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Dublin, May 25, 2023 (GLOBE NEWSWIRE) — The “Geospatial Analytics Market – Forecasts from 2023 to 2028” report has been added to ResearchAndMarkets.com’s offering.
The geospatial analytics market is projected to grow at a CAGR of 22.56%, reaching US$264.391 billion in 2028 from US$63.651 billion in 2021.
Geospatial analytics is a field of study that involves the analysis of geographical or spatial data. It is a process of collecting, processing, and analyzing spatial data to uncover patterns, trends, and relationships that are not easily visible through other data analysis techniques.
Geospatial analytics is used in various industries, including transportation, agriculture, environmental management, and public health. The main objective of geospatial analytics is to provide insights that can be used to make informed decisions. For example, businesses can use geospatial analytics to identify optimal locations for new stores or to analyze customer behavior in specific geographic areas. In addition, governments can use geospatial analytics to monitor and manage environmental issues, such as pollution or deforestation, or to identify areas at risk for natural disasters.
Growing demand for satellites and location-based services
The volume of geospatial data has been rapidly increasing due to advancements in satellite imaging, GPS, and other technologies. For example, according to the European Space Agency, satellite Earth observation data is expected to increase from 7 petabytes in 2020 to over 60 petabytes by 2025. This is due to the launch of new satellites and the increasing resolution of imaging technology. Further, Location-based services (LBS) are becoming increasingly popular in the retail, transportation, and logistics industries. These services rely on geospatial analytics to provide insights into consumer behavior, optimize routing and logistics, and improve overall efficiency.
Growth in the Internet of Things (IoT)
The proliferation of IoT devices, such as sensors and GPS-enabled devices, has created new opportunities for collecting and analyzing geospatial data. This has helped to fuel demand for geospatial analytics solutions, particularly in industries such as smart cities and transportation.
Based on type, the geovisualization segment is expected to witness robust growth over the forecast period.
The geospatial analytics market is undergoing significant growth, with a particular focus on the geovisualization type. Geovisualization is becoming increasingly important in industries such as utilities, smart cities, and oil and gas, where effective management of assets is critical. Geospatial analytics is also used in agriculture, defense, and healthcare fields. In addition, with the increasing availability of data from sources such as satellites, drones, and terrestrial sensors, there is a growing need for geospatial analytics solutions to process and analyze this data.
North America accounted for a significant share of the global geospatial analytics market in 2021.
The geospatial analytics market is segmented based on geography into North America, South America, Europe, Middle East and Africa, and Asia Pacific. North America is one of the leading regions in the geospatial analytics market due to major players, technological advancements, and the growing adoption of geospatial technologies in various industries. The United States and Canada are the major countries contributing to the market growth in this region.
The increasing adoption of cloud-based geospatial analytics solutions and the integration of geospatial technologies with artificial intelligence, machine learning, and big data analytics are driving market growth in the United States. In addition, the government sector is a major contributor to the development of the US geospatial analytics market, with many government agencies using geospatial technologies for applications such as disaster management, urban planning, and defense.
- Surface & Field Analytics
- Network & Location Analytics
By Enterprise Size
- Small and Medium
- Medicine & Public Safety
- Military Intelligence
- Disaster Risk Reduction & Management
- Climate Change Adaptation (CCA)
- North America
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
|No. of Pages||155|
|Forecast Period||2021 – 2028|
|Estimated Market Value (USD) in 2021||$63.65 billion|
|Forecasted Market Value (USD) by 2028||$264.39 billion|
|Compound Annual Growth Rate||22.5%|
Key Topics Covered:
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
5. GEOSPATIAL ANALYTICS MARKET BY COMPONENT
6. GEOSPATIAL ANALYTICS MARKET BY TYPE
7. GEOSPATIAL ANALYTICS MARKET BY ENTERPRISE SIZE
8. GEOSPATIAL ANALYTICS MARKET BY APPLICATION
9. GEOSPATIAL ANALYTICS MARKET BY GEOGRAPHY
10. COMPETITIVE ENVIRONMENT AND ANALYSIS
11. COMPANY PROFILES
- TomTom International BV
- Bentley Systems Incorporated
- SAP SE
- Google LLC
- Hexagon AB
- ALTERYX, INC.
For more information about this report visit https://www.researchandmarkets.com/r/mgrz4c
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