PUBLISHER: The Business Research Company | PRODUCT CODE: 1436321
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436321
Geospatial analytics is a technology that gathers, displays, and manipulates geographic information through a geographic information system (GIS) to manage and predict phenomena affecting the Earth and its inhabitants.
The primary components include solutions and services. Geospatial analytic solutions aid in business analysis for evolving conditions and trends. These encompass geocoding, data integration and ETL, data storage software, reporting and visualization, thematic mapping, and spatial analysis. Types of geospatial analytics include surface and field analytics, network and location analytics, geo-visualization, among others. Applications span surveying, medicine, public safety, disaster risk reduction and management, climate change adaptation, and various technologies such as remote sensing, GIS, GPS, applied in agriculture, utility and communication, defense and intelligence, government, natural resources, and more.
The geospatial analytics market research report is one of a series of new reports from The Business Research Company that provides geospatial analytics market statistics, including geospatial analytics industry global market size, regional shares, competitors with a geospatial analytics market share, detailed geospatial analytics market segments, market trends and opportunities, and any further data you may need to thrive in the geospatial analytics industry. This geospatial analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The geospatial analytics market size has grown rapidly in recent years. It will grow from $81.95 billion in 2023 to $93.99 billion in 2024 at a compound annual growth rate (CAGR) of 14.7%. The expansion observed in the historical period can be attributed to urbanization and population growth, natural resource management, risk assessment and disaster management, supply chain optimization, and government initiatives and regulations.
The geospatial analytics market size is expected to see rapid growth in the next few years. It will grow to $173.55 billion in 2028 at a compound annual growth rate (CAGR) of 16.6%. The anticipated growth in the forecast period can be attributed to smart city development, the adoption of precision agriculture, healthcare and epidemic monitoring, integration with IoT and big data, and environmental conservation efforts. Major trends expected in the forecast period include geospatial big data analytics, mobile geospatial applications, blockchain integration for spatial data security, social media, and geospatial analysis, as well as urban mobility and smart city planning.
The advancement of smart cities is poised to propel the growth of the geospatial analytics market in the coming years. Smart cities, characterized by technology-driven urban areas optimizing resource consumption and controlling activities, benefit from geospatial analytics. This integration aids in smart city planning by providing advanced visualization tools for decision-making, improving site identification, enhancing efficiency, and understanding complex urban processes through geospatial data. According to Otonomo, a data services platform based in Israel, the smart cities market is projected to grow to over $820 billion by 2025 from $410.8 billion in 2020. Thus, the evolution of smart cities serves as a catalyst for the growth of the geospatial analytics market.
The increasing trend of digital transformation is expected to be a driving force behind the growth of the geospatial analytics market in the coming years. Digital transformation involves the integration of digital technologies across various aspects of organizational operations, processes, and activities to bring about fundamental changes in how an organization operates and delivers value. This transformation empowers geospatial analytics by providing essential tools and infrastructure to extract meaningful insights from spatial data, leading to informed decision-making and improved operational efficiency. A survey conducted by O'Reilly Media Inc. in December 2021 revealed that 90% of 2,834 global respondents reported their organizations currently employ cloud-based applications. Looking ahead, 48% plan to shift over half of their apps to the cloud within the next year, with 20% aiming for a complete migration to cloud-based solutions. Thus, the increasing trend of digital transformation is a key driver for the growth of the geospatial analytics market.
Major players in the geospatial analytics market are strategically launching new platforms, such as geospatial analysis platforms, to enhance their market profitability. A geospatial analysis platform is an integrated system that enables advanced analysis and insights from geographic and spatial data. Finland-based ICEYE, specializing in continuous surveillance through synthetic-aperture radar technology, introduced ICEYE Insights in June 2022. This platform provides insurers with near real-time flood impact analysis by integrating ICEYE's flood observation data, supporting data-driven decision-making. ICEYE's synthetic-aperture radar constellation ensures continuous data collection day or night, overcoming cloud cover for reliable flood hazard information.
Major players in the geospatial analytics market are strategically introducing new software solutions, such as geospatial production software, to enhance their profitability. Geospatial production software in the context of geospatial analytics refers to a set of tools and applications designed for processing, analyzing, and visualizing spatial data. In March 2023, Mach9 Robotics Inc., a US-based geospatial solution provider, launched a groundbreaking software platform that generates 2D and 3D maps using mobile LiDAR technology at an impressive 30 times the speed of existing solutions. This platform, powered by AI and computer vision, rapidly transforms large-scale LiDAR data into high-quality engineering models, offering a significant cost advantage. It accelerates the production of CAD and GIS deliverables, allowing engineering and construction organizations to focus on strategic planning rather than laborious data processing, ultimately providing enhanced accessibility to top-notch maps and actionable data for efficient infrastructure management.
In May 2022, SatSure Analytics Pvt. Ltd., a decision intelligence company based in India with a focus on space, acquired Old City Innovations (formerly Geospoc LLC) in an undisclosed transaction. Through this acquisition, SatSure Analytics Pvt. Ltd. seeks to expand its geospatial analytics business footprint in the US market. Old City Innovations, a US-based company, operates in the field of geospatial analytics solutions.
Major companies operating in the geospatial analytics market report are UnitedHealth Group Incorporated, McKesson Corporation, Optum Inc., Walgreens Boots Alliance Inc., Accenture PLC, International Business Machines Corporation, Tata Consultancy Services Limited, Capgemini SE, NTT DATA Corporation, WellCare Health Plans Inc., Tenet Healthcare Corporation, Cognizant Technology Solutions Corporation, IQVIA Holdings Inc., DaVita Inc., Wipro Limited, Quest Diagnostics Incorporated, Xerox Holdings Corporation, Lonza Group AG, PAREXEL International Corporation, Genpact Limited, Sutherland Global Services Inc., R1 RCM Inc., Mphasis Limited, Infosys BPM Limited, WNS Limited, Omega Healthcare Investors Inc., Firstsource Solutions Limited, HCL Technologies Limited, GeBBS Healthcare Solutions Inc., Invensis Technologies Pvt Ltd
North America was the largest region in the geospatial analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the geospatial analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the geospatial analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The geospatial analytics market includes revenues earned by entities by providing solutions that understand, analyze, and derive insights from geographic information system (GIS) data and imagery including GPS and satellite photographs by creating geographic models and real-time data visualizations for more accurate modeling and predictions of trends. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Geospatial Analytics Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on geospatial analytics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for geospatial analytics ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The geospatial analytics market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.