The global geospatial analytics market size is expected to reach USD 173.41 Billion by 2030 according to a new study by Polaris Market Research. The report “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, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The growing need for deployment of IoT sensors across various locations, rising developments in big data analytics, and increasing emphasis on adopting AI and ML-based GIS solutions are the significant factors boosting the global industry demand. In addition, rising initiatives for smart cities and the increasing government favorable policies for the adoption are also anticipated to surge, leading the industry expansion around the world.
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Based on the deployment model, the on-premise segment is dominating the industry. The growing benefits such as a high level of data safety and security offered by on-premise deployment create a lucrative demand for industry development. In contrast, the cloud deployment mode segment shows the highest growth rate in the global industry. The cloud deployment is not involving IT infrastructure investment as all the information is gathered and stored on a cloud server. Consequentially, the growing demand for analytics software across small and medium scale enterprises is acting as a catalyst for the industry demand during the forecast period.
The increasing developments in the 5G communication technology are the critical factor for impelling the market demand around the world. The 5G technology is majorly adopted to gather highly precise geospatial data, which is anticipated to create lucrative opportunities for geospatial analytics vendors. Accordingly, the deployment of 5G needs small cells as they aid in making a competent connection between 5G transceiver towers and their users. Therefore, geospatial data also plays a significant role in establishing the 5G infrastructure, majorly from the telecom industry, which, in turn, augments the market growth over the projected period.
Market participants such as Bentley Systems, Alteryx, Inc., ESRI, Fugro, Google LLC., General Electric Co., Hexagon Ab (Intergraph), MapLarge, Maxar Technologies, Mapidea, Oracle, Orbital Insight, Precisely, RemOT Technologies, Orbica, RMSI, SAP SE, Skymap Global, Sparkgeo, Trimble, Tomtom International B.V., and Ubimo are some of the key players operating in the global market.
Polaris market research has segmented the geospatial analytics market report on the basis of component, technology, deployment mode, vertical, and region:
Geospatial Analytics, Component Outlook (Revenue - USD Billion, 2018 - 2030)
Geospatial Analytics, Technology Outlook (Revenue - USD Billion, 2018 - 2030)
Geospatial Analytics, Deployment Mode Outlook (Revenue - USD Billion, 2018 - 2030)
Geospatial Analytics, Vertical Outlook (Revenue - USD Billion, 2018 - 2030)
Geospatial Analytics, Regional Outlook (Revenue - USD Billion, 2018 - 2030)