Yahoo Finance With 12.8% CAGR, Geospatial Analytics Market Worth USD 147.58 Billion by 2028
According to Fortune Business Insights, the global Geospatial Analytics Market size is projected to reach USD 147.58 billion in 2028, at a CAGR of 12.8% during the forecast period
Pune, India, July 26, 2022 (GLOBE NEWSWIRE) -- The Global Geospatial Analytics Market size was valued at around USD 56.88 billion in 2020. The market is forecast to rise from USD 63.61 billion in 2021 to USD 147.58 billion by 2028 at a CAGR of 12.8% during the assessment period 2021-2028. Fortune Business Insights™ has mentioned these insights in its latest research report, titled, “Geospatial Analytics Market, 2021-2028.”
According to the study, the trend for AI in the medical and healthcare sectors will boost industry growth. Industry players are expected to seek machine learning and AI in geospatial data to bolster efficiency and provide advanced solutions to end-users.
Key Industry Development:
February 2021: MapmyIndia teamed up with the Indian Space Research Organization (ISRO) to integrate ISRO’s telematics and location data to roll out a geospatial solution for indigenous location and local data mapping.
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Report Scope & Segmentation
Report Coverage | Details |
Forecast Period | 2022 to 2028 |
Forecast Period 2021 to 2028 CAGR | 12.8% |
2028 Value Projection | USD 147.58 Billion |
Base Year | 2020 |
Geospatial Analytics Market Size in 2020 | USD 56.88 Billion |
Historical Data for | 2017 to 2019 |
No. of Pages | 180 |
Segments covered | Component, Deployment, Enterprise, Application, End- User |
Geospatial Analytics Market Growth Drivers | Widespread Applicability and Advancements in Location-Based Technology (LBT) to Drive Market Growth in Long-Term |
Associated High Costs and Budget Constraints for Small & Medium-Sized Enterprises to Hinder Market Growth |
Healthcare Companies Witness Challenges and Opportunities Amidst the Outbreak
The COVID-19 pandemic had a mixed impact on the geospatial analytics market growth with transportation and logistics observing unprecedented implications. A pronounced influence on the BFSI sector and media and entertainment industries did not augur well for the business forecast. Meanwhile, the healthcare, governments and defense & internal security sectors exhibited profound traction for geospatial analytics solutions and services. For instance, geospatial technologies are playing a pivotal role in helping governments and healthcare companies to streamline vaccine distribution, medical supply, and drug delivery.
Click here to get the short-term and long-term impact of COVID-19 on this Market: https://www.fortunebusinessinsights.com/geospatial-analytics-market-102219
Drivers & Restraints
Traction for Location-based Technology (LBT) to Boost RoI
Industry players are likely to inject funds into location-based technology for geospatial modeling, asset tracking, and route optimization. End-users, such as retail, construction, and transportation are likely to expand their presence across untapped areas through the adoption of geographical information system (GIS)-integrated LBT. Furthermore, the soaring number of AI-based GIS solutions and the growth of smart cities will bode well for the companies gearing to augment their RoI.
However, budget constraints for small and medium-sized enterprises and high costs linked with the services may hamper the market growth.
Segmentation
Component, Deployment, Enterprise Size, Application, End-User, and Region are Studied
Based on component, the market is segregated into solution and services. The solution segment is further sub-segmented into data integration and ETL, geocoding and reverse geocoding, thematic mapping and spatial analysis, reporting & visualization, and others.
In terms of deployment, the market is segmented into cloud and on-premises.
With respect to enterprise size, the industry includes large enterprises and small & medium-sized enterprises (SMEs).
By application, the market is fragmented into disaster management and risk reduction, public safety and medicine delivery, surveying, climate change adaptation, and others.
By end-user, the market is segmented into defense and internal security, retail & logistics, government, banking, financial services and insurance (BFSI), energy & utilities, agriculture, healthcare & life sciences, infrastructure & urban development, and others.
With respect to region, the market includes North America, Europe, Asia Pacific, the Middle East and Africa, and South America.
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Report Coverage
The Geospatial Analytics Market report is prepared through rigorous research, involving both secondary and primary sources. The use of top-down and bottom-up approaches further validates the veracity of the analysis. Included but not limited to, qualitative and quantitative analysis have also been used to provide a birds-eye-view.
