Geospatial Analytics Market to grow by USD 127.2 Billion from 2024-2028, driven by healthcare and insurance sectors, AI's impact on trends - Technavio

NEW YORK, Dec. 4, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - The global geospatial analytics market size is estimated to grow by USD 127.2 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 18.68% during the forecast period. Increasing adoption of geospatial data analytics in healthcare and insurance sectors is driving market growth, with a trend towards emerging methods in data collection and generation. However, data privacy and security concerns poses a challenge. Key market players include Alphabet Inc., Alteryx Inc., Autodesk Inc., Bentley Systems Inc., CartoDB Inc., Development Seed, Esri Global Inc., Fugro NV, General Electric Co., Geomap Co., Hexagon AB, International Business Machines Corp., L3Harris Technologies Inc., Maxar Technologies Inc., Pitney Bowes Inc., QlikTech international AB, SAP SE, TomTom NV, Topcon Positioning Systems Inc., and Trimble Inc..

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Key Market Trends Fueling Growth

The Geospatial Analytics market is thriving, with Medium Scale Enterprises (MSEs) increasingly adopting this technology for Disaster Risk Reduction. Hexagon, DigitalGlobe, ESRI, and others lead the way, offering 4-dimensional GIS software and Big Data analysis. AI and ML are key drivers, with IoT providing real-time data. Hexagon's Precisely and Maxar Technologies use 5G for supply chain optimization. Yale University researches AI and ML in GIS. Web-based GIS Platforms like Esri's ArcGIS Online, Google Maps Platform, and Mapbox are popular. Lack of standardization and a skilled workforce pose challenges. Large Enterprises dominate, but MSEs and sectors like Defense & Internal Security, Retail & Logistics, Energy & Utilities, Agriculture, Healthcare & Life Sciences, Infrastructure, and others are investing. GDPR, SPDI, and geospatial data privacy are concerns. Companies like Alteryx, Fugro, Orbital Insights, Mapidea, Geospin, Sparkgeo, Descartes Lab, Skymap Global, and Geospin provide solutions. JavaScript and WebGL enable web mapping. 

The geospatial analytics market is experiencing significant advancements due to innovative data collection methods. Real-time spatiotemporal data, enabled by real-time interactive GPS/GIS and mobile capabilities, is leading to more detailed, specific, and updated GIS features. Additionally, the smallsat revolution is transforming the remote sensing industry with cost-effective satellite technologies and new space business models. These developments are enhancing the market's efficiency and providing valuable insights for businesses. 

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Market Challenges

• The geospatial analytics market is growing rapidly, with Medium Scale Enterprises (MSEs) increasingly adopting this technology for various applications, including Disaster Risk Reduction. AI and ML are key drivers, with Hexagon, DigitalGlobe, ESRI, and others leading the way in Big Data analysis. However, challenges persist, such as the lack of standardization and a skilled workforce. IoT, 5G technology, and web-based GIS platforms like JavaScript and WebGL are transforming the industry. Geospatial analytics is essential for sectors like Defense & Internal Security, Retail & Logistics, Energy & Utilities, Agriculture, Healthcare & Life Sciences, Infrastructure, and more. Companies like Precisely, Maxar Technologies, and Fugro are innovating with 4-dimensional GIS software and Disaster Response Programs. GDPR, SPDI, and geospatial data privacy are important considerations. AI, ML, and GIS tools from Orbital Insights, Maplarge, Geospin, Sparkgeo, Descartes Labs, Skymap Global, Alteryx, and others are shaping the future of this dynamic market.
• Organizations face significant challenges in implementing geospatial analytics due to data privacy and security concerns. With the increasing interconnectivity of devices through the Internet, critical data transfer over networks becomes essential. However, this also increases the risk of cybersecurity threats and data breaches. The IoT revolution brings together physical and virtual worlds, leading to a large-scale network of interconnected devices. Ensuring data security in such an environment is crucial. Organizations must establish a highly secured network to protect their sensitive information. Interoperability issues among multiple devices may also arise, adding to the complexity. Addressing these challenges requires a cybersecurity strategy and effective network management.

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Segment Overview 

This geospatial analytics market report extensively covers market segmentation by

1. Technology 
• 1.1 GPS
• 1.2 GIS
• 1.3 Remote sensing
• 1.4 Others
2. End-user 
• 2.1 BFSI
• 2.2 Government and utilities
• 2.3 Telecom
• 2.4 Manufacturing and automotive
• 2.5 Others
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 Middle East and Africa
• 3.5 South America

1.1 GPS- The Global Geospatial Analytics Market was led by the GPS segment in 2023, and this trend is projected to continue throughout the forecast period. GPS, a satellite-based navigation system, is a key technology in Geospatial Analytics. Operated by the US Space Force, GPS provides geolocation and time information to receivers worldwide. Its applications include georeferencing, positioning, navigation, and time and frequency control. In the context of Geospatial Analytics, GPS functions as a crucial data input for GIS, enabling precise geospatial data location and collection in the field. Consequently, the demand for GPS technology is anticipated to drive the growth of the Global Geospatial Analytics Market during the forecast period.

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Research Analysis

The Geospatial Analytics Market is experiencing significant growth due to the increasing demand for location intelligence in various industries, particularly Medium Scale Enterprises (MSEs). Disaster Risk Reduction is a major application area, where real-time geospatial analytics can save lives and minimize damage. AI and ML technologies are revolutionizing geospatial analytics by enabling advanced data processing and pattern recognition. IoT sensors generate vast amounts of geospatial data, requiring Big Data analysis tools to extract valuable insights. Hexagon, Luciad V2019, DigitalGlobe, and Pitney Bowes are leading providers of geospatial analytics solutions. AI and ML algorithms, powered by 5G technology, are enhancing the capabilities of web-based GIS Platforms. JavaScript and HTML5 are popular programming languages for developing geospatial applications. Supply chain optimization is another key application area, leveraging geospatial analytics to improve efficiency and reduce costs.

Market Research Overview

The Geospatial Analytics Market is experiencing significant growth due to the increasing demand for location intelligence in various industries. Medium Scale Enterprises (MSEs) are leveraging geospatial analytics for Disaster Risk Reduction, Supply Chain Optimization, and Infrastructure Planning. Advanced technologies like AI and ML, IoT, and 5G are revolutionizing the market by enabling real-time data processing and analysis. Hexagon, DigitalGlobe, ESRI, and other key players offer 4-dimensional GIS software for 3D visualization and analysis. Yale University and other research institutions are exploring the use of Artificial Intelligence and Machine Learning in Geospatial Analytics. Web-based GIS Platforms like Esri's ArcGIS Online, Google Maps Platform, and Mapbox are making geospatial analytics more accessible. However, challenges like Lack of Standardization, Skilled Workforce, and GDPR compliance persist. Industries like Defense & Internal Security, Retail & Logistics, Energy & Utilities, Agriculture, Healthcare & Life Sciences, and Infrastructure are major consumers of Geospatial Analytics. SPDI, Precisely, Maxar Technologies, Maplarge, Fugro, Orbital Insights, Mapidea, Geospin, Sparkgeo, Descartes Lab, Skymap Global, and Alteryx are some of the prominent players in the market. JavaScript and WebGL are popular programming languages for building geospatial applications.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Technology
• GPS
• GIS
• Remote Sensing
• Others
• End-user
• BFSI
• Government And Utilities
• Telecom
• Manufacturing And Automotive
• Others
• Geography
• North America
• Europe
• APAC
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio