PORTLAND, Ore., Dec. 1, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Geospatial Analytics Market by Component (Solution and Service) Deployment Model (On-premise and Cloud), Enterprise Size (Large Enterprises and Small & Medium Enterprises), Solution (Geocoding & Reverse Geocoding, Data Integration & ETL, Reporting & Visualization, Thematic Mapping & Spatial Analysis, and Others), Type (Surface & Field Analytics, Network & Location Analytics, Geovisualization, and Others), Technology (Remote Sensing, GIS, GPS, and Others), Industry Vertical (Automotive, Energy & Utilities, Government, Defense & Intelligence, Smart Cities, Insurance, Natural Resources, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global geospatial analytics industry generated $58.35 billion in 2019, and is estimated to garner $158.84 billion by 2027, registering a CAGR of 14.2% from 2020 to 2027.
Drivers, restraints, and opportunities
Increase in demand for AI-based geographic information system (GIS) solutions, surge in demand for GIS software in smart cities development & urban planning, and usage of satellite monitoring to control the spread of coronavirus drive the growth of the global geospatial analytics market. However, high cost of GIS solutions and lack of stringent & extensive government regulations hinder the market growth. On the other hand, advent of new technologies and development of 4D GIS software present new opportunities in the coming years.
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- Government bodies have been utilizing geospatial analytics to gain insights on a real-time scenario of coronavirus-infected patients and track the spread through satellite monitoring. By taking a real-time scenario into consideration and understanding disease intensity & spread pattern based on past data, governments have been making crucial decisions to tackle the pandemic.
- The demand for geospatial analytics has been increased to obtain high-quality geospatial data and effectively gain information in terms of setting-specific characterization of disease transmission, risk factors, and forecasts of pathogen & viral prevalence.
- Various smartphone applications have been launched that help people to determine infected people in the vicinity and take safety measures.
Get detailed COVID-19 impact analysis on the geospatial analytics market:
The solution segment expected to maintain its leadership status during the forecast period
Based on component, the solution segment contributed to the highest market share in 2019, accounting for nearly two-thirds of the global geospatial analytics market, and is expected to maintain its leadership status throughout the forecast period. This is attributed to increase in requirement for geographic imaging among professionals for processing a massive amount of geospatial data every day. However, the service segment is expected to manifest the highest CAGR of 15.3% from 2020 to 2027, owing to rise in need for remote sensing, mapping consultancy, and GPS satellite surveying and positioning services in various industries.
The GPS segment to maintain its dominant share throughout the forecast period
Based on technology, the GPS segment accounted for the highest market share, contributing to nearly three-fifths of the global geospatial analytics market in 2019, and is projected to maintain its dominant share throughout the forecast period. This is attributed to adoption of mobile commerce and social media activities, penetration of 3G & 4G networks, and rise in application of GPS in industries including entertainment, media, and healthcare. However, the GIS segment is projected to grow at the fastest CAGR of 16.8% from 2020 to 2027. This is due to its widespread adoption for highway maintenance, accident analysis, traffic modeling, and route planning.
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North America to maintain its highest contribution in terms of revenue by 2027
Based on region, North America contributed to the highest share in terms of revenue with nearly two-fifths of the global geospatial analytics market in 2019, and is expected to maintain its highest contribution by 2027. This is attributed to key players of the software industry establishing their strong presence in the countries such as the U.S. and Canada. However, Asia-Pacific is expected to grow at the highest CAGR of 16.7% during the forecast period, owing to business in emerging countries opting for geospatial analytics tools to extract insights from unstructured data.
Leading market players
- Alteryx, Inc.
- Bentley Systems, Incorporated
- Furgo NV
- General Electric
- Hexagon AB
- Google, Inc.
- MDA Corporation
- Oracle Corporation
- SAP SE
- Trimble, Inc.
- TOMTOM International, Inc.
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