Geospatial analytics refers to the analysis of geospatial or Earth-based data. It involves utilizing mapping, surveying, remote sensing, and other tools to visualize, question, interpret and understand data through finding relationships, patterns and anomalies across multi-layered datasets that have a location or geography component. Geospatial analytics has wide applications across various industries including urban planning, disaster management, agriculture, logistics and transportation.
The global Geospatial Analytics Market is estimated to be valued at Us$ 73.36 Bn in 2024 and is expected to exhibit a CAGR Of 14% over the forecast period 2024-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growth in urbanization and digital transformation are driving the adoption of geospatial analytics across various industries. As per UN statistics, 68% of the world population is expected to live in urban areas by 2050. This has increased the need for governments and organizations to effectively manage resources, public utilities and handle challenges arising due to rapid urbanization. Geospatial analytics helps analyze spatial datasets through mapping, remote sensing and other tools to obtain insights for optimizing urban planning, infrastructure development and resource management. Furthermore, digital transformation initiatives globally are generating vast amounts of geospatial data through sensors, IoT devices and drones. Geospatial analytics provides tools to analyze this spatial big data and gain valuable insights for various business applications.
SWOT Analysis
Strength: Geospatial Analytics provides location-based insights that help organizations optimize operations and make data-driven decisions. It enables the extraction of meaningful information from geospatial data sources.
Weakness: High initial investment required for geospatial software, technologies, and skilled resources. Data privacy and security concerns regarding the use of location data.
Opportunity: Increasing usage of geospatial analytics in industries like agriculture, transportation & logistics provides new revenue opportunities. Growing adoption of geomarketing strategies by retailers augments demand.
Threats: Slow digitization in some emerging markets poses challenges. Rising competition from open-source and low-cost geographic information system solutions.
Key Takeaways
The Global Geospatial Analytics Market Demand is expected to witness high growth over the forecast period of 2024 to 2030.
Regional analysis indicates that North America currently dominates the market, followed by Europe. However, Asia Pacific is expected to grow at the fastest pace due to increasing investments in geospatial technologies by governments and enterprises across industries in countries like China and India.
Key players operating in the geospatial analytics market are Accell Group, Bodo Vehicle Group Co., Ltd, Butchers & Bicycles ApS, CERO Electric Cargo Bikes, DOUZE Factory SAS, Dutch Cargo Bike, G & O Family Cyclery, Gessato, Jinhua Jobo Technology Co., Ltd, Tern, Urban Arrow, Worksman Cycles, Xtracycle Inc, XYZ CARGO, and Yuba Bicycles LLC. The market is concentrated and dominated by few international brands that offer differentiated product portfolios targeting specific applications and buyer segments. Localized presence is also gaining traction in high growth regional markets.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it