|Status : Upcoming||Report Code : VRICT5002||Industry : ICT & Media||Available Format :|
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, propelling the growth of the market.
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.
Insight by Component
Based on component, the global geospatial analytics market is categorized into services, and software and solutions, wherein services category is expected to witness faster growth during the forecast period. The growth of this category is attributed to increasing requirement for training & support services among various business enterprises after the installation of the geospatial system.
Insight by Type
On the basis of type, the global geospatial analytics market is divided into network and location analytics, surface and field analytics, geo-visualization, and others. Of all, the network and location analytics category is expected to witness fastest growth during the forecast period as 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
Based on application, the global geospatial analytics market is categorized into medicine and public safety, climate change adaptation, surveying, disaster risk reduction and management, and others. Of all, the surveying application accounted for the largest share in 2017 due to the development of the 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 global geospatial analytics market can be segmented into automotive, defense and intelligence, utility and communication, business, natural resources, government, and others. Of all, the automotive sector is expected to witness the fastest growth during the forecast period. The growth of this category 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 global geospatial analytics market. 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.
Global geospatial analytics market has been driven by several key factors, predominantly increasing upgradation of geospatial analytics with the help of artificial intelligence and big data analytics. 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 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 are thereby driving the growth of the global market.
Key factors hindering the growth of the geospatial analytics market are high setup cost associated with the adoption of the geospatial system. 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.
North America has been one of the largest consumers of geospatial analytics 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.
Market players in the global geospatial analytics industry are investing capital to develop technologically advanced system and new products. These players are also entering into partnerships, collaboration, acquisitions and also launching new products to cater to the demand of different organizations.
Some of the key players operating in the global geospatial analytics market are 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.