The geospatial analytics market is expected to register a CAGR of 17.6% from 2021 to 2028 and reach $256.0 billion by 2028.
The growth of the geospatial analytics market is primarily driven by factors, such as the increasing number of artificial intelligence and machine learning-based GIS solutions, advancements in big data analytics, high proliferation of IoT and connected devices, and increasing adoption of cloud computing technology.
However, certain factors, such as the high set-up and operating costs and data privacy, may restrain the market's growth to a certain extent. Favorable government policies to promote smart infrastructure and the advent of 5G technology are expected to positively impact the growth of the geospatial analytics market during the forecast period.
Based on technology, the GNSS & positioning segment is expected to account for the largest market share in 2021. The large share of this segment is mainly attributed to the increasing adoption of tracking devices in transportation & logistics; architecture, engineering & construction; security & defense; and mining, among other industries. The growing adoption of GNSS-based GPS technology in the verticals above is expected to help the segment grow at the highest growth rate during the forecast period.
Based on component, the software segment is expected to register the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing adoption of software in the transportation & logistics, BFSI, retail, healthcare, education, oil & gas, utilities, architecture, and engineering & construction industries. The wide application of geospatial analytics software in the abovementioned industries is expected to boost the growth of the software segment in the coming years.
Based on deployment mode, the cloud segment is estimated to account for the largest share of the geospatial analytics market in 2021. Cloud-based geospatial analytics solutions include several software-as-a-service modules such as GIS-as-a-service, application-as-a-service (AaaS), imagery-as-a-service (IaaS), and data-as-a-service (DaaS). Real-time data can be directly displayed on the system minimizing the time required to gather geospatial data.
Cloud-based deployments offer scalability, flexibility, and cost-effective subscription-based models. Also, data stored on the cloud can be accessed by customers worldwide, opening up new revenue streams for the organization. Such benefits of cloud-based deployments are expected to drive the adoption of cloud-based geospatial analytics platforms and solutions.
Based on organization size, the SMEs segment is expected to register the highest growth rate during the forecast period. A large number of SMEs are adopting geospatial analytics to increase their market shares, efficiency, and overall performance. These SMEs provide geospatial analytics solutions to SMEs from other sectors such as agriculture, manufacturing, media & entertainment, retail, education, and BFSI at much lower costs, in turn boosting the growth of the geospatial analytics market
Based on application, the surveying segment is expected to account for the largest market share in 2021. The large share of the segment is attributed to the wide use of geospatial analytics across several industries such as oil & gas, agriculture, mining, forestry, fishery, and security & defense. However, the urban planning segment is expected to record the highest CAGR during the forecast period due to the rise in the urban population worldwide and the consequent demand for smart infrastructure and smart cities. Several regions across the globe have already planned smart cities based on smart infrastructure, boosting the demand for geospatial analytics in urban planning applications.
Based on end user, the transportation & logistics segment is expected to account for the largest share of the market in 2021. The growing adoption of vehicle tracking systems and the flourishing e-commerce industry focused on improving product delivery have boosted the demand for geospatial analytics solutions and services in the transportation & logistics sector. Moreover, geospatial analytics technology is being increasingly adopted to improve supply chain management and fleet management and optimize transportation costs.
North America's large share is mainly attributed to the presence of large enterprises and the inclusion of advanced technologies such as AI, ML, big data, and cloud computing in geospatial analytics solutions.
Government policies favoring the sharing of GIS data are propelling the growth of this regional market. However, the market in Asia-Pacific is expected to register the highest CAGR during the forecast period due to growing investments in 5G, IoT, and smart cities.
Key Questions Answered in the Report
Which are the high-growth market segments in terms of technology, component, end user, and geography?
What was the historical market size for the global geospatial analytics market?
What are the market forecasts and estimates for 2021-2028?
What are the major drivers, restraints, and opportunities in the global geospatial analytics market?
Who are the major players in the global geospatial analytics market, and what share of the market do they hold?
How is the competitive landscape?
What are the recent developments in the global geospatial analytics market?
What are the various strategies adopted by the major players in the global geospatial analytics market?
What are the geographical trends, and which are the high-growth countries?
Who are the local emerging players in the global geospatial analytics market, and how do they compete with the other players?
Growing Use of AI and MI-Based GIS Solutions
Advancements in Big Data Analytics
Growing Proliferation of IoT and Connected Devices
High Adoption of Cloud Computing
Issues Associated with Data Privacy
High Set-Up and Operating Cost
Government Initiatives to Promote Smart Infrastructure
Advent of 5G Technology
Lower Adoption Among SMEs
Integration of BIM and GIS with Geospatial Analytics