San Francisco, 03 April 2024: The Report Geospatial Analytics Market Size, Share & Trends Analysis Report By Component, By Type, By Application (Surveying, Medicine & Public Safety), By Region, And Segment Forecasts, 2023 - 2030

The global geospatial analytics market size is expected to reach USD 226.53 billion by 2030, registering a CAGR of 12.6% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc. Numerous innovations and advancements in the drone technology and increasing deployment of Unmanned Aerial Vehicles (UAVs) for remotely monitoring and gathering a large number of location data with minimal human intervention are likely to unfold new opportunities for market growth. Additionally, the increasing use of GPS-enabled smartphones and devices is also anticipated to drive market growth.

Increasing smart city initiatives have resulted in the growing need for innovative technologies for use in 3D urban mapping; monitoring and mapping natural resources, agriculture, and utilities; and disaster management. In case of natural disasters, location-based analytics enables decision makers to take suitable actions. Moreover, major oil & gas companies across the globe are increasingly deploying geospatial analytics solutions to discover potential crude oil and natural gas deposits and to monitor their vast pipeline network.

The use of geospatial technologies in the automotive industry is increasing owing to the growing safety concerns among passengers. According to data released by the U.S. Census Bureau, about 85.7 percent of the U.S. employees above 16 years of age commute to work in a van, car, or truck, either by driving alone or via carpooling. With around 125 million people traveling by road every day, the U.S. transportation system faces numerous challenges such as congested highways and fatal vehicle collisions.

As per the National Highway Traffic Safety Administration, it is estimated that on an average, 102 people die from vehicle accidents every day. In an attempt to address this, automotive manufacturers are focusing on implementing technologies such as IoT and location-based services in vehicles to make driving safer and easier. The commercialization of upcoming autonomous vehicles also heavily relies on the integration of Geographic Information Science (GIS) and advanced geospatial technology.

Geospatial analytics refers to the collection and manipulation of data based on location. It uses multiple technological tools, including Global Positioning Systems (GPS), Geographic Information Systems (GIS), georeferencing, metadata, and remote sensing to provide accurate modeling, trend analysis, and predictions. These analytics also filter out relevant and useful data from irrelevant data sets.

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Geospatial analysis applies various analytical techniques, such as statistical analysis, to analyze geographical and spatial data. It also uses software solutions capable of processing spatial data, rendering maps, and applying analytical methods to geographic or terrestrial datasets with the help of GIS and geomatics. Besides, geospatial information systems can be easily integrated into an organization’s enterprise information systems. These advantages are the major driving factors for the geospatial analytics market growth.

Geospatial Analytics Market Report Highlights

• The service segment is anticipated to emerge as the fastest-growing component segment over the forecast period owing to the increasing demand for deployment, training, and support services by government and public safety agencies
• The network & location analytics segment is anticipated to gain traction owing to the increasing use of network & location analytics systems by companies for analyzing buying behavior and foot traffic patterns as well as for studying behavior patterns in a brick-and-mortar environment
• The military intelligence application segment is expected to witness the highest growth over the forecast period owing to the rising adoption of UAVs and increasing number of remote sensing satellites
• Asia Pacific is expected to register the highest CAGR from 2023 to 2030. Numerous smart city initiatives such as the ASEAN Smart Cities Initiative are anticipated to fuel the demand for geospatial analytics software in the region

However, key restraining factors hampering the market growth include high acquisition costs and operational concerns such as a lack of skilled human resources, the limited presence of open standards and interoperability mechanisms, and integration issues between GIS and Environmental Resources Management (ERM) systems. Although the overall cost of geospatial analytics solutions has drastically declined over the last decade, owing to the increased availability of open-source tools and plunging hardware costs, it remains a major cause of concern for Small and Medium Scale Enterprises (SMEs).

Geospatial analytics was initially developed to tackle challenges faced by the environmental and life sciences industries, focusing on ecology, epidemiology, and geology. Over the years, the technology has been widely adopted to cater to many different industries, including government and defense, utilities, public safety, healthcare, and natural resources. It also finds major applications in Climate Change Adaptation (CCA) and Disaster Risk Reduction and Management (DRRM).

List of Key Players of Geospatial Analytics Market

• Alteryx, Inc.
• Bentley Systems Incorporated
• ESRI
• Fugro N.V.
• General Electric Company
• Google LLC
• Foursquare
• Trimble
• Maxar Technologies Inc.
• SAP SE