July 22, 2024
Geospatial Analytics Market

Geospatial Analytics Market Is Estimated To Witness High Growth Owing To Increasing Adoption of Location-Based Services and Growing Focus on Business Intelligence

The Geospatial Analytics Market is estimated to be valued at US$ 59.46 billion in 2022 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Geospatial analytics involves the collection, analysis, and interpretation of data related to geographic locations. It uses various technologies such as GPS, GIS, and remote sensing to gather data and provide insights for better decision-making. Geospatial analytics finds extensive applications in sectors such as agriculture, transportation, urban planning, and defense. With the increasing adoption of location-based services and the growing focus on business intelligence, the demand for geospatial analytics is expected to witness significant growth in the coming years.

Market Dynamics:

The geospatial analytics market is driven by various factors, including the increasing demand for location-based services for navigation and tracking purposes. Moreover, the need for efficient resource management and better decision-making in industries such as agriculture and logistics is fueling the market growth. Additionally, the rise in government initiatives for smart city development and the integration of geospatial analytics with emerging technologies like artificial intelligence and machine learning are creating opportunities for market players. However, data privacy concerns and the high cost associated with geospatial analytics solutions may hinder market growth to some extent. Overall, the geospatial analytics market is poised to witness high growth in the forecast period.

Segment Analysis:

The global geospatial analytics market can be segmented based on component, type, application, and end-user. By component, the market can be further divided into software and services. The software segment dominates the market due to the increasing demand for advanced analytics solutions. The software segment is expected to witness significant growth during the forecast period, driven by the rising adoption of location-based analytics. Within the software segment, the demand for geocoding and reverse geocoding software is anticipated to be the highest, as it enables efficient address validation and location intelligence.

PEST Analysis:

Political: The political factors influencing the geospatial analytics market include government regulations and policies related to data privacy and security. Governments across the globe are implementing stricter regulations to protect user data and ensure its secure handling.

Economic: The economic factors driving the geospatial analytics market include the increasing demand for location-based services and the growing adoption of advanced analytics solutions by businesses. These factors are fueling market growth and creating opportunities for key players.

Social: The social factors impacting the market include the growing awareness and importance of location intelligence in various industries such as transportation, healthcare, and retail. The ability to analyze and utilize geospatial data to make informed decisions is becoming increasingly crucial for organizations.

Technological: The technological factors driving the market include advancements in cloud computing, artificial intelligence, and the Internet of Things (IoT). These technologies enable the efficient collection, processing, and analysis of geospatial data, thereby driving the adoption of geospatial analytics solutions.

Key Takeaways:

The global geospatial analytics market is expected to witness high growth, exhibiting a CAGR of 7.1% over the forecast period, due to increasing demand for location-based analytics and advancements in technology. The market size for 2022 was US$ 59.46 billion.

In terms of regional analysis, North America is the fastest-growing and dominating region in the geospatial analytics market. The region has a strong presence of key players and advanced technological infrastructure. Moreover, the increasing adoption of advanced analytics solutions across various industries is driving market growth in this region.

Key players operating in the geospatial analytics market include Alteryx, Inc., Bentley Systems Incorporated, ESRI, Furgo NV, General Electric, Hexagon AB, Google, Inc., MDA Corporation, Oracle Corporation, SAP SE, Trimble, Inc., and TOMTOM International, Inc. These key players are focusing on strategic partnerships, acquisitions, and product innovations to strengthen their market position and cater to the growing demand for geospatial analytics solutions.

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