Advent of 5G with analytics and AI can enable new and better services and applications, improve efficiency, reduce cost, and create new opportunities across various industries. For instance, 5G is poised to be the game-changer in telecom industry. According to the Mobile Economic Report, 5G connections will account for over half of total mobile connections in the developed North America, Asia Pacific, and Greater China by 2025. 5G also creates an intelligent networked communication environment by connecting people, applications, data, things, transportation systems, and/or cities. This in turn is expected to augment the market growth.
Global Geospatial Analytics Market – Restrain
High cost of GIS to hamper the market growth
One of the key factors expected to hamper the growth of the global geospatial analytics market growth is high cost of associated with GIS (Geographic Information System). The use of geospatial analytics is growing or has increased in various end-use industries because of its advantages. However, the cost of a GIS solution or system is high owing to the high complexity of the software development as well as the collection of real-time data. Depending on the type and quality of services, as well as the size of the project, GIS can cost anywhere from US$ 600 to US$ 17,000 per year. Moreover, free GIS doesn't have the same functionality and support as commercial GIS.
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Global Geospatial Analytics Market – Opportunities
Rise in use/adoption of geospatial analytics is expected to provide significant growth opportunities for players in the global geospatial analytics market. In October 2022, AcreTrader announced the launch of Acres, a geospatial analytics platform providing comprehensive insights on land value. Acres is a user-friendly land analysis platform that provides access to comprehensive data for 150 million U.S. parcels, local insights, and comparable sales. It is a key part of the company’s mission to make buying and selling land common, transparent, and easy. Acres fills a critical need in the land marketplace by providing the necessary information to best evaluate, understand and improve land, said Carter Malloy, founder and CEO of AcreTrader.
Global Geospatial Analytics Market - Key Developments
In November 2022, Orbital Insight launched an analytics platform, TerraScope. TerraScope is the only platform in the world that can blend computer vision and geo-location sensor data to detect changes, monitor activity, and discover patterns of life at any location.
In November 2022, Aerial Vantage launched its flagship product, Accelerate, advanced geospatial intelligence platform enhances stakeholders' ability to make usage of aerial imagery by collecting, processing, managing, and transforming data from airborne sensors (e.g., aircraft, drone, satellite).
In September 2022, The Sanborn Map Company, Inc. acquired Applied Geographics, Inc. AppGeo has helped hundreds of governments and businesses develop the best GIS, location intelligence, and geospatial solutions for their needs.
Key Market Takeaways:
Global geospatial analytics market is expected to exhibit a CAGR of 7.1 % over the forecast period. The global geospatial analytics market is growing rapidly in response to the increasing demand for AI-based GIS solutions/systems across the globe.
On the basis of Component: Solution Segment is expected to dominate the market during the forecast period and this is attributed to the increasing demand for GIS solutions.
On the basis of Solution: Geocoding & Reverse Geocoding Segment is expected to dominate the market during the forecast period and this is attributed to the increasing use or adoption of geospatial analytics across the world.
On the basis of Deployment Mode: Cloud Segment is expected to dominate the market during the forecast period and this is attributed to the increasing adoption of cloud-based solutions.
On the basis of Enterprise Size: Large Enterprises Segment is expected to dominate the market during the forecast period and this is attributed to the increasing use or adoption of GIS and geospatial analytics solutions in large enterprises.
On the basis of Technology: GIS Segment is expected to dominate the market during the forecast period and this is attributed to the increasing demand for GIS solutions/systems.
On the basis of Type: Geo-visualization Segment is expected to dominate the market during the forecast period and this is attributed to the rapid growth of the increasing use of geospatial analytics in various end-use industries worldwide.
On the basis of Industry Vertical: Automotive Segment is expected to dominate the market during the forecast period and this is attributed to the rapid growth of the Automotive Industry and rise in use of geospatial analytics in the Automotive Industry.
On the basis of Geography, North America is expected to hold a dominant position over the forecast period due to rise in use/adoption of geospatial analytics, increasing demand for GIS software, and growing penetration of GeoAI in the region.
Competitive Landscape:
Key players operating in the global geospatial analytics market include Alteryx, Inc., Bentley Systems Incorporated, ESRI, Furgo NV, General Electric, Hexagon AB, Google, Inc., Oracle Corporation, SAP SE, Trimble, Inc., MDA Corporation, and TOMTOM International, Inc.
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Detailed Segmentation:
-
Global Geospatial Analytics Market, By Component:
- Solution
- Service
-
Global Geospatial Analytics Market, By Solution:
- Geocoding & Reverse Geocoding
- Data Integration & ETL
- Reporting & Visualization
- Thematic Mapping & Spatial Analysis
- Others
-
Global Geospatial Analytics Market, By Deployment Mode:
- On-premise
- Cloud
-
Global Geospatial Analytics Market, By Enterprise Size:
- Large Enterprises
- SMEs
-
Global Geospatial Analytics Market, By Technology:
- Remote Sensing
- GIS
- GPS
- Others
-
Global Geospatial Analytics Market, By Type:
- Surface & Field Analytics
- Network & Location Analytics
- Geovisualization
- Others
-
Global Geospatial Analytics Market, By Industry Vertical:
- Automotive
- Energy & Utilities
- Government
- Defense & Intelligence
- Smart Cities
- Insurance
- Natural Resources
- Others
-
Global Geospatial Analytics Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country:
- GCC Countries
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
- North America
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