Meticulous Research®—leading global market research company published a research report titled “Geospatial Analytics Market by Technology (Earth Observation, GIS, GNSS, 3D Scanning), Component, Deployment Mode, Organization Size, Application (Surveying, Urban Planning), and End User (Healthcare, Transportation, Telecom) - Global Forecast to 2028”.
According to this latest publication from Meticulous Research®, the global geospatial analytics market is expected to reach $256 billion by 2028 at a CAGR of 17.6% from 2021–2028.
Advancements in technologies such as artificial intelligence and machine learning that are widely used to enhance GIS solutions have boosted the growth of the geospatial analytics market during the past few years. AI-based geospatial analytics & intelligence, also widely known as GeoAI or GEOINT, are crucial for enterprises and government institutes, weather centers, national labs, defense agencies, and organizations in the healthcare, agriculture, insurance, and transportation sectors. The abovementioned end users are consistently moving towards more data-driven approaches to improve operational performance and derive actionable insights from available data sources. Advancements in big data technology are also propelling the demand for geospatial analytics in the market. The growing adoption of IoT devices and connected and autonomous vehicles has radically boosted the demand for geospatial analytics. However, the high costs of solutions and services and data privacy and confidentiality of geospatial data are some of the major factors that are hindering the market’s growth.
Organizations have started incorporating geospatial analytics on a considerable scale due to the benefits on offer. For instance, in March 2020, Hexagon AB (Sweden), one of the leading players in the geospatial analytics market, was selected by Innovate U.K., the innovation agency of the U.K., for a research project to expedite and improve the precision of railway infrastructure mapping with the use of geospatial analytics. In another instance, in November 2020, Targa Telematics (Italy), an IT company working in the connected vehicles space, partnered with TomTom N.V. (Netherlands) for a multi-year contract to augment TomTom Maps APIs and improve vehicle management and smart mobility solutions for its customers.
The geospatial analytics market is segmented based on technology, component, deployment mode, organization size, application, end user, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on technology, the geospatial analytics market is segmented into earth observation, geographic information system (GIS), global navigation satellite system (GNSS) & positioning, and 3D mapping technology. In 2021, the global navigation satellite system (GNSS) & positioning segment is estimated to account for the largest share of the geospatial analytics market. However, the 3D scanning segment is projected to record the highest CAGR during the forecast period. The fastest growth of this segment is mainly attributed to the growing adoption of UAVs across various end-use industries, including oil & gas, mining, healthcare, architecture, and engineering & construction. Benefits of using UAVs such as the ease of use, quick data transmission, and 360° panoramic relay in real-time are further expected to drive the growth of the 3D scanning segment over the forecast period.
Based on component, the geospatial analytics market is segmented into software and services. In 2021, the services segment is expected to account for the largest share of the geospatial analytics market. However, the software segment is projected to record the highest CAGR during the forecast period. This rapid growth is mainly attributed to the release of several geospatial analytics software solutions for functions such as geocoding, data integration & ETL, thematic mapping, and data storage & management. Also, growing awareness regarding the features of geospatial technology is expected to fuel the growth of the software segment.
Based on deployment mode, the geospatial analytics market is segmented into on-premise and cloud deployments. In 2021, the cloud segment is expected to account for the largest market share due to benefits such as pay-as-per-use, easy subscription models, web-based models, and high-end data security. The cloud segment is also anticipated to register the faster growth rate during the forecast period as cloud-based deployments provide analytical and visualization capabilities for various applications. Besides, flexibility, scalability, and hassle-free upgrades are also expected to contribute to the rapid growth of the segment.
Based on organization size, the geospatial analytics market is segmented into SMEs and large enterprises. The large enterprises segment is expected to account for the largest market share in 2021 due to the high costs of geospatial analytics solutions and services. However, the SMEs segment is projected to register the fastest growth rate during the forecast period due to affordable, subscription-based models offered by cloud-based platforms.
Based on application, the geospatial analytics market is segmented into surveying, military & border security, disaster management, urban planning, public safety, and asset management. In 2021, the surveying segment is expected to account for the largest share of the market. The large share of the segment is attributed to the high adoption of geospatial analytics technology for surveying applications across various industries, including agriculture, forestry, security & defense, oil & gas, transportation, and construction. However, the urban planning segment is expected to witness the fastest growth during the forecast period due to the growing incorporation of building information modeling (BIM) and geographic information systems (GIS) in urban planning.
Based on end user, the geospatial analytics market is segmented into natural resources, security & defense, BFSI, media & entertainment, healthcare, architecture, engineering & construction, education, telecom, manufacturing, oil & gas, retail, transportation & logistics, and utilities. In 2021, the transportation & logistics segment is expected to account for the largest market share. Additionally, it is projected to register the highest growth rate during the forecast period due to the increasing adoption of geospatial analytics in the transportation & logistics industry. The segment’s large market share and rapid growth are supported by the high adoption of geospatial analytics by major automotive players for better understanding the local and global landscape, tracking and expediting shipments, and optimizing inventories by mapping transit routes and warehouse locations.
Geographically, the geospatial analytics market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2021, North America is expected to account for the largest market share due to the presence of several large enterprises in the region and their rapid adoption of cloud computing, IoT, and big data technologies. However, the market in Asia-Pacific is expected to witness remarkable growth during the forecast period. The large population and the 1000+ planned future projects, including smart cities and infrastructure in the region, are expected to drive the market’s growth.
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The key players operating in the geospatial analytics market are ESRI (U.S.), Oracle Corporation (U.S.), Alteryx, Inc. (U.S.), Fugro N.V. (Netherlands), Hexagon AB (Sweden), RMSI Pvt. Ltd., India (India), SAP SE (Germany), Trimble Inc. (U.S.), L3Harris Technologies, Inc. (U.S.), General Electric Company (U.S.), TomTom N.V. (Netherlands), Autodesk, Inc. (U.S.), Google LLC (U.S.), Atkins (U.K.), AAM Pty Ltd. (Australia), Orbital Insight (U.S.), Cyient Limited (India), Precisely (U.S.), HERE (Netherlands), and CARTO (U.S.), among others.
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