The Geospatial Analytics Market refers to the technology associated with the collection, reporting, and analysis of geographic or geo-spatial data. It involves data related to people, networks, and physical assets, which can be analyzed for optimizing various business operations. Geospatial analytics help organizations process and visualize operational data on interactive maps that facilitates easy decision making. It finds applications across various verticals such as agriculture, mining, utilities and defense & intelligence for tasks including precision agriculture, GIS mapping, infrastructure development and planning, emergency response management and national security operations. With growing digitalization and collection of location data through sources like GPS, IoT devices and aerial/satellite imagery, geospatial analytics offers capabilities to transform raw data into useful business insights.
The global Geospatial Analytics Market is estimated to be valued at US$ 63.68 Mn in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the Geospatial Analytics Market is the increasing adoption of cloud and AI technologies. Organizations are leveraging cloud-based geospatial solutions for achieving flexibility, scalability and on-demand access to location intelligence. Cloud platforms also offer cost benefits of pay-per-use model over expensive hardware installations. Furthermore, integration of AI techniques like machine learning and neural networks is enhancing the analytics capabilities. Advanced algorithms can now process vast pools of geospatial data to generate highly accurate predictions related to variables like crop yields, demand forecasting, risk assessment and optimal resource allocation. This is empowering organizations across sectors to make prompt and informed operational decisions.
Porter’s Analysis
Threat of new entrants: Low capital requirements and lack of regulations pose a threat of new entrants. However, established players have strong brand equity and economies of scale.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of alternatives and standardized products. However, switching costs are low.
Bargaining power of suppliers: A few large players dominate the supply market, giving them significant bargaining power over pricing and supply.
Threat of new substitutes: Emerging technologies around AR/VR and AI pose a threat of substitution.
Competitive rivalry: The market is intensely competitive with the presence of global and regional players. Price competition is high due to standardized offerings.
Key Takeaways
The Global Geospatial Analytics Market Size is expected to witness high growth. The market size for 2024 is projected to reach US$ 63.68 Mn, indicating substantial growth over the forecast period of 2023 to 2030.
Regional analysis: North America dominates the market currently due to high technology adoption. However, Asia Pacific is expected to grow at the fastest pace led by countries such as China and India. Increasing investments in spatial data infrastructure and analytics by governments are driving the growth.
Key players: 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 witnessing increasing merger and acquisition activities by major players to consolidate their positions.
*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