Geospatial Analytics Market Analysis and forecast to 2032: By Type (Surface Analysis, Network Analysis, Geovisualization), End User Vertical (Agriculture, Utility and Communication, Defense and Intelligence, Government, Natural Resources, Others), and Reg

The global geospatial analytics market was valued at USD 55.6 billion in 2022 and it is anticipated to grow further till USD 280.8 billion by 2032, at a CAGR of 17.6% during the forecast period.

Geospatial analytics is the process of analyzing data that has a geographic component to it. This can be data that is explicitly geographic, like latitude and longitude, or data that can be mapped to a geographic space, like addresses or zip codes.

Geospatial analytics can be done using a variety of methods, including GIS (geographic information systems), GPS (global positioning systems), and geocoding (mapping data to specific geographic locations). Geospatial analytics can be used for a variety of purposes, including market analysis, customer segmentation, route optimization, and location-based marketing.

Market Driver and Trends

There are a number of factors that are driving the growth of the geospatial analytics market.

One of the key drivers is the increasing availability of data. With the growth of the internet and the rise of connected devices, organizations are collecting more data than ever before. This data can be used to understand the world around us and make better decisions.

Another driver is the increasing use of artificial intelligence (AI) and machine learning. These technologies are being used to analyze data more effectively and to identify patterns that would be difficult to spot with the naked eye.

The increasing use of mobile devices is also driving the market for geospatial analytics. More and more people are using their smartphones and tablets to access data and applications. This is providing organizations with new opportunities to collect data and to provide users with location-based services.

Market Restraints and Challenges

The key restraints and challenges in the Geospatial Analytics market are the lack of skilled personnel and the high costs associated with the technology. The lack of skilled personnel is a result of the lack of awareness of the potential applications of geospatial analytics and the lack of training in the use of the technology.

The high costs associated with the technology are a result of the need for specialized hardware and software, and the need for expertise in the use of the technology.

The global geospatial analytics market is segmented into type, end use, and region.
Global Geospatial Analytics Market by Type
Based on type, it is segmented into surface analysis, network analysis, and geovisualization. The surface analysis segment is anticipated to dominate the market during the forecast period. Similarly, network analysis segment is anticipated to witness the fastest growth during the forecast period.
Global Geospatial Analytics Market by End Use
Based on end use, it is segmented into agriculture, utility & communication, defense & intelligence, government, natural resources, and others. The agriculture segment is anticipated to dominate the market during the forecast period. Similarly, the government segment is anticipated to witness the fastest growth during the forecast period.

Geographical Analysis of the Global Geospatial Analytics Market

Region-wise, it is studied across the North America, Europe, Asia Pacific, and the Rest of the World. The North American region is anticipated to dominate the market during the forecast period. Similarly, the Europe region is anticipated to witness the fastest growth during the forecast period.

Major Players in the Global Geospatial Analytics Market

The key players studied in the report are Alteryx, Bentley Systems, CARTO, Descartes Labs, ESRI, Fugro, General Electric, Geospin, Google, and Hexagon AB among others.

COVID-19 Impact

The COVID-19 pandemic had a minimal impact on the geospatial analytics market, and many companies, including healthcare organizations and governments, adopted geospatial 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 geospatial 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 Geospatial analytics market.

Recent Developments

• May 2021, Esri, a global leader in location intelligence and geospatial analytics technology announced technical updates to its location analytics suite ArcGIS Insights. With upgradations, ArcGIS Insights now support connectivity with different cloud-native databases such as Snowflake, Amazon Redshift, Google BigQuery, Microsoft Azure SQL, and Others.
• June 2021, Trimble announced the addition of a geotechnical portfolio to its geospatial monitoring platform through a collaboration with an industry-leading manufacturer of geotechnical IoT monitoring solutions.
• January 2020, Esri, a global leader in location technology partnered with Open Systems International, Inc. (OSI) to offer utility companies Esri’s ArcGIC Utility Network Management as a part of GIS technology and OSI’s operational technology (OT) platform.

Frequently Asked Questions

Q1. How big is the Geospatial Analytics market?Ans. The global Geospatial Analytics market size was USD 55.6 billion in 2022 and it is anticipated to grow further till USD 280.8 billion by 2032, at a CAGR of 17.6% from 2023 to 2032.Q2. What is the Geospatial Analytics market growth rate?Ans. The growth rate of the Geospatial Analytics market is 17.6%.Q3. Which region holds a major market share for the Geospatial Analytics market?Ans. North America holds a major market share of the Geospatial Analytics market in 2022.Q4. Which segment accounted for the largest Geospatial Analytics market share?Ans. By type, surface analysis segment accounted for the largest Geospatial Analytics market share.Q5. Who are the key players in the Geospatial Analytics market?Ans. The global Geospatial Analytics market report includes players such as Alteryx, Bentley Systems, CARTO, Descartes Labs, ESRI, Fugro, General Electric, Geospin, Google, and Hexagon AB among others.Q6. What are the factors driving the Geospatial Analytics market growth?Ans. The major factors driving the growth of the market are the growing market in emerging countries.Q7. What are the key growth strategies of Geospatial Analytics market players?Ans. The key growth strategies of Geospatial Analytics market players are product launch and product approval.Q8. Which region will provide more business opportunities for the Geospatial Analytics market during the forecast period?Ans. The Asia-Pacific region will provide more business opportunities for the Geospatial Analytics market during the forecast period.

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