|Status : Published||Published On : Jun, 2021||Report Code : VRICT5002||Industry : ICT & Media||Available Format :||Page : 188|
The global geospatial analytics market is anticipated to grow at a CAGR of 13.8 %, along with market valuation from USD 51.6 billion in 2020 to USD 97.3 billion in 2027. Technological advancement and the emergence of the latest technologies such as IoT (Internet of Things), big data, and artificial intelligence, as well as the exaggerated demand for the system by various companies in developed and developing economies, have driven the growth of the market. These developments have also enabled the integration of information systems with hybrid cloud computing environments.
Geospatial analytics helps to display, collect and manage imagery, satellite photos, GPS, and the collection of historical data that are recorded in geographic areas based on zip codes and street addresses. Geospatial analytics is used in various industries including government and defense, utilities, public safety, healthcare, and natural resources.
The COVID-19 pandemic has provided many opportunities in the geospatial analytics market in the healthcare sector. Healthcare consultants, government decision-makers, and institutions working at the ground level have collaborated to generate real-time data about COVID-infected patients and share geographic information about COVID19-prone areas to spread awareness among the public and control the spread of coronavirus.
Insight by Component
On the basis of component, the global geospatial analytics market is segmented into services, and software, and solutions. The services category is anticipated to have faster growth during the forecast period. The growth of this category is attributable to the growing demand for deployment, training, and support services by companies, governments, and public safety agencies after the installation of geospatial systems.
Insight by Type
On the basis of type, the global geospatial analytics market is categorized into network and location analytics, surface and field analytics, geo-visualization, and others. The network and location analytics segment is anticipated to experience the fastest growth during the forecast period as it is helping the companies of several domains to analyze the buying behavior and foot-traffic patterns to expand their market base and effectively determine the target audience for their products.
Insight by Application
Based on application, the global geospatial analytics market is divided into medicine and public safety, climate change adaptation, surveying, disaster risk reduction and management, and others. Due to the latest technological developments, such as sensors that can access large amounts of geospatial data, surveying applications will account for the largest share during the forecast period. Geospatial analytics systems are used at the time of natural calamity and are used in various industries such as mining, defense & security, archiecture, engineering & construction, oil & gas, 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 categorized into automotive, defense and intelligence, utility and communication, business, natural resources, government, and others. Of all, the automotive sector is anticipated to experience the fastest growth during the forecast period. The growth of this category is attributed to the extensive use of new and advanced technologies such as IoT, 5G, and self-driving cars. The major concern among the population is safety as a result, the government has authorized the implementation of GPS and GIS techniques in vehicles thereby bolstering the growth of the global geospatial analytics market.
The rapid increase in the adoption of the latest technology and the growing demand for location-based services are the main trends observed in the global geospatial analytics market. Technologies such as commercial and spatial analysis, location services, Internet of things, AR and VR are very few technologies that emphasize the demand for geospatial analysis systems. For example, AR and VR technologies plays an important role in the manufacturing industries for construction and help users to identify the real space available in the real world converted from the virtual world. These technologies play an important role when natural disasters occur and help protect and ensure the safety of people during rescue operations.
Factors that drive the growth of the market are the increase in the upgradation of geospatial analytics with the help of artificial intelligence and big data analytics. According to a recent report, it has been observed that about 80% of the data that is developed and deteriorated is in spatial form, artificial intelligence and automation technologies are adopted to make the data available for various other industries.
In addition, the increasing deployments of IoT is another factor driving the growth of the global geospatial analytics market. There are various sensors, such as scanners and cameras, that provide data to smart systems on a daily basis, including data related to transportation, healthcare, energy, and agriculture. Various industries are using this data to predict machine failures and automatically eliminate them before they become obsolete. In addition, the increasing popularity and advantages of these latest technologies are helping business enterprises to effectively carry out business operations, thereby propelling the growth of the global geospatial analytics market.
The factors hampering the growth of the geospatial analytics market are the high setup costs, high acquisition costs, and operational concerns such as lack of skilled human resources. In addition, the high level of complexity involved in the system and the limited knowledge and use of geospatial systems by small and medium-sized companies hamper the growth of the global market.
Globally, industry participants are taking advantage of market growth through new product development, mergers and acquisitions, partnerships, increased investment, and technology development, which are driving the growth of the global geospatial analytics market.
North America dominates the geospatial analytics market during the forecast period, owing to technological developments and the increasing adoption of emerging technologies such as big data, cloud computing, artificial intelligence, the Internet of Things (IoT), business intelligence tools, and artificial intelligence (AI). In addition, extensive security measures in several border areas are expected to promote the growth of the North American geospatial analysis market.
Asia-Pacific is anticipated to have the highest growth in geospatial analytics market due to rapid urbanisation in countries such as India, China, and Indonesia. Thus there is a high demand for smart cities, smart infrastructure, and well-planned urban landscapes.
• Key players in the global geospatial analytics industry are making massive investments to develop of new products and technologically advanced systems. These participants are also entering into partnerships, collaborations, acquisitions, and launching new products to meet the needs of different organizations.
• Esri unveiled new ArcGis platform features. Esri introduced a new deployment option to ArcGIS Indoors and Space Planner (a new app template) as well as a number of other changes for ArcGIS Indoors mobile and ArcGIS Indoors in ArcGIS Pro.
• Syncsort purchased Pitney Bowes' software and data business and rebranded as Precisely. Precisely would assist businesses in making better judgments and achieving better results.
Oracle Database's machine learning, spatial, and graph features were added in their product category. Oracle stated that all on-premises editions and Oracle Cloud Database Services can leverage Oracle Database's machine learning, spatial, and graph technologies for development and deployment.
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.
Source: VynZ Research