by The Geospatial Analytics Market is estimated to be valued at US$ 63.68 Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Geospatial analytics refers to the analysis of geospatial data such as location data, satellite and aerial imagery, mobile sensor devices, global positioning (GPS) coordinates, etc. for decision-making. Geospatial technologies including geographic information systems (GIS), GPS, remote sensing, and surveying help capture, store, analyze, and manage geospatial data. Geospatial analytics finds applications across various sectors including defense & security, natural resource, agriculture, smart cities, logistics, utilities, and construction. Key advantages of geospatial analytics include mapping and visualization of data on geographic maps, spatial analytics to identify patterns and relationships, tracking of locations over time, and asset management.
Market Dynamics:
Rising adoption of cloud and mobile technologies is a major driver for the growth of the geospatial analytics market. Cloud-based GIS and analytics solutions are gaining popularity as they provide on-demand access to analytical tools and geospatial data via the internet. Mobile devices integrate location-based analytics and enable real-time tracking and mapping of assets. Another key driver is the growing use of geospatial data and analytics in various sectors for applications such as predictive analytics, risk assessment, resource management, and urban planning. For instance, geospatial analytics helps utilities companies monitor asset performance, detect leaks, and plan infrastructure upgrades. Geospatial analytics also finds increasing use in smart cities for urban planning, traffic management, emergency response, and infrastructure development.
Segment Analysis
Geospatial Analytics Market Size can be segmented into service, technology, type, application and vertical. The service segment is further divided into mapping, location intelligence, reporting, and analytics segments. Among these, the mapping segment held the largest share in 2022 and is expected to remain the dominant segment during the forecast period. Mapping provides the ability to visualize IoT and infrastructure data, thereby enabling efficient monitoring and planning. This is a key factor driving the growth of mapping segment.
PEST Analysis
Political: Geospatial analytics solutions experience high demand for national security and defense applications. Therefore, government investments and regulations supporting the adoption of geospatial technologies positively impact the market growth.
Economic: The ongoing trend of digital transformation across industries provides a strong economic environment for the geospatial analytics market. organizations globally are increasingly leveraging location analytics to optimize business operations and performance.
Social: Rising adoption of smart devices and the proliferation of geospatial data have increased awareness about spatial intelligence and analytics. Social media check-ins and location tagging have created demand for spatially enabled insights.
Technological: Advancements in AI, IoT, digital twin, cloud computing, and big data analytics enable organizations to derive deeper geospatial insights. Incorporation of technologies like remote sensing, GIS, and GPS further expands the application scope of geospatial analytics.
Key Takeaways
The global Geospatial Analytics Market is expected to witness high growth, exhibiting a CAGR of 7.1% over the forecast period, due to increasing demand for advanced analytical tools for spatial data across industries. The market size is estimated to reach US$ 111.74 Mn by 2030 from US$ 63.68 Mn in 2023.
Regional analysis – North America dominated the market in 2022 and is expected to maintain its leadership through 2030. Presence of prominent technology players and increasing adoption across defense and agriculture sectors drive the North American market growth. Asia Pacific is anticipated to emerge as the fastest growing regional market during the forecast period.
Key players – Key players operating in the geospatial analytics market are Alteryx, Inc., Bentley Systems Incorporated, ESRI, Furgo NV, General Electric, Hexagon AB, Google, Inc., MDA Corporation, Oracle Corporation, SAP SE, Trimble, Inc., and TOMTOM International, Inc. Strategic partnerships and investments in geospatial technologies is the key focus of these market players.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Vaagisha Singh
Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups. LinkedIn
