The global Geospatial Analytics Market is estimated to be valued at US$ 63.68 Mn or Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Geospatial analytics involves the analysis of geospatial or Earth-based data obtained from various technologies like remote sensing, GIS, GPS etc. It helps in understanding patterns, relationships and trends through maps and geographic location. The use of geospatial analytics has applications in urban planning, agriculture, defense & security, insurance and more.
Market key trends:
One of the major trends in the Geospatial Analytics Market is the rising adoption of cloud-based geospatial analytics solutions. Cloud-based geospatial analytics solutions allow users to access maps, images and geospatial data from anywhere and run analyses at low costs. The other key trend is the increasing use of artificial intelligence and machine learning technologies in geospatial analytics. Companies are integrating AI/ML into their geospatial solutions to gain insights from imagery and location data by automatically recognizing patterns. This is facilitating advanced applications like precision agriculture, autonomous vehicles, smart cities and more.
Market key trends:
One of the key trends in the Geospatial Analytics Market Size is the growing adoption of location-based services and applications across various industries like transportation, urban planning, logistics etc. Geospatial technology is helping organizations make data-driven decisions by combining geographic information with business data. Location intelligence solutions provide critical insights on routes, facility management, resource planning, risk management etc.
SWOT Analysis
Strengths: Geospatial analytics offers powerful data visualization and helps analyze geographic and business data together. It provides location-based insights for better decision making.
Weaknesses: High initial costs and lack of skilled workforce can be challenges for some organizations. Data privacy and security is also a concern.
Opportunities: Growing focus on IoT, smart infrastructure and cities presents major growth opportunities. Rise of autonomous vehicles will further boost the adoption of geospatial analytics.
Threats: Open source alternatives can pose pricing pressure on key players. Regulatory uncertainties around data collection and sharing across borders.
Key Takeaways
The global geospatial analytics market is expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period, due to increasing demand from various industries for location-based insights. The market size for 2023 is estimated to be US$ 63.68 Mn.
Regional analysis: North America dominated the global market in 2022 due to strong technological adoption and presence of leading geospatial analytics providers in the US and Canada. Asia Pacific is expected to be the fastest growing region during the forecast period, led by rising digitalization and infrastructure development projects in China and India.
Key players operating in the geospatial analytics market are 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Alice Mutum
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights. LinkedIn