Geospatial Analytics Market Share, Size, Trends, Industry Analysis Report, By Component (Software, Services); By Technology; By Deployment Mode (Cloud, On-premises); By Vertical; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 116
- Format: PDF
- Report ID: PM2320
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global geospatial analytics market size was valued at USD 80.37 billion in 2023. The market is anticipated to grow from USD 91.73 billion in 2024 to USD 265.72 billion by 2032, exhibiting the CAGR of 14.2% during the forecast period.
The increasing number of AI and ML-based GIS solutions enhanced the market growth in the forecast period at a substantial rate. The rapid urbanization and rising investment in smart city projects are other key factors bolstering geospatial analytics market demand.
Know more about this report: Request for sample pages
Geospatial analytics is used to add location and timing to traditional types of data in order to build data visualizations. It includes graphs, maps, statistics, and cartograms which also demonstrate current shifts and historical changes. Moreover, the rising penetration of electronic devices and increasing digitalization may also enhance the worldwide industry growth. Furthermore, increasing investment in R&D activities and rising adoption of cloud computing, coupled with technological advancement, will enhance the geospatial analytics market expansion over the forecast period.
The outbreak of the COVID-19 has shown a considerable impact on the various sector of the economy. Pandemic has experienced a hazardous health situation, with strict restrictions to maintain social distancing and implementation of lockdown worldwide. Therefore, during the pandemic, the economic sector enforced a complete shutdown, leading to a decline in business operations. The rising inclination towards digitalization and the growth of the IT sector is fostering the geospatial analytics market demand over the projected period.
Industry Dynamics
Growth Drivers
The surging demand for artificial intelligence across various end-user industries is the major driving factor that propels the industry growth in the forecast period. The rising adoption of AI is rapidly increasing in the medical and healthcare sector, business solutions, and analytics. In addition, the growing need for high-performance computing capabilities and cloud computing technology is impelling the industry demand.
Also, rising government and private investment towards technological advancement and expansion of industry players worldwide are the major factors bolstering the industry demand. Moreover, growing R&D activities further stimulate the higher adoption of geospatial analytics. Furthermore, location-based services also have various applications across various end-use sectors such as mining, retail, transportation, urban planning, construction, etc.
Thus, the rising investment in these sectors is expected to create lucrative prospects over the forecast period. For instance, according to the IEEE ComSoc, 2021, the global public spending on cloud computing has reached USD 332.3 billion in 2021, increasing around 23.1 % from USD 270 billion in 2020. Hence, these factors are fostering industry demand around the world.
Report Segmentation
The market is primarily segmented on the basis of components, technology, deployment mode, vertical, and region.
By Components |
By Technology |
By Deployment Mode |
By Vertical |
By Region |
|
|
|
|
|
Know more about this report: Request for sample pages
Insight by Component
The geospatial analytics solutions segment is recorded to hold the largest revenue share. This solution covers ETL and data integration, thematic mapping & spatial analysis, reporting & visualization, geocoding & reverse geocoding, and others. Various SMEs, large enterprises, and many other end-use verticals are inclined to integrate geospatial analytics tools and solutions to evaluate, locate, and respond to changing business trends and circumstances.
Moreover, companies are also adopting geospatial analytics to enhance agility and overall operational productivity in order to save operating expenses and have better knowledge of business patterns. Thereby, these factors are bolstering the segment growth across the global industry. The geospatial analytics services segment is anticipated to exhibit the highest CAGR over the forecast period. This service comprises maintenance and support services for thematic data and mapping, GIS consulting services, image processing, and others.
Accordingly, rising demand and growing adoption of location intelligence technology is fostering the segment demand. Moreover, the development of developing nations such as India, China, Brazil, and many others, along with the rising application of geospatial analytics services across various verticals, is fueling the segment demand over the coming years.
Geographic Overview
Geographically, North America accounted for the largest revenue share. Geospatial analytics technologies have significant demand in the North American region across various sectors such as agriculture, transportation, construction, etc. The demand for real-time-based services is rising across the region, boosting the market growth. On the flip side, the adoption of GIS technologies is positively affecting the market growth in the North American region.
For instance, according to the Kaiser Family Foundation (KFF), in 2020, the demand for real-time and remote services in North America is rising rapidly, including healthcare and education. The demand for patient monitoring, drug and medication delivery, online meeting, and digital healthcare services is increasing gradually, accelerating the market demand. The remote provision of health care services adopts advanced technology for diagnosis, treatment, and prevention of diseases.
Moreover, the Asia Pacific market is anticipated to exhibit the highest CAGR over the forecast years, owing to the increasing investment in innovative technologies, smart projects, etc. In addition, the market growth is also attributed to rapid urbanization and industrialization, along with the growing AI capabilities with geospatial data across the world. Additionally, penetration of IoT devices among the millennial population with rising disposable income and digitalization are among other factors that foster market growth.
Competitive Insight
Some of the major players operating in the global geospatial analytics market include Alteryx, Inc., Bentley Systems, ESRI, Fugro, General Electric Co., Google LLC., Hexagon Ab (Intergraph), Mapidea, MapLarge, Maxar Technologies, Oracle, Orbica, Orbital Insight, Precisely, RemOT Technologies, RMSI, SAP SE, Skymap Global, Sparkgeo, Tomtom International B.V., Trimble, and Ubimo.
Geospatial Analytics Market Report Scope
Report Attributes |
Details |
Market size value in 2024 |
USD 91.73 Billion |
Revenue forecast in 2032 |
USD 265.72 Billion |
CAGR |
14.2% from 2024 - 2032 |
Base year |
2023 |
Historical data |
2019 - 2022 |
Forecast period |
2024 - 2032 |
Quantitative units |
Revenue in USD Billion and CAGR from 2024 - 2032 |
Segments covered |
By Components, By Technology, By Deployment Mode, By Vertical, By Region |
Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
Key companies |
Alteryx, Inc., Bentley Systems, ESRI, Fugro, General Electric Co., Google LLC., Hexagon Ab (Intergraph), Mapidea, MapLarge, Maxar Technologies, Oracle, Orbica, Orbital Insight, Precisely, RemOT Technologies, RMSI, SAP SE, Skymap Global, Sparkgeo, Tomtom International B.V., Trimble, and Ubimo |