analytics collects geographic data and imagery from earth observation, GIS, GNSS & positioning, 3D scanning, satellite pictures, location sensors, social media, and mobile devices, visualizes it, and helps people and places find each other. Geospatial analytics insights help decision-making and formulation of focused marketing tactics to boost lead creation.
The main goal of geospatial analytics is to connect GIS technology with other scientific technologies in order to analyze, convert, and evaluate usable information for business processes. In addition, geospatial analytics is being used in the industrial and automotive industries to improve communication between organizations and individuals.
The pandemic of COVID-19 has created enormous development prospects in the geospatial analytics sector. During the outbreak, the rising usage of smart wearables, robotics, and drones is aiding the growth of geospatial analytics solutions. It is possible to map COVID-19 confirmed and active cases to determine the source of infection. The mapping of demographic data aids in the monitoring of risk groups and vulnerable individuals. To ensure business continuity, geospatial technology anticipates and analyses risk regions inside companies and assesses operational capacity.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing usage of GPS devices is expected to fuel the market during the forecast period.
- Rising application of geospatial analytics in city and regional planning is key factor propelling the market.
- Issues about geoprivacy and confidential material is expected to restrict the market growth.
- Lack of awareness regarding advantages of geospatial analytics act as major challenge that can hamper the market growth in the coming years.
- R&D investment and technological advancement is anticipated to create lucrative opportunities for the market players.
Scope of the Report
The report on the geospatial analytics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Geospatial Analytics Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Type (Surface Analysis, Network Analysis, and Geovisualization), End-user Industry (Agriculture, Utility & Communication, Defense & Intelligence, Government, and Natural Resources)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
General Electric (GE); Harris Corporation; ESRI Inc.; Atkins PLC; and Hexagon AB
Market Segment Insights
The network analysis segment is projected to hold a major market share
Based on type, the geospatial analytics market is segregated into surface analysis, network analysis, and geovisualization. The network analysis segment is expected to represent a key share of the market during the forecast period. Network analysis is a GIS operation that examines datasets from a geographic or real-world network. Network analysis and locational analysis investigate the characteristics of natural and man-made networks in order to comprehend the behavior of flows inside and around such networks. It utilizes edge-node architecture to describe real-world information networks. A network analysis is a collection of interconnected lines. These lines indicate trains, streams, roads, waterlines, pipelines, communications lines, and other networks that must be examined. It might be either direct or indirect, as well as planned or unplanned.
The defense & intelligence segment is expected to grow at a rapid pace
On the basis of end-user industry, the geospatial analytics market is divided into agriculture, utility & communication, defense & intelligence, government, and natural resources. The defense & intelligence segment is expected to represent a key share of the market during the forecast period. In terms of geospatial analytics usage for obtaining actionable intelligence from large volumes of images and other data, the defense and intelligence end-user vertical has traditionally been one of the portents. NATO need quick and simple access to accurate and up-to-date geographic information for its peacekeeping and security missions. The information gathered is used to assess terrains, ship and other vessel navigation, and logistics management.
As crime rates have risen, governments have been forced to implement solutions that allow them to monitor the source of crimes or give them with intelligence that allows them to prevent crimes from occurring in the first place.
Asia Pacific is expected to dominate the market
On the basis of regions, the geospatial analytics market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Asia Pacific is anticipated to dominate the market during the forecast period. The Chinese government is investing in the development of a spaceborne-airborne surveillance system in order to increase national, regional, and global emergency response capabilities, as well as to promote human health, security, and well-being.
The government's program is also propelling the country's geospatial analytics industry forward. In 2018, the Chinese government launched the country's first thorough geographical survey In India, the new trend of mobility as a service in the logistics business is gaining traction. According to Morgan Stanley, shared miles are anticipated to account for 35 percent of all miles travelled in India. Along with a continuing enormous shift in terms of electrification, this is one of the key driving prospects for new business models in the mobility industry.
Segments Covered in the Report
The geospatial analytics market has been segmented on the basis of
- Surface Analysis
- Network Analysis
- Utility & Communication
- Defense & Intelligence
- Natural Resources
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- General Electric (GE)
- Harris Corporation
- ESRI Inc.
- Atkins PLC
- Hexagon AB
Key players competing in the geospatial analytics market include General Electric (GE), Harris Corporation, ESRI Inc., Atkins PLC, and Hexagon AB.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.