Global Geospatial Analytics Market
Dublin, Nov. 21, 2022 (GLOBE NEWSWIRE) -- The "Global Geospatial Analytics Market by Component, Solution (Geocoding & Reverse Geocoding, Thematic Mapping & Spatial Analytics), Service, Type, Technology, Deployment Mode, Organization Size, Application, Vertical, and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global geospatial analytics market is projected to grow from USD 67.4 billion in 2022 to USD 119.9 billion by 2027, at a CAGR of 12.2%
The key elements anticipated to propel the adoption of geospatial analytics market technology throughout the forecast period is the increasing geographic deployment of IoT sensors. SMEs in developing nations are now able to use IoT sensors due to the growing internet penetration. When paired with geospatial data, machine data from devices, vehicles, and equipment used throughout the company can be collected and processed by these IoT sensors to help businesses make better decisions.
The integration of geospatial analytics with other technologies such as ML, IoT, and more, the market for geospatial analytics had experienced tremendous growth. Technologies such as location intelligence and geographic information systems can stimulate the development of new enterprises, which enables allows new firms to disrupt the market and enables market leaders to function at a higher level.
The Network & Location Analytics segment to have the highest CAGR during the forecast period
By type, the geospatial analytics had been segmented into surface & field analytic, network & location analytics, geovisualization, and other types (geocomputation, geosimulation and more). Among all the Network & Location Analytics segment to have the highest CAGR during the forecast period. It examines geographic data for a specific region and time.
Additionally, it aids in gathering information such as criminal incidences, store locations near roadways, traffic information, and more. Businesses in the logistics and transportation sector frequently employ network and location analytics to resolve challenging routing issues. It can also utilize it to increase on-field sales.
Due to trends including the development of IoT, increased emphasis on market and competitive intelligence, and the expansion in spatial data across verticals, the network & location analytics market is expanding quickly.
The Data Integration & ETL solution is register to grow at highest CAGR during the forecast period
By solution, the geospatial analytics had been segmented into geocoding & reverse geocoding, data integration & ETL, report & visualization, thematic mapping & spatial analysis, and other solutions. The Data Integration & ETL solution is register to grow at highest CAGR of 13.8% during the forecast period.
The structured and unstructured data generated needs to be integrated so that it can be restored whenever user require it. ETL is used to retrieve, transform, and import data from various primary transactions into a central location, such as the company's data warehouse. These related tasks are completed by using the data integration & ETL solutions.
Data integration solutions are needed to aggregate data from several heterogeneous sources for business intelligence (BI) and to improve customer services. This is one of the key factors fueling the expansion of the data integration and ETL market. The data integration & ETL is expected to grow at highest CAGR in the Asia-Pacific region.
Among applications, the Surveying application is anticipated to register the largest market size during the forecast period
Surveying is a method for calculating the distance and angles between two points on the surface of the earth. It is crucial to the development of infrastructure, transportation, urban planning, smart cities and also determines land boundaries.
One of the key factors driving the demand for surveying applications is the demand for surveying in planning and construction. The surveying segment is estimated to account for a larger market share and is projected to grow form USD 11, 877 million in 2022 to USD 20,823 million by 2027, at a CAGR of 11.9% during the forecast period.
The major vendors in the global geospatial analytics market include Esri (US), Precisely (US), Caliper Corporation (US), Blue Marble Geographic (US), Google (US), eSpatial (Ireland), Hexagon AB (Switzerland), TomTom (Netherlands), Trimble (US), Maxar Technologies (US), RMSI (India), Maplarge (US), General Electric (US), Bentley Systems (US), Fugro (Netherlands).
Increase in Number of AI- and ML-based GIS Solutions to Drive Market Growth
Geospatial Analytics Solutions to Dominate Market in 2022
Geocoding & Reverse Geocoding Segment to be Largest Market in 2022
Integration & Deployment Segment to Grow at Highest CAGR During Forecast Period
Network & Location Analytics Market to Lead in 2022
Small & Medium-Sized Enterprises to Utilize Geoanalytics at Higher Rate During Forecast Period
Surveying to Lead Market Among Applications in 2022
Government to Lead Market as End-use Vertical in 2022
Asia-Pacific to Grow at Highest CAGR During Forecast Period
Increase in Number of AI- and ML-based GIS Solutions
Development of Smart Cities and Urbanization
Higher Deployment of IoT Sensors Across Locations
Advancements in Big Data Analytics
Competitive Advantage to Organizations Across Verticals
Concerns Related to Geoprivacy and Confidential Data
High Cost of GIS Solutions and Geospatial Data Barriers
Location-based Technologies (LBT) Gaining Momentum to Increase RoI
Technical Advancements in 4D GIS Software
Advancements in 5G Communications Technology
High Adoption Rate in Small and Medium-Sized Enterprises
Lack of Awareness Related to Capabilities and Benefits of Geospatial Analytics
Lack of Skilled Manpower
Geospatial Analytics: Evolution
Case Study Analysis
Banking, Financial Services, and Insurance
Esri Offered Its Geospatial Platform Solution for Bajaj Finserv to Serve Customers Better
Esri Enabled Chesley District Community School to Engage Students in Geography Classes
RMSI Helped US-based Electric and Gas Company to Enhance Spatial Accuracy
Oracle Implemented Its Solution to Help Electric Authority of Cyprus Streamline Spatial Data Processing and Analysis
Sanitas Implements Carto's Solution to Evaluate and Ensure Future Expansion During Site Planning
Implementing SAP Solution Enabled City of San Diego to Improve City Emergency Services
Smart Sensors and IoT
Unmanned Vehicle Systems and Drones
Blue Marble Geographics
Companies with Presence in Thailand, Vietnam, and Myanmar
GIS Co. Ltd.
Geomatic Consulting International
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