Definition of Geospatial Analytics  

Geospatial analytics is a type of computational methodology that involves geospatial data, geographical information, location data, and, increasing, high-resolution imaging, computer vision, and other kinds of artificial intelligence to derive structured data for specific applications and enterprises. Easy-to-identify visual patterns and images provide insights to the users that most often remain hidden in a huge spreadsheet. Besides this, large volumes of geographic and geometric data can also be analyzed by the use of geospatial analytical tools and can be immediately processed by the end-users. These analytical tools also allow users to interact with billions of mapped locations while viewing geospatial representations in real-time. Users are estimated to rapidly see how something has evolved from days to years by examining data across time and geography.

Global Geospatial Analytics Market: Key Insights

Global Geospatial Analytics Market Highlights Over 2023 - 2035

The global geospatial analytics market is estimated to garner a revenue of ~USD 573 Billion by the end of 2035 by growing at a CAGR of ~15% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of ~USD 69 Billion in the year 2022. Over the past few years, businesses worldwide have witnessed several challenges with the emergence of big data analytics, as a large volume of data is created worldwide every single day. For instance, by the end of 2025, it is expected that about 180 zettabytes volume of data would be created, while over 2 quintillion bytes worth of data is generated every day. To address the challenges, these businesses are always looking out for solutions that would help them for better analytical decision-making, therefore helping them gain a competitive advantage. Further, with the advent of new technologies, such as embedded sensors, cloud services, and social media, the mapping, and analysis of data have become highly complicated, thereby raising the need for geospatial analytical tools. Such a factor is therefore anticipated to drive the growth of the market in the coming years.

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Geospatial analysis technology gathers geographical information and imagery from earth observation, geographical information systems (GIS), global positioning and navigation systems, location sensors, and mobile devices, analyze data visualization, and facilitates tracking of the connections between locations and people. As of increasing usage of AI dynamism in the geospatial array, geospatial artificial intelligence (GeoAI) is creating a huge influence in urban planning and development for planning, collecting, predicting, managing, and analyzing the location-oriented data for smart cities development throughout the world. Besides this, a huge count of organizations has been deploying location-based tracking services, which is also estimated to propel the growth of the market over the forecast period. For instance, by the end of 2021, it was projected that approximately 38% of major and mid-sized enterprises had used location intelligence software, which denoted an increase from roughly 12% in 2019. Such an increase in the deployment of location-based tracking services over the past years, especially during 2019-2021, is anticipated to drive the market growth further throughout the forecast period.

Global Geospatial Analytics Market: Growth Drivers and Challenges

Growth Drivers

• Worldwide Rising Use of GPS Technology - Global positioning system (GPS) technology is being used for tracking, mapping, navigation, and measuring the specific distance of a person, vehicle, or thing from several satellites. GPS uses rubidium clocks on each satellite to calculate the exact timeframe. These clocks allow satellites to recognize their specific location at very accurate periods, and this timing input is used in a variety of applications such as marine hydrography, driverless vehicles, and precision agriculture among others. Thus, the increasing usage of GPS devices in various applications is expected to create numerous opportunities for the growth of the geospatial analytics market over the forecast period. For instance, the worldwide total export value of GPS devices reached around USD 10 billion in the year 2018, and the export value for the same expanded to nearly 12 billion in 2019.

• Increasing Technological Investment in Smart Cities – For instance, global technology expenditure on smart city projects is expected to more than double between 2018 and 2023, expanding from nearly USD 85 billion in 2018 to USD 195 billion in 2023.

• Advantages of Real-Time Data Collection with Geospatial Analysis – For instance, real-time data collection and analysis are crucial for efficient geographic data administration. It refers to a new period of commercial viability. Organizations make time-sensitive decisions by using accurate and relevant data. Customers already have been using services such as cab bookings, and food delivery that tracks the driver's whereabouts in real time.

• Worldwide Increasing Use of Augmented Reality - Globally, around 1 billion mobile AR user devices are anticipated by 2022. Whereas, nearly 1.9 billion mobile augmented reality (AR) consumer devices are estimated to be in use globally by the end of 2024.

• Significant Upsurge in 5G Adoption - Globally, there were approximately 440 million additional 5G connections added between the second quarters of 2021 and 2022, a rise of nearly 1,126.8 percent from 387 million to 820 million.

Challenges

• High Cost for the Acquisition of Geospatial Analytics Systems and Software – Geospatial analytics is expected to be a significant source of innovation, assisting in resolving issues related to risk, operations, marketing, and human resources. But these systems, and software are comparatively higher in cost to deploy. Hence, the soaring cost of geospatial analytics systems and software is estimated as a major hindrance in the growth of the geospatial analytics market during the projected timeframe.

• Lack of Skilled Labor for Operating the Geospatial Analytics System

• Concerns Regarding the Data Privacy and Security Threats

The global geospatial analytics market is segmented and analyzed for demand and supply by type into surface & field analytics, network & location analytics, and others. Amongst these, the surface & field analytics segment is anticipated to hold the largest share by the end of 2035 owing to the rising adoption of geospatial analytics for infrastructure development projects by the government. Moreover, it is used in agricultural projects to determine the flow of water, which is also anticipated to drive the growth of the segment in the coming years. For instance, based on a 2022 report of India's Rural Development Ministry, the rural development ministry department has mapped nearly 46 lakh km of rural roads utilizing 21 data layers of the geospatial generated map, which incorporates digital information on water sources, green spaces, plots, and other administrative structures.

Global Geospatial Analytics Market Regional Synopsis

The Asia Pacific geospatial analytics market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035 on the back of an increase in investment in smart cities infrastructure to attain a more secure environment. For instance, the smart cities mission in India has been allocated approximately USD 868 million in 2021 under the union budget 2021-2022. Besides this, growing awareness amongst the urban population, which is growing at a significant pace, for use of GIS tools for location tracking, is also anticipated to drive market growth during the forecast period.

Market Segmentation

Our in-depth analysis of the global geospatial analytics market includes the following segments:

Key Companies Dominating the Global Geospatial Analytics Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global geospatial analytics market that are included in our report are L3Harris Geospatial Solutions, Inc., Bentley Systems, Incorporated, Hexagon AB, General Electric Company, ARCTERYX, INC., Fugro N.V., TomTom International BV., Trimble, Inc., SAP SE, Maxar Technologies Holdings Inc., and others.

Global Geospatial Analytics Market: Latest Developments

• 3^rd June 2021: Trimble Inc., announced the addition of a geotechnical portfolio to its geospatial automated monitoring portfolio through a collaboration with Worldsensing that enables survey, geotechnical, and structural engineers to seamlessly expand their monitoring business opportunities with a comprehensive solution that incorporates geotechnical and geospatial data.

• 10^th March 2021: Hexagon’s Geospatial division (Hexagon AB) launched M.App Enterprise 2021, an update to its platform for creating geospatial and location intelligence applications.   

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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