Regional Insights
Bullish Demand from Mining to Provide Lucrative Opportunities in North America
End-users in the U.S. and Canada are likely to exhibit strong demand for geospatial solutions, including geocoding, reporting & visualization and thematic mapping. Advanced technologies will be sought across major applications, including military and defense and mining. Organizations are injecting funds into GIS-based technologies and location-based solutions to collate and plan geological, geophysical and topographic data and information about natural resources. Moreover, the emergence of mobile-based GIS solutions is also likely to boost regional growth.
Asia Pacific is expected to witness investments galore on the back of the expansion of smart cities and a growing economy. Besides, the infusion of funds into 5G networks will further solidify the positions of leading companies vying to bolster their presence across untapped areas. Asia Pacific geospatial analytics market share is expected to witness an appreciable gain due to investments in IoT infrastructure.
The Middle East & Africa is poised to emerge as lucrative destination in the wake of the penetration of 5G infrastructure and the demand for connected vehicles. Besides, the presence of major automakers has made encouraged leading companies to invest in the region.
Competitive Landscape
Major Players Emphasize Partnerships to Gain a Competitive Edge
The competitiveness of the market indicates both well-established players and new entrants will focus on organic and inorganic strategies, including mergers & acquisitions, product launches, technological advancements, and innovations.
List of Key Players Mentioned in the Report:
Alteryx (California, U.S.)
Microsoft Corporation (New Mexico, U.S.)
Bentley Systems, Incorporated (Pennsylvania, U.S.)
CARTO (New York, U.S.)
Descartes Labs, Inc. (New Mexico, U.S.)
Esri (California, U.S.)
Google LLC (Alphabet Inc.) (California, U.S.)
Pitney Bowes (Connecticut, U.S.)
TomTom (Amsterdam, Netherlands)
Fugro (Leidschendam, Netherlands)
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Major Table of Contents:
Introduction
Definition, By Segment
Research Methodology/Approach
Data Sources
Key Takeaways
Market Dynamics
Macro and Micro Economic Indicators
Drivers, Restraints, Opportunities and Trends
Impact of COVID-19
Short-term Impact
Long-term Impact
Competition Landscape
Business Strategies Adopted by Key Players
Consolidated SWOT Analysis of Key Players
Global Geospatial Analytics Key Players Market Share Insights and Analysis, 2020
Key Market Insights and Strategic Recommendations
Companies Profiled
Overview
Key Management
Headquarters etc
Offerings/Business Segments
Key Details
Employee Size
Key Financials
Past and Current Revenue
Gross Margin
Geographical Share
Business Segment Share
Recent Developments
Annexure / Appendix
Global Geospatial Analytics Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
By Component (USD)
Solution
Data Integration and ETL
Geocoding and Reverse Geocoding
Thematic Mapping & Spatial Analysis
Reporting & Visualization
Others (Network Analysis, Geovisualization)
Services
By Deployment (USD)
Cloud
On-premises
By Enterprise Size (USD)
Large Enterprises
Small & Medium-sized Enterprises (SMEs)
By Application (USD)
Disaster Management and Risk Reduction
Public Safety and Medicine Delivery
Surveying
Climate Change Adaptation
Others (Sales & Marketing Optimization, Supply Chain Management)
By End User (USD)
Defense and Internal Security
Retail & Logistics
Government
Banking, Financial Services and Insurance (BFSI)
Energy & Utilities
Agriculture
Healthcare & Life Sciences
Infrastructure & Urban Development
Others (Education, Media & Entertainment)
By Region (USD)
North America
South America
Europe
Middle East & Africa
Asia Pacific
North America Geospatial Analytics Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
By Component (USD)
Solution
Data Integration and ETL
Geocoding and Reverse Geocoding
Thematic Mapping & Spatial Analysis
Reporting & Visualization
Others (Network Analysis, Geovisualization)
Services
By Deployment (USD)
Cloud
On-premises
By Enterprise Size (USD)
Large Enterprises
Small & Medium-sized Enterprises (SMEs)
By Application (USD)
Disaster Management and Risk Reduction
Public Safety and Medicine Delivery
Surveying
Climate Change Adaptation
Others (Sales & Marketing Optimization, Supply Chain Management)
By End User (USD)
Defense and Internal Security
Retail & Logistics
Government
Banking, Financial Services and Insurance (BFSI)
Energy & Utilities
Agriculture
Healthcare & Life Sciences
Infrastructure & Urban Development
Others (Education, Media & Entertainment)
By Country (USD)
United States
By Application
Canada
By Application
Mexico
By Application
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