The geospatial analytics market was valued at USD 19.59 billion in 2018 and is expected to reach a value of USD 29.28 billion by 2024, at a CAGR of 7.2%, over the forecast period (2019
NEW YORK, Sept. 11, 2019 /PRNewswire/ --
Market Overview
The geospatial analytics market was valued at USD 19.59 billion in 2018 and is expected to reach a value of USD 29.28 billion by 2024, at a CAGR of 7.2%, over the forecast period (2019-2024). Geospatial analysis refers to a broad range of activities, which emphasize on applying various techniques to data, comprising of geographical or space-related characteristics.
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- Some of the key factors driving the growth of the geospatial analytics market include the growing use of GPS devices, technological advancements in the field of GIS technology, recent trends in integration and convergence of geospatial technologies, advent of new business models aimed at leveraging the demand for geospatial information, and increased application of geospatial analytics in city and town planning.
- There have been recent developments leading to the convergence of geospatial practices. For instance, Kongsberg Geospatial, an Ottawa-based developer of real-time, mission-critical, geospatial visualization software, and CarteNav Solutions, a leading provider of situational awareness solutions for the maritime, land, and air environments, recently declared that their TerraLens platform was selected by CarteNav to provide geospatial capabilities for its new generation of CarteNav's mission system software called AIMS.
- The smart city investments have escalated rapidly in the present days and are expected to boost the demand for services that use location-based solutions. Further, the Consumer Technology Association reported that the smart city spending to be USD 14.85 billion in 2015, and is anticipated to reach USD 34.35 billion by 2020.
- There are also high costs and operational concerns. However, geospatial analytics tools are further leveraging the strengths of machine learning models, for making informed predictions and unlocking key patterns, among the real-world problems.
Scope of the Report
The geospatial analysis uses this data to build infrastructure, graphs and blueprints, statistics, and cartograms, making complex relationships understandable. It collects information, display of images, geographical coordinates, etc. It is used in monitoring the climate and weather, helps retail stores in planning their logistics transportation, human population forecasting, and others. This report segments the market by Type (Surface Analysis, Network Analysis, Geovisualization) End-user Industry(Agriculture, Utility and Communication, Defense and Intelligence, Government, Natural Resources) and Geography.
Key Market Trends
Defense and Intelligence has Seen the Maximum Application in Geospatial Analytics Market
- Historically, the defense and intelligence end-user vertical has been one of the forerunners, in terms of geospatial analytics adoption for gathering actionable intelligence from massive amounts of imagery and other data.
- NATO, for its peacekeeping and security missions, need fast and easy access to accurate and up-to-date geographic information. Data, thus available, is analyzed to evaluate terrains, ship, and other vessels navigation and logistics management
- Companies operating in this space are involved in M&A activity to develop highly specialized solutions, capable of handling strategic decisions. Since October 2017, there have been seven acquisitions within geospatial analytics and geographic information system companies. DigitalGlobe, a provider of high-resolution optical satellite imagery, was acquired by MacDonald, Dettwiler and Associates' (MDA's) for a whopping USD 3.5 billion.
- The increasing crime rates have propelled the governments to deploy solutions that enable them to track the source of crimes or provides them with the intel that would allow them to stop the crime even before it occurs. This is expected t boost the adoption of the geospatial analytics over the forecast period.
Asia-Pacific to Have the Highest Growth in Geospatial Analytics Market
-Chinese government is investing in developing a spaceborne-airborne observation system to improve the national, regional, and global ability in responding to emergencies, and to enhance human health, security, and well-being.
-The initiative from the government is also driving the growth for the geospatial analytics growth in the country. In 2018, the Chinese government initiated its first comprehensive survey of geographical conditions. It is going to be processed on the geographic investigation to report on the country's overall situation and data on land and soil, water, and agriculture, which serves as a firsthand reference for policymaking.
-The emerging trend of mobility as a service in the logistics industry is growing significantly in India. According to Morgan Stanley, it is expected that 35% of every mile traveled in India will be covered by shared miles. This is one of the major driving opportunities for the new business models in the mobility businesses, along with an ongoing massive transformation in terms of electrification, shared, and connectivity.
-Also, Indonesian companies are developing new opportunities for geospatial technologies in the country, by using advanced technologies, like LiDAR. For instance, Terra Drone Indonesia, a group company of Terra Drone Corporation, demonstrated its drone surveying and mapping services, based on LiDAR, for the construction companies.
Competitive Landscape
Key Market Players are General Electric (GE), ESRI Inc., MDA Corporation, Hexagon AB, Trimble Geospatial, Bentley Systems, Inc., and others. The market is led by these giants and they dominate the market. Hence the market is consolidated. Therefore, market concentration is high.
- September 2018 - Hexagon AB will be displaying its Smart M App portfolio, a simple to use the platform to build lightweight and dynamic applications targeted to solve a specific problem. The solution combines content, business workflows, and geoprocessing into a single application to deliver geospatial analytics as a service.
- March 2019 - Esri opened its latest research and development center, in New Delhi, India. The new location will focus on data science, deep learning, and geospatial artificial intelligence (GeoAI) solutions.
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