ID: MRFR/ICT/4345-HCR | February 2021 | Region: Global | 100 pages
According to the latest research report, the worldwide Geospatial Analytics Market size is estimated to reach around USD 95 billion by 2023, increasing at a compound annual growth rate (CAGR) of 19 percent during the forecast timeframe 2017-2023, according to Market sand Markets. The spatial analysis involves the study of gathering, showing, and modifying imagery, specifically satellite photos in relation to geographic coordinates that are expressly defined by the user. Geographic models are created using information such as physical address, postcode, or existing forest identification number acquired from various sources and applied to the data.
Land surveys, Crisis management, climate change, human population forecasting, weather forecasting,, animal population management, and a slew of other industrial applications are all made possible via the use of geospatial analytics. There are several technologies that are used in geospatial analytics, including GPS, geographic information systems (GIS), remote sensing, LiDAR technology, and many others. Such innovations aid in the provision of actual info to business ventures in order for them to make business decisions, as well as the deployment of their different programs in diverse industries such as agribusiness, resources and energy, production, automobiles, and other similar industries. Nevertheless, market growth for geospatial analytics combined with ai technology, as well as the monetization of geographical information, is projected to be the primary drivers of the geospatial analytics market demand throughout the forecast timeframe.
This report contains all the information on the global Geospatial Analytics Market analysis and its strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the global Geospatial Analytics Market forecast for 2027 is also included in the report.
Covid 19 Analysis:
The emergence of the COVID-19 virus has created significant development prospects inside the geospatial analytics sector, which is expected to continue in the coming years. With the increasing usage of smart devices, robotics, and UAVs, geospatial business intelligence tools are seeing a significant increase in demand during the epidemic. Maps and geographic information systems (GIS) give vital insights that may assist enterprises in responding to a crisis, maintaining uninterrupted operations, and assisting in the procedure of restarting. Geography information systems (GIS), analytics, and cloud computing are some of the tools that may be used to better comprehend the situation and make educated choices in a timely way.
The capacities of AI and ML have improved significantly in recent years. These tools, along with geographical data, let enterprises get new insights. Geospatial analytics software vendors like ESRI and SAP are using AI and ML to deliver better insights to enterprises. Robots and satellite imaging have increased over the years. During the COVID-19 epidemic, MicroMultiCopter (Shenzhen) launched over 100 drones around China to monitor regions and effectively identify people and congestion. Using AI and ML alongside spatial solutions saves time and money. For example, it can classify images and recognize objects, as well as semantic and instance separation. With AI and ML breakthroughs, geospatial analytics software vendors can give sophisticated spatial services to consumers in diverse industries much faster. This is boosting the geospatial analytics market growth.
The implementation of 5G network services is projected to provide new possibilities for geospatial analytics suppliers. The 5G network could be using low-, mid-and high-band frequencies. The Low-band spectrum is a sub-1GHz spectrum. It is largely consumed by transporters and rapidly exhausted. Reduced latency and quicker penetration in the mid-band. Unlike low-band, mid-band does not penetrate structures. mmWave is a high-band spectrum. It boasts 10Gbps peak bandwidth and minimal latency. Tiny cells are required for 5G rollout since they assist link customers to 5G transmitter towers. Large antenna arrangements and huge bandwidths are predicted in 5G networks in the nearish term. This would have highly precise Arrival Direction (DOA) and Arrival Time (TOA) estimates, particularly under LOS circumstances. Geospatial data is vital in the 5G infrastructure implementation. This will likely increase the need for geospatial advanced analytics from the telecom sector.
Since many government restrictions prevent access to specific location data even without users’ consent, personal concerns about privacy play a crucial part in the collecting of location-based information. Individuals worried about their privacy might decline authorization to acquire vital location data required by certain geospatial analytics tools. Current restrictions limit data collection, information sharing, utilization of location-based data, and storage systems. The EU GDPR is the first concerted effort by the EU to secure people’s Personally Identifiable Information (PII). Organizations gathering data must follow regional legislation and get user permission. There is indeed a growing worry about privacy rights and sensitive data, which is projected to restrain the expansion of the global geospatial market during the forecast period in the approaching years.
