Global Geospatial Analytics Market to Reach $23.97 Billion by 2030

News provided by

Aug 24, 2022, 05:30 ET

DUBLIN, Aug. 24, 2022 /PRNewswire/ -- The "Geospatial Analytics Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 to 2030" report has been added to ResearchAndMarkets.com's offering.

The geospatial analytics market for surveying reached US $59,986.7 Mn in the year 2021 and is expected to reach US $23,9756.2 Mn by 2030 growing at a CAGR of 16.46% during the forecast period 2022 to 2030. The introduction of sophisticated tools such as 3D tools, HD imagery, terrestrial scanning, artificial intelligence, internet of things (IOT), Big data have all boosted the application of the geospatial analytics market and have enhanced the precision, and analytical input required for surveying purposes.

Agriculture and Natural Resources Remains Key Area of Application

The growth is mainly attributed to its wide-ranging adoption in monitoring agriculture and natural resource. Geospatial analytics solutions are used majorly for surveying purposes in the agricultural industry to understand topsoil erosion. Nevertheless, the military intelligence application is projected to rise as the highest growing segment over the estimation period. The growth of this segment is majorly accredited to the growing number of remote sensing satellites worldwide for border guarding, which thereby demands the usage of geospatial analytics.

Network and Location Analytics Adopted Across Applications

In 2021, the largest segment by type in the geospatial analytics market by type was network and location analytics which accounted to about 40% of the total revenues in the same year. This segment remained high due to its application in utility networks, transportation networks, and networks based on social connections. The network and location analytics segment remains the highest due to wide range applications in planning operations and social networking data analytics. Increased application of GPS technologies, social media, and so on has increased the recent traction of the market. The network and location analytics establishes trends between complex relationships between multi-parametric data points. This adds significant value by providing visual patterns and images that enable an enhanced decision-making process.

Software - The Brain of Geospatial Analytics

Software remains the key element of the geospatial analytics segment that provides elementary function such as data capture to sophisticated functions such as deriving trend line and forecasting, recognizing patterns, and also provides response management. Geospatial analytic software enables visualization of data through maps and networks. It also offers better foresight by providing real time data that account for various changes and enabling the user to decide on future course of action and response to the potential changes. It enables derive a targeted solution based on various geographical data input that enable build a successful plan or business.

High Cost of Services Curtailing Its Application

Although the geospatial analytics services are crucial for effectively benefitting from the technology its acceptance levels is constrained due to high cost of consultation and integration. To attain high level of efficiency complete enterprise integration is required; however, this level of integration comes with significant cost. Similarly small to medium level geospatial analytic companies have limited operations hence do not see the role of service providers as very crucial. However, increasing application of geospatial analytics to deal with large level data in many industries are enabling the uptake of geospatial analytics services to expand business revenues and opportunities.

Access to Technology Drives Revenues in North America

The geospatial analytics market in North America hit the largest revenue share in 2021. Access to enhanced technology, increased investment in R&D, aggressive focus on innovation by domestic companies, enhanced infrastructure with respect to satellite mapping and data infrastructure, and availability of structured data are the key reason for the increased market revenues in the U.S.H

Key Topics Covered:

1. Preface

2. Executive Summary

3. Geospatial Analytics Market: Business Outlook & Market Dynamics

4. Geospatial Analytics Market: By Component , 2020-2030, USD (Million)

5. Geospatial Analytics Market: By Type , 2020-2030, USD (Million)

6. Geospatial Analytics Market: By Application , 2020-2030, USD (Million)

7. North America Geospatial Analytics Market, 2020-2030, USD (Million)

8. UK and European Union Geospatial Analytics Market, 2020-2030, USD (Million)

9. Asia Pacific Geospatial Analytics Market, 2020-2030, USD (Million)

10. Latin America Geospatial Analytics Market, 2020-2030, USD (Million)

11. Middle East and Africa Geospatial Analytics Market, 2020-2030, USD (Million)

12. Company Profile