Geospatial analytics helps in display, gathering, and management of imagery along with satellite photography, GPS and collection of historical data that is inscribed in a geographic arena in terms of postal code and street address. The global geospatial analytics market is expected to grow at a significant rate during the forecast period. Technological advancements and advent of latest technologies such as IoT (Internet of Things), big data and artificial intelligence along with exaggerating requirement of this system among various business enterprises in developed as well as developing economies is expected to accentuate the growth of geospatial analytics market considerably across the globe.
Insight by Component
On the basis of component, the geospatial analytics market is segmented into services and software & solutions. Among all these segments, services segment is expected to witness higher growth during the forecast period. The growth of this segment is attributed to swelling requirement for training & support services among various business enterprises after the installation of the geospatial system. This is further expected to exaggerate the growth of geospatial analytics market across the globe.
Insight by Type
On the basis of type, the geospatial analytics market is segmented into network & location analytics, surface & field analytics, geo-visualization, and others. Among all these segments, networks & location analytics is expected to witness the highest CAGR during the forecast period since it is helping the business enterprises of several domains to expand their market base and effectively identify the target audience for their products.
Insight by Application
On the basis of application, the geospatial analytics market is categorized into medicine & public safety, climate change adaptation, surveying, disaster risk reduction & management and others. Among these segments, surveying segment is expected to generate the largest revenue to the global market due to the development of latest technologies such as sensors in which a large volume of geospatial data is accessible. Geospatial analytics systems are used at the time of natural calamity along with in various industries such as mining, defense & government, infrastructural development, and agriculture in order to exploit existing possessions in an optimum manner.
Insight by Vertical
On the basis of vertical, the geospatial analytics market is categorized into automotive, defense & intelligence, utility & communication, business, natural resources, government, and others. Among all these segments, automotive segmented is expected to witness the highest growth during the forecast period. The growth of this segment is attributed towards extensive concern among the population of various regions regarding safety as a consequence the government of those regions has authorized the implementation of GPS and GIS technique in vehicles thereby bolstering the growth of the global market.
The rapid increase in the adoption of the latest technologies and increasing demand for location-based services are the key trends observed in the growth of the geospatial analytics market, globally. The technologies such as spatial & biz analytics, location-enabled services, IoT, AR and VR are among a few technologies that are drastically emphasizing upon the need for geospatial analytics system.
For instance, AR and VR technique is playing a vital role among the various process manufacturing industries for construction and helps the users in identifying actual spatial space available in the real world that is translated from the virtual world. These technologies serve as a boon at the time of natural calamity that helps in protecting and securing people at the time of rescue operations. Moreover, the advantages of these technologies are thereby strengthening the growth of the geospatial analytics market across the globe.
The increasing upgradation of geospatial analytics with the help of artificial intelligence and big data analytics is the key factor that is driving the growth of the geospatial analytics market. The geospatial system in AI technology is observing rampant adherence due to the extensive adoption of geospatial data. According to a recent report, it has been observed that approximately 80% of the data that is being developed and soured is in spatial form and in order to exploit that data AI technology and automation is used that further makes the data useable for various other industry domains.
Furthermore, increasing dispersion of the internet of things (IoT) is another factor that is driving the growth of the geospatial analytics market, globally. There are several sensors such as scanners and cameras that provide data to smart systems on an everyday basis that includes the data regarding transport, healthcare, energy, and agriculture. Several industry domains are utilizing this data in order to predict the failure of machinery and further ordering it automatically before it becomes obsolete. Moreover, increasing adoption and benefits of these latest technologies are helping the business organizations in the effective functioning of their business operations that is thereby driving the growth of the global market.
High setup cost associated with the adoption of the geospatial system is expected to hinder the growth of the geospatial analytics market. Furthermore, a high amount of complexity involved with this system along with low awareness and utilization of geospatial systems in small and medium enterprises is hampering the growth of the global market
Globally, industry players are leveraging market growth through new product development, mergers & acquisitions, partnerships, increased investments and technological upgradation that is bolstering the growth of the geospatial analytics market across the globe.
Geographically, geospatial analytics market in North America generated the largest revenue in 2017, globally and is further anticipated to witness considerable growth during the forecast period. The growth of the market in this region is attributed towards technological advancement and increasing adoption of innovative technologies such as big data, cloud computing, artificial intelligence, Internet of Things (IoT), business intelligence tools and Artificial Intelligence (AI). Moreover, extensive security measures across several border areas are further anticipated to accentuate the growth of geospatial analytics market in North America.
The geospatial analytics market is fragmented and the key players operating in the market include DigitalGlobe, Alteryx, Fugro N.V., RMSI, Hexagon, SAP, Maxar Technologies, Trimble Navigation, MapLarge, Bentley Systems, Harris Corporation, ESRI, Pitney Bowes, General Electric Company, Oracle and Google.