Many firms are unaware of the advantages of geospatial analytics tools and hence do not employ them. Implementing geospatial analytics demands a thorough grasp of the commercial application as well as the highest capability of geospatial analytics technologies. Geospatial data and BI help businesses make better decisions, resulting in new income streams, lower costs and greater risk assessment. Preemptively raising awareness about the benefits of geospatial analytics throughout sectors might help overcome this obstacle.
Cumulative Growth Analysis:
Geospatial analytics tools enable businesses to identify, evaluate, and adapt to changing market situations. Businesses are building in geospatial analytics to improve operational efficiency, identify business patterns, and reduce operational expenses. The solutions segment is essential for generating elevated insights using location information.
Value Chain Analysis:
According to the reports, the geospatial analytics market is segmented based on the component, type, technology, application, and end-user that is using the technology. The geospatial analytics industry is subdivided into two categories based on its component: services and software. The market is subdivided into two categories based on the services provided: professional services and managed services. Those who provide professional services are even further subdivided into those who provide advising and training activities. Furthermore, the market is segmented according to type, with surface analytics, network analytics, and geo-visualization being the most common.
It is possible to segment the market by application into mobile mapping, survey solutions, land administration, and other sub-sectors. Finally, the market is segmented according to end-user, with agricultural, construction & real estate, transportation & logistics, energy, marine & mining, forestry, retail, and others being the most prominent categories.
Geospatial Analytics Market Segmentation Overview:
The market is segmented on the basis of component, type, technology, application, end-user, and regions. The global geospatial analytics market trend is expected to witness decent growth during the forecast period.
Based on the application, the market is segmented into remote sensing, photogrammetric, 3D laser scanning, LiDAR Technology, a global positioning system (GPS), a geographic information system (GIS).
Based on the propulsion types, the market is segmented into agricultural, construction & real estate, transportation & logistics, energy, marine & mining, forestry, retail, and others.
Geospatial Analytics Market Regional Analysis:
According to geography, there are four major regions in which the geospatial analytics market share may be found. These are North America; Asia Pacific; Europe; and the Rest of the World. On the global geospatial analytics market, Europe is expected to see substantial expansion in the next years. Germany, the United Kingdom, and France are the three most important nations in the area by population. This is owing to market growth for geospatial technology for privacy and protection applications in the aerospace and automotive industries, as well as an increase in the use of satellite imagery.
There are a few internationally established businesses that control the majority of the geospatial analytics industry.
Trimble announced in June 2021 the introduction of a geotechnical spectrum to its geospatial automated inspection portfolio via a partnership with Worldsensing, a prominent developer of geotechnical IoT solution providers. A complete system combining geological and geospatial data allows survey, geotechnical, and constructors to increase their monitoring business options.
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|Market Size||USD 95 Billion (2023)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||by Component, Technology|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||IBM Corporation (U.S.), Trimble Navigation Ltd. (U.S.), ESRI (U.S.), General Electric (U.S.), MDA (Canada), Fugro N.V. (Netherlands), and RMSI (India), Alteryx (U.S.), Hexagon AB (Sweden), Harris Corporation (U.S.), DigitalGlobe, Inc. (U.S.), Bentley Systems, Inc. (U.S.), and Transerve technologies (India)|
|Key Market Opportunities||The augmenting demand for geospatial analytics combined with artificial intelligence is expected to pave the way for growth in the forecast period.|
|Key Market Drivers||Surging demand for geospatial analytics consolidated with artificial intelligence and commercialization of geospatial data are expected to be driving factors for the growth of geospatial analytics market over the forecast period.|
Frequently Asked Questions (FAQ) :
A USD 95 billion income is expected to be realized by the market by 2023.
Network analytics, surface analytics, and geo-visualization are a few of the offerings present in the market.
A 19% CAGR is on track to be achieved by the market.
Fugro N.V. (Netherlands), MDA (Canada), RMSI (India), Alteryx (U.S.), Harris Corporation (U.S.), and Hexagon AB (Sweden) are the players in the market.
The augmenting demand for geospatial analytics combined with artificial intelligence is expected to pave the way for growth in the forecast period.