Global Geocoding and Reverse Geocoding Market - 2023-2030

Global Geocoding and Reverse Geocoding Market - 2023-2030

Global geocoding and reverse geocoding market reached US$ 12.3 billion in 2022 and is expected to reach US$ 33.4 bllion by 2030, growing with a CAGR of 13.3% during the forecast period 2023-2030.

The new partnership agreements are one of the key elements that would propel the market for the Indian geocoding and reverse geocoding sector.. The Indian geocoding and reverse geocoding ecosystem has had substantial partnerships and collaborations since the Guidelines for Geocoding Data were published, which has improved technological integration in the nation.

Inter-disciplinary partnerships have been encouraged by numerous regulations that the government has enacted to give the private sector greater autonomy. As a result, the nation's geocoding and reverse geocoding technology has improved. In a short period of time, significant partnerships like those between Google, Tech Mahindra, and Genesys International, as well as Synspective and NeoGeo, have been observed. Therefore, India is expected to grow at a significant CAGR in the Asia-Pacific.

Market Dynamics

Revolutionising Geocoding and Reverse Geocoding with 5G Technology

The arrival of 5G is anticipated to accelerate industry growth by enabling the collection of excellent geographic data. It is projected that the rollout of 5G network services will create new opportunities for geocoding and reverse geocoding service providers. To support market growth throughout the forecast period, the 5G network would primarily utilize the spectrum's low-band, mid-band, and high-band sections.

With the capacity to transmit data faster than previous generations of wireless technology, 5G will enable everything from smartphones to driverless vehicles and smart cities. 5G introduces a series of issues that need to be resolved with the help of detailed and dynamic geocoding and reverse geocoding data and information in order for this technology to operate successfully. Therefore, above mentioned factors drives the growth of the global geocoding and reverse geocoding market.

Fleet Management Using Reverse Geocoding

To operate, fleets need geographic information. Reverse geocoding is a useful tool for mapping and locational data. Through fleet tracking hardware and software, reverse geocoding can be most effectively used in fleet management. GPS tracking can be used for reverse geocoding to give fleet managers the exact addresses of the cars.

Effective fleets always keep track of their vehicles using a GPS-based system. They can predict delivery and pickup times, keep a watch on driver behaviour, and keep track of their assets with the use of GPS. However, latitude and longitude coordinates are the form that GPS systems use to store locational information. Despite being exact, most people have little to no understanding of these geographic data. As a result, the industry for reverse geocoding expanded globally.

Lack of Skilled Labors

Technologies like geocoding and reverse geocoding depend on skilled professionals who are familiar with geocoding and reverse geocoding data, GIS software, and related tools. If there is a shortage of these experts, geocoding solutions may not be adopted or used effectively across industries.

Users may have relied on manual or outdated data transmission techniques prior to the widespread use of effective geocoding and reverse geocoding systems. These techniques could be labor-intensive, prone to mistakes, and less precise, resulting in disappointments with the data's quality and overall output.

COVID-19 Impact Analysi

The COVID-19 pandemic had a minimal impact on the geocoding and reverse geocoding analytics market, and many companies, including healthcare organisations and governments, adopted geocoding and reverse geocoding techniques in the delivery of medical supplies and medications during the pandemic. Additionally, different countries experience various challenges that have an impact on response efforts and can be resolved using geocoding and reverse geocoding analytics.

To give correct insights, many businesses are updating their systems to automate using AI and ML technology. Due to the development of 5G technologies, this trend is expected to continue to climb over the forecast period. In the near future, new startups will fuel the need for the geocoding and reverse geocoding market.

Segment Analysis

The global geocoding and reverse geocoding market is segmented based on component, deployment, end-user and region.

Cost Savings, Scalability, and Diverse Applications Drives the Segmental Growth

Cloud-based grocoding has several benefits, incldui=ding cost savings, scalability and accessibility. By using cloud-based geocoding, businesses can save on the cost of hardware and software, enabling them to acccess geocoding technology at a lower cost. Cloud-based geocoding is also scalable and is being used in a variety of applications inlcusing logistics, real estate and urban planning.

For example, the logistics company UPS uses cloud-based geocoding to optimize its delivery routes based on real-time traffic data. Hence, cloud-based segment is expected to grow at a significant CAGR during the forecast period.

Geographical Analysis

Surge of Smart City Solutions in the Asia Pacific Market

Due to the region's growing economies, especially those of India, China, and Indonesia, the number of people living in cities has greatly expanded. As a result, the Asia Pacific market will have the highest growth.

In China, South Korea, and India, which are setting the standard for developing 5G and IoT infrastructure, this expansion has sparked a spike in demand for smart cities, smart infrastructure, and well-planned urban landscapes. All of these factors would contribute to the APAC market expanding throughout the forecasted period and is expected to grow at a highest CAGR.

Competitive Landscape

The major global players include Google Maps Platform, HERE Technologies, Esri, Tom Tom, Mapbox, OpenStreetMap, Microsoft Bing Maps, SmartyStreets, Geocodio and MapQuest.

Why Purchase the Report?
• To visualize the global geocoding and reverse geocoding market segmentation based on component, deployment, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of geocoding and reverse geocoding market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global geocoding and reverse geocoding market report would provide approximately 61 tables, 58 figures and 195 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies