by Geospatial analytics refers to the extraction of meaningful information from geospatial data through geographical analytics and spatial statistical analysis. Geospatial analytics find extensive applications across various industries such as agriculture, construction, transportation & logistics, defence & intelligence, and retail among others. Geospatial data analytics help understand patterns and trends to make informed decisions. The global adoption of location-based technologies is fueling the need for geospatial analytics across sectors. The need for insights from geospatial data is driving the demand for analytics platforms and solutions that can seamlessly integrate, analyse and visualize spatial data.
The global Geospatial Analytics Market is estimated to be valued at US$ 63.68 Mn in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The ubiquitous adoption of geo-analytics for decision making is a key trend propelling the geospatial analytics market growth. Geospatial technologies are increasingly being leveraged across industries to gain location intelligence and optimise business decisions. Geo-analytics provides insights on factors influencing consumer behavior, demand forecasting, risk assessment, and supply chain optimization among others. With the rising volume and variety of geospatial data, analytics platforms integrating AI/ML are enabling organizations to unlock deeper insights from spatial data to gain competitive advantages. This is expected to further fuel investments in geospatial analytics technologies over the forecast period.
SWOT Analysis
Strength: Geospatial analytics offers advantages like spatial insights generation, mapping and visualization capabilities that enhance decision making. It integrates location intelligence and visualization for better spatial understanding.
Weakness: High initial costs for setup and lack of skilled professionals who can effectively use geospatial analytics tools. Data security and privacy concerns also act as limitations.
Opportunity: Increasing demands from various sectors like transportation, urban planning, agriculture sector for spatial data analysis presents significant growth prospects. Also, the increasing availability of spatial data sources opens up new opportunities.
Threats: Stiff competition from open source and free geospatial solutions poses pricing pressure challenges. Lack of data standards also increases complexity.
Key Takeaways
The Global Geospatial Analytics Market Size is expected to witness high growth. The global Geospatial Analytics Market is estimated to be valued at US$ 63.68 Mn in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030.
Regional analysis comprises North America dominates currently due to high adoption of geospatial technologies across various industries like transportation, defense, agriculture etc. The Asia Pacific region is expected to grow at fastest pace due to increasing investments in geospatial projects from governments in countries like China and India.
Key players operating in the Geospatial Analytics market are Accell Group, Bodo Vehicle Group Co., Ltd, Butchers & Bicycles ApS, CERO Electric Cargo Bikes, DOUZE Factory SAS, Dutch Cargo Bike, G & O Family Cyclery, Gessato, Jinhua Jobo Technology Co., Ltd, Tern, Urban Arrow, Worksman Cycles, Xtracycle Inc, XYZ CARGO, and Yuba Bicycles LLC. Companies are investing in research and development of advanced geospatial analytics tools and solutions to gain competitive edge. Partnerships and collaborations between technology providers and end-user industries are also on the rise to foster innovation.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
