Dublin, July 01, 2021 (GLOBE NEWSWIRE) -- The "Geospatial Analytics Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 to 2029" report has been added to ResearchAndMarkets.com's offering.
The geospatial analytics market for surveying reached US $45,130 Mn in the year 2019 and is expected to reach US $205870 Mn by 2029 growing at a CAGR of 16.46% during the forecast period 2021 to 2029.
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 Resource 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 the 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 for geospatial analytics.
Network and Location Analytics Adopted Across Applications
In 2020, the largest segment by type in the geospatial analytics market by type was network and location analytics that 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 the wide range of 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 enables an enhanced decision-making process.
Software - The Brain of Geospatial Analytics
Software remains the key element of the geospatial analytics segment that provides elementary functions such as data capture to sophisticated functions such as deriving trend lines 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 the future course of action and response to the potential changes. It enables a targeted solution based on various geographical data inputs 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 the high cost of consultation and integration. To attain a high level of efficiency complete enterprise integration is required; however, this level of integration comes with a significant cost. Similarly small to medium level geospatial analytic companies have limited operations hence do not see the role of service providers as crucial. However, the 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 2020. 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, availability of structured data is the key reason for the increased market revenues in the U.S.
Highly Fragmented Market with Numerous Market Players
The geospatial analytics market is fragmented and characterized by the presence of both domestic and global players. The players in the geospatial analytics market are centering their efforts on developing new Product ranges catering to various applications. Major players in the market include Maxar technologies, Hexagon AB, Trimble, Alteryx, RMSI, Fugro and L3Harris. The other tertiary player includes SAP, Google, GE Grid, Esri, MapLarge, Bentley Systems, Inc., Oracle Corporation.
Historical & Forecast Period
The research report presents the analysis of each segment from 2019 to 2029 considering 2020 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment calculated for the forecast period from 2021 to 2029.
Key questions answered in this report
What was the market size of the geospatial analytics market in 2019 and forecast up to 2029?
What are the key factors driving the global geospatial analytics market?
What are the key market trends and high-growth opportunities observed in the geospatial analytics market?
What are the drivers of the geospatial analytics market?
Which is the largest regional market for the geospatial analytics market?
Which segment will grow at a faster pace? Why?
Which region will drive the market growth? Why?
Which players are leading the geospatial analytics market?
What are the sustainability strategies adopted by the key players operating in the market?
Key Topics Covered:
Chapter 1 Preface
Chapter 2 Executive Summary
Chapter 3 Post Covid Impact
Chapter 4 Market Dynamics
Chapter 5 Global Geospatial Analytics Market Analysis, By Component
Chapter 6 Global Geospatial Analytics Market by Type
Chapter 7 Global Geospatial Analytics Market by Application
Chapter 8 North America Geospatial Analytics - Market Analysis
Chapter 9 Europe Geospatial Analytics Market Analysis
Chapter 10 Asia Pacific Geospatial Analytics Market
Chapter 11 Rest of The World Geospatial Analytics Market
Chapter 12 Company Profiles
Bentley Systems Inc.
For more information about this report visit https://www.researchandmarkets.com/r/ugfuyl
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