Dublin, Oct. 05, 2020 (GLOBE NEWSWIRE) -- The "Geospatial Analytics Market By Component, By Type, By Application, By End-use Vertical - Growth, Future Prospects And Competitive Analysis, 2020 - 2028" report has been added to ResearchAndMarkets.com's offering.
The global geospatial analytics market garnered a market value of US$ 45.13Bn in 2019 and is likely to witness a remarkable growth, with a CAGR of 15.1% across the forecast period from 2020 to 2028.
The research report presents the analysis of each segment from 2018 to 2028 considering 2019 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment calculated for the forecast period from 2020 to 2028.
Geospatial analytics solutions have helped in facilitating higher quality, productive workflow, and data exchange in order to drive productivity, value, safety, and efficiency across several end-use verticals.
In the modern world, the power of geospatial information is increasing to a greater extent. With the upsurge of the Internet of Things (IoT) and other such technologies, the sensor networks are elevating the geospatial data rates higher than earlier. There has been a surge of sensor networks on the ground or mounted upon drones flying overhead, mobile devices carried by people, vehicles, atmosats at high altitudes, tethered aerostats, and microsats in an orbit.
In addition, remote sensing and geographical information systems (GIS) provide the facilities to analyze, visualize, and manipulate geospatial data for decision-makers. Consequently, growing technological advancements coupled with increasing adoption of the Internet of Things and the introduction of big data analysis and Artificial Intelligence (AI) is altogether expected to boost the market for geospatial analytics in the years to come.
Surveying Segment to Strengthen its Supremacy in Geospatial Analytics Market
The global geospatial analytics market, based on application is segmented into surveying, military intelligence, medicine & public safety, disaster risk reduction & management, climate change adaptation, urban planning, and others. In 2019, the surveying segment led the market and is likely to grow at a significant rate in the years to come.
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.
North America Garnered Lion Share in the Geospatial Analytics Market
In 2019, North America represented the largest market share in the geospatial analytics market and is likely to continue with its period of influence during the forecast period from 2020 to 2028. The growth of this region is mainly backed by the U.S. due to the increased adoption of advanced and emerging technologies such as IoT, cloud computing, business intelligence tools, big data analysis, etc. In the U.S., the Department of Defense (DoD), by tradition has been the largest consumer of geospatial analytics.
The intelligence community satellites have been continually producing constant streams of telemetry for decades now, and sensor nets, defense vehicles, and many other sources of data have sprung up over time. With the rise of this type of data, the DoD has helped in promoting data analysis, open-source, open data companies in the region.
On the other hand, Asia Pacific is expected to emerge as the fastest-growing region in the geospatial analytics market. The growth of this region is mainly credited to the growing demand in countries such as Japan, China, and India owing to rapid industrialization and growth in the logistics and infrastructure industries.
The players in the geospatial analytics market are ceaselessly aiming at growing their influence and emphasizing their offerings to cater to the necessities of the clientele and also to withstand their leading place in the market. Product innovation, new product development, and partnerships are the key strategies performed by the players in the geospatial analytics market.
Key questions answered in this report
What was the market size of the geospatial analytics market in 2019 and forecast up to 2028?
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?
Trimble Navigation Ltd.
Maxar Technologies Inc.
Bently Systems Inc.
GE Grid Solutions LLC
Pitney Bowes Inc.
For more information about this report visit https://www.researchandmarkets.com/r/p5phti
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