Dublin, Nov. 03, 2020 (GLOBE NEWSWIRE) -- The "Geospatial Analytics Market - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The Geospatial Analytics Market Size is Projected to Grow from USD 52.6 Billion in 2020 to USD 96.3 Billion by 2025, at a Compound Annual Growth Rate (CAGR) of 12.9% During the Forecast Period
Increasing number of AI and ML based GIS solutions, development of smart cities and urbanization, increased deployment of IoT sensors across locations, and advancement of bid data analytics
The major factors driving the growth of the geospatial analytics market include the increasing number of AI and ML based GIS solutions, the development of smart cities and urbanization, increased deployment of IoT sensors across locations, and advancement of bid data analytics for organizations by improving the workflow.
Based on the component, the solutions segment leads the geospatial analytics market during the forecast period
The geospatial analytics market is segmented into solutions and services. The geospatial solutions included in this segment are geocoding and reverse geocoding, data integration and ETL, reporting and visualization, thematic mapping and spatial analysis, and others (Data Base Management System (DBMS)and data storage software).
The others include DBMS and data storage software. These solutions help enterprises to localize, analyze, and act on the changing business conditions and trends. Companies have started to invest in geospatial analytics for increasing agility and overall operational productivity, understanding business trends in a better way, and reducing operational costs.
Based on solutions, data integration and ETL is estimated to grow at a higher CAGR during the forecast period
The geospatial analytics market solutions segment is further segmented into geocoding and reverse geocoding, data integration and ETL, reporting and visualization, thematic mapping and spatial analysis, and others (DBMS and data storage software). The data integration and ETL to estimated to grow at a higher CAGR during the forecast period.
The structured and unstructured data generated needs to be integrated in a way that it can be restored whenever required by users. The data integration and ETL solution is used to carry out these associated tasks. The data obtained can be linked to location data and analyzed with the help of location analytics. ETL helps in extracting geographic data from any source system, transforming it into a format based on users' needs, and loading it in target systems.
Based on application, the surveying segment to lead the market during the forecast period
The global geospatial analytics market by application is segmented into surveying, medicine and public safety, disaster risk reduction and management, climate change adaptation, and others (supply chain planning and optimization, sales and marketing optimization, predictive asset management, and inventory management). Mapping and surveying play an important role in urban planning, infrastructure development, project planning, land development, and facility management.
Based on vertical, the automotive segment grows at a higher CAGR during the forecast period
The global geospatial analytics market by vertical is segmented into business, automotive, utility and communication, government, defense and intelligence, natural resources, and others (sports, education, tourism, media and entertainment, travel and logistics, and agriculture). Automotive manufacturers can use geospatial analytical tools to monitor consumer trends around the globe. Due to the development of advanced driver assistant systems and connected cars, the demand for geospatial analytics from the automotive segment is expected to grow rapidly in the upcoming years.
Increasing Number of Ai and Ml-Based Gis Solutions
Development of Smart Cities and Urbanization
Increased Deployment of IoT Sensors Across Locations
Advancements in Big Data Analytics
Concerns Related to Geoprivacy and Confidential Data
High Cost of Gis Solutions and Geospatial Data Barriers
Technical Advancements in 4D Gis Software
Advancements in 5G Communications Technology
High Adoption Rate in Small and Medium-Sized Businesses
Lack of Awareness Related to Capabilities and Benefits of Geospatial Analytics
Lack of Skilled Manpower
For more information about this report visit https://www.researchandmarkets.com/r/tmltb6
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