February 22, 2024

Geospatial Analytics Is Expected To Be Flourished By Growing Demand For Location-Based Services

Geospatial analytics refers to the examination and manipulation of geospatial data to reveal hidden patterns and relationships. This technology helps reveal insights from geographic dimensions of diverse data through location detection. It integrates spatial relationships with non-spatial data to understand people, places, and events. Key applications include urban and regional planning, public safety and emergency response, precision agriculture, trade area analysis, transportation, and mining, among others. The global geospatial analytics market is still in a nascent phase with immense potential for growth. Significant growth drivers include increasing use of geospatial solutions across organizations for various location-based services and applications. Growing need for evidence-based decision making along with rise in volume and variety of geospatial data from diverse sources have augmented the demand for geospatial analytics-based insights.

The global Geospatial Analytics Market is estimated to be valued at US$ 73.36 Billion in 2024 and is expected to exhibit a CAGR Of 14% over the forecast period 2024 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

Growing Demand for Location-Based Services: Growing digitalization and advancements in technologies have led to immense demand for location-based services across sectors. Applications incorporating geospatial analysis are being widely used across various industries for functions such as fleet and supply chain management, risk assessment, predictive analytics, and others. This driver referred from the heading is expected to boost the geospatial analytics market significantly over the forecast period.
Precision Agriculture Adoption: Geospatial analytics solutions are increasingly being utilized by farmers for precision agriculture to boost productivity and maximize cultivation outcomes. Features such as yield monitoring, soil mapping, variable rate technology, and crop scouting benefit farmers through optimized input usage. This is another dominant factor fueling the market growth.

 

Segment Analysis

The geospatial analytics market is dominated by the hardware sub segment such as geospatial surveillance analytics and 3D geospatial data identification. The hardware sub segment accounts for over 55% share of the overall market owing to its wide application in defence and government sector for national security purposes, tracking of unmanned vehicles, and geospatial surveillance from satellites. The software sub segment is expected to witness highest growth during the forecast period due to increasing adoption of GIS and analytical tools across industries for various applications including urban planning, emergency response management and predictive analysis.

PEST Analysis

Political: Geospatial analytics platforms experience policy support and funding from government agencies globally for critical infrastructure management, border security, emergency response management and national mapping programs.

Economic: Growth of emerging economies, rise in infrastructure development projects, and increasing spending on geospatial solutions by commercial sector for business intelligence and predictive analytics is expected to drive spending on geospatial analytics.

Social: Increasing usage of location-based applications and spatial data tagging of social media content enables various organizations to monitor social trends and plan business expansion accordingly.

Technological: Enabling technologies like AI, IoT, cloud computing and 5G connectivity provide opportunities for real-time analytics and improved scalability of geospatial solutions. Advancements in GIS, mapping and spatial data collection tools also support market growth.

Key Takeaways

The Global Geospatial Analytics Market Demand is expected to witness high growth during the forecast period owing to rising spend on technological solutions for urban planning, infrastructure development and business intelligence across industries.

The Asia Pacific region is projected to be the fastest growing regional market due to increasing government initiatives and heavy investments for national mapping programs in countries like China and India.

Key players operating in the geospatial analytics market are Esri, HEXAGON, Pitney Bowes, General Electric, HERE Technologies, Trimble, Topcon, Atlas Enterprise, DigitalGlobe, Ceinsys Tech Limited, and L3Harris Technologies. Esri leads the geospatial analytics platform market with its extensive GIS software and analytical tools deployed across a wide range of industry verticals for spatial data processing and visualization.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it