Geospatial Analytics Market to Hit USD 256 Billion by 2028, at a CAGR of 17.6% from 2022-2028 due to Its Key Role in Optimal Deployment of Networks and Services
SkyQuest's latest research report on the geospatial analytics market will be a crucial resource for market participants and investors. The accurate portrayal of the global market dynamics, including industry growth trends, financial positioning, technological assessment, growth plans, regional scopes, product pipeline, product portfolio, and competitive scenario, makes it a comprehensive report. Furthermore, multi-level research, expert interviews, and cutting-edge analysis technologies are used to authenticate the report's reliable findings.
Westford, USA, Feb. 01, 2023 (GLOBE NEWSWIRE) -- North America brings lucrative growth opportunities for geospatial analytics market players due to increasing reliance on geospatial data to strengthen border security operations. The main element boosting market growth is the soaring demand for artificial intelligence across several end-user industries. For example, Analytics, business solutions, and the medical and healthcare industries are quickly adopting Artificial Intelligence (AI). The industry demand is also driven by the expanding requirement for cloud computing technology and high-performance computing capabilities. In addition, the market is expanding profitably due to technological developments in 5G communications technology and 4D GIS software.
According to SkyQuest, the total spending on smart city projects was USD 36.54 billion in 2022 and is projected to cross USD 57.32 billion by 2025. A centralized information system based on GIS would provide an IT infrastructure for installing and managing applications and data in each step of the development life cycle of smart cities, opening up significant market potential.
Browse in-depth TOC on the "Geospatial Analytics Market"
Pages - 274
Tables - 156
Figures - 78
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Geospatial analytics are utilized to add location and timing to conventional sorts of data to create effective data visualization. It also includes graphs, maps, statistics, and cartograms that show past and present shifts. Governments and businesses are increasingly relying on geospatial data as a source of information for making choices about risk assessment and mitigation, disaster management, and urban development.
Prominent Players in Geospatial Analytics Market
ESRI (U.S.)
Alteryx, Inc. (U.S.)
Oracle Corporation (U.S.)
Hexagon AB (Sweden)
Fugro N.V. (Netherlands)
SAP SE (Germany)
RMSI Pvt. Ltd., India (India)
L3Harris Technologies, Inc. (U.S.)
Trimble Inc. (U.S.)
TomTom N.V. (Netherlands)
General Electric Company (U.S.)
Google LLC (U.S.)
Autodesk, Inc. (U.S.)
AAM Pty Ltd. (Australia)
Atkins (U.K.)
Cyient Limited (India)
Orbital Insight (U.S.)
HERE (Netherlands)
Precisely (U.S.)
CARTO (U.S.)
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Surveying Segment to Dominate the Geospatial Analytics Market owing to Increasing Use during Border Petroleum Activities
The geospatial analytics market's surveying segment had the majority share in 2022 and is anticipated to grow exponentially from 2022 to 2028 to witness a CAGR of 21.4%. Such growth is a result of its broad use in monitoring natural resources and agriculture. Conversely, the military intelligence section will grow swiftly during the projected period. It may be because more remote sensing satellites are being utilized for border patrols globally, which makes using geospatial analytics necessary.
In North America, there is an evolving market space for geospatial analytics. The most well-known geospatial analytics market is this one. Most players are based in North America and heavily rely on geospatial analytics technologies in industries including transportation, utilities, agriculture, and construction. It is anticipated that increased expenditures in location-based technologies will speed up North American adoption of geospatial technology and applications.
Cloud Segment to Drive Higher Traction Thanks to Its High-Security Solutions Offerings
The cloud segment is predicted to take a huge leap with an impressive CAGR of 18.3% from 2022 to 2028. Cloud-based analytics solutions are accessible via private, hybrid, public, or community cloud services depending on the companies' security, collaboration, and ownership needs. This cloud data can be available to the general public for open access and ongoing upgrades. Additionally, cloud platforms eliminate cyber dangers and data security hazards, another factor encouraging the use of cloud-based geospatial analytics solutions. As 5G technology can be used to acquire incredibly accurate geographic data, implementing 5G network services would open up new opportunities for geospatial analytics companies.
The Asia Pacific region is expected to progress quickly due to rising demand in China, India, and Japan. The fast industrialization of China and the expansion of the infrastructure and logistics industries are mostly to blame for the country's rising demand. These nations make substantial use of analytics programs for managing forests, monitoring the environment, and responding to disasters. Additionally, the application of geospatial analytics by the regional government and public safety organizations has increased significantly.
The geospatial analytics market report is a comprehensive document for market players and other stakeholders to support during the formation of business policies and plans. It helps you find your major application areas and the differences in your target markets by discovering various pockets of growth and business approaches. Market research shows the past, present, and projected market size and trends along with analysis of complex facts in easy to understand way.
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Key Developments in Geospatial Analytics Market
ACO Health Partners in Florida has partnered with Spatially Health, a health tech firm created by women. The business will connect its technology with the accountable care organization. It employs geospatial analytics and location intelligence to uncover social determinants of health. The adaptive platform, which adapts to new data, recommends tailored interventions to eliminate care barriers and ranks patients according to their vulnerability so that the most urgent requirements are attended to first.
In collaboration with MSCI, a provider of decision support tools and services, Google Cloud has developed a cloud-native investment data acquisition and development platform. By providing information, insights, and solutions to accelerate and improve investors' decision-making processes, the platform will enable MSCI to broaden its portfolio of solutions. Additionally, MSCI will be able to comprehend climate risk measures by geography thanks to the geospatial analytics capabilities made available by Google Cloud.
Thaicom, a US-based company that operates and provides satellite communication services, recently announced a partnership with Orbital Insight Inc. Through this cooperation, Thaicom will be able to provide its customers in Thailand and the area top-notch data insights and intelligence services using Orbital Insight's geospatial analytics platform. The Orbital Insight Platform can transform a variety of geospatial data sources from satellite-based technology and other global sensors from a wide range of service providers worldwide.
India-based spacetech firm SatSure Analytics Pvt. Ltd announced the purchase of Philadelphia-based geospatial services provider Old City Innovations (previously Geospoc LLC) in a cash-plus-stock agreement, marking the company's entry into the U.S. market. A few weeks prior, SatSure purchased the software-as-a-service (SaaS) platform CropTrails for an undisclosed fee to enter international markets like those in Africa, Latin America, and Southeast Asia.
Key Questions Answered in Geospatial Analytics Market Report
What is the global market's expected valuation and growth rate over the forecast period?
Which are promising factors likely to bring positive growth to the global market?
What are the major risks and hurdles associated with the target market?
How can market players take advantage of prevailing opportunities in the market?
Which regions/countries are projected to bring higher revenue growth?
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