BANGALORE, India | 3rd December: The Geospatial Analytics Market is segmented by Component (Solution and Service) Deployment Model (On-premise and Cloud), Enterprise Size (Large Enterprises and Small & Medium Enterprises), Solution (Geocoding & Reverse Geocoding, Data Integration & ETL, Reporting & Visualization, Thematic Mapping & Spatial Analysis, and Others), Type (Surface & Field Analytics, Network & Location Analytics, Geovisualization, and Others), Technology (Remote Sensing, GIS, GPS, and Others), Industry Vertical (Automotive, Energy & Utilities, Government, Defense & Intelligence, Smart Cities, Insurance, Natural Resources, and Others). It also covers Global Opportunity Analysis and Industry Forecast to 2027. This report is published on Valuates Reports in the Software Utilities Category.
The global geospatial analytics market size was valued at USD 58.35 billion in 2019 and is projected to reach USD 158.84 billion by 2027, growing at a CAGR of 14.2% from 2020 to 2027.
Major factors driving the growth of geospatial analytics market size are, increasing number of AI and ML-based GIS solutions, the emergence of smart cities and urbanization, increased deployment of IoT sensors across locations, and advancement in big data analytics for organizations by improving the workflow.
COVID-19 IMPACT ON THE GEOSPATIAL ANALYTICS MARKET
The COVID-19 pandemic has increased the geospatial analytics market size and is expected to exhibit a twofold increase during the forecast period. Also, according to a study conducted at the Institute for Disease Modeling in Seattle, high-quality geospatial data enables models to resolve the pandemic by providing effective information on risk factors, setting particular disease transmission characteristics, and predicting pathogen and viral prevalence.
Various government bodies are implementing geospatial analytics to achieve a real-time scenario in terms of monitoring coronavirus spread and the accurate and continuous up-dating of infected patients, thereby driving the market growth.
TRENDS INFLUENCING THE GEOSPATIAL ANALYTICS MARKET SIZE
The use of satellite monitoring to control the spread of COVID-19 is expected to drive the growth of the geospatial analytics market size. The demand for remote temperature sensors, such as infrared cameras, is increasing at a rapid pace throughout the pandemic. Remote sensing software enables epidemiologists to map disease distribution through various parameters such as demographics, geography, climate, etc. This increase in the adoption of remote sensing software for such applications leads to the growth of geospatial analytics.
Furthermore, the growth of the global geospatial analytics market size is driven by an increase in demand for AI-based GIS solutions and an increase in demand for geospatial analytics in the production of smart cities and urban planning.
Geospatial analysis refers to various computational methods, such as statistical analysis, for the analysis of geographical and spatial data. It also uses software solutions capable of processing spatial data and mapping and applying analytical methods to geographic or terrestrial datasets with the aid of GIS and geomatics. Various AI and Big Data advances have allowed geospatial analytics solutions and services providers to provide on-demand analysis of large and complex datasets. These developments have also made it possible to combine information systems into a hybrid cloud computing environment. These advantages are expected to further fuel the geospatial analytics market size.
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GEOSPATIAL ANALYTICS MARKET SHARE ANALYSIS
North America held the largest geospatial analytics market share in 2019 and is expected to continue its dominance during the forecast period. This dominance of North America is attributed to the presence of major players that offer advanced solutions. In addition, the presence of remote sensing satellites, the availability of high-speed internet and communication network infrastructure, and the widespread adoption of UAV technology to capture geospatial data are expected to further contribute to the growth of the geospatial analytics market size in the region.
Asia-Pacific is expected to witness the highest growth during the forecast period due to an increase in mobility penetration, change from 2D to 3D mapping, and an increase in the adoption of GIS technologies in China, South Korea and Japan.
By Deployment Model
By Enterprise Size
- Large Enterprises
- Small & Medium Enterprises
- Geocoding & Reverse Geocoding
- Data Integration & ETL
- Reporting & Visualization
- Thematic Mapping & Spatial Analysis
- Surface & Field Analytics
- Network & Location Analytics
- Remote Sensing
By Industry Vertical
- Energy & Utilities
- Defense & Intelligence
- Smart Cities
- Natural Resources
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East
Key Market Players
- Alteryx, Inc.
- Bentley Systems Incorporated
- Furgo NV
- General Electric
- Hexagon AB
- Google, Inc.
- MDA Corporation
- Oracle Corporation
- SAP SE
- Trimble, Inc.
- TOMTOM International, Inc.
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