Authored By: Sarah
11 Jul 2024

 Geospatial Analytics Market Size to grow by USD 102.97 billion between 2023-2027

According to a research report “ Geospatial Analytics Market” by Technology (GPS, GIS, Remote sensing, Others) End-user (BFSI, Government and utilities, Telecom, Manufacturing and automotive, Retail and others) Geography (North America, Europe, APAC, Middle East and Africa, South America)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 102.97 billion, at a CAGR of  17.72% during the forecast period. Geospatial analytics plays a pivotal role in the healthcare industry by enabling predictive analytics through the use of maps and geospatial data. This approach allows for evidence-based medicine by considering geography and spatial relationships. For instance, Dr. John Snow's use of a map to track cholera outbreaks in London in the 1840s marked the first application of analytics in healthcare. In modern times, medical informatics leverages geodata infrastructure to enhance personal health and improve the quality of care. Notable applications include monitoring water quality in metropolitan areas, analyzing a person's location data and exposure to reported chemicals, and visualizing heart disease and stroke risk.

Browse market data tables, figures, and in-depth TOC on “Geospatial Analytics Market” by Technology (GPS, GIS, Remote sensing, Others) End-user (BFSI, Government and utilities, Telecom, Manufacturing and automotive, Retail and others) Geography (North America, Europe, APAC, Middle East and Africa, South America) Global Forecast to 2027. Download Free Sample

 

By Technology, the GPS segment is projected to dominate the market size in 2024

In today's business environment, geospatial data analytics has emerged as a crucial tool for the BFSI sector. By leveraging geospatial data, financial institutions can gain valuable insights into customer behavior, market trends, and risk management. Specifically, geospatial analytics can assist in identifying high-risk areas prone to natural disasters, enabling informed decisions regarding risk mitigation and disaster recovery planning. Additionally, customer segmentation can be enhanced through the use of geospatial data, allowing financial institutions to tailor their products and services to meet the unique needs of specific demographic groups. Thus, geospatial analytics offers significant benefits for the BFSI sector, enhancing operational efficiency and driving growth.

By End-user, BFSI  segment is expected to hold the largest market size for the year 2024

The Global Geospatial Data Analytics Market witnessed GPS as the leading segment in 2022, with continued dominance anticipated throughout the forecast period. GPS, a satellite-based radio navigation system, is a critical technology under the umbrella of Geospatial Data Analytics. Operated by the US Space Force and owned by the US government, GPS is a component of Global Navigation Satellite Systems (GNSS), providing geolocation and time information to receivers worldwide, given an unobstructed line of sight to a minimum of four GPS satellites.

North America is forecasted to hold the largest market size by region in 2024

The Geospatial Analytics Market represents a significant business opportunity for organizations seeking to leverage location intelligence for informed decision-making. This market encompasses solutions and services that process and analyze geographic data to derive valuable insights. Geospatial analytics applications span various industries, including logistics, agriculture, retail, and public safety, offering potential cost savings, operational efficiencies, and competitive advantages.

The Geospatial Analytics Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Alphabet Inc.
  • Alteryx Inc.
  • Autodesk Inc.
  • Bentley Systems Inc.
  • CartoDB Inc.
  • Development Seed
  • Esri Global Inc.
  • Fugro NV
  • General Electric Co.
  • Geomap Co.
  • Hexagon AB
  • International Business Machines Corp.
  • L3Harris Technologies Inc.
  • Maxar Technologies Inc.
  • Pitney Bowes Inc.
  • QlikTech international AB
  • SAP SE
  • TomTom NV
  • Topcon Positioning Systems Inc.
  • Trimble Inc.
.

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Research Analysis Overview

The Geospatial Analytics Market is experiencing significant growth due to the increasing adoption of IoT technology in various industries. This market encompasses software solutions that provide location intelligence derived from natural resources, healthcare, public safety, and enterprise information systems. Metadata and geospatial data are the backbone of this market, enabling advanced analysis of Earth's surface through remote sensing and 3D technology. Key applications include disaster management, environmental monitoring, agriculture, and climate change. Cloud computing and ML (Machine Learning) are transforming the market by enabling real-time data processing and analysis. Public safety and healthcare sectors are leveraging geospatial analytics for predictive maintenance, emergency response, and disease outbreak prediction. The integration of AI and Big Data in geospatial analytics is revolutionizing the industry. 5G networks and IoT sensors are expected to further accelerate the growth of this market. Applications in smart city development, such as traffic management and energy efficiency, are also on the rise. Overall, the geospatial analytics market is poised for significant growth in the coming years, with a focus on improving operational efficiency, enhancing decision-making, and addressing critical societal challenges.

Market Research Overview

The Geospatial Analytics Market is a dynamic and innovative industry that leverages advanced technologies such as Water flow simulation, VR (Virtual Reality) and AR (Augmented Reality) for Visualization, Vegetation health assessment, and Transportation planning. The market caters to various sectors, including Sustainable development, Natural resource management, Infrastructure development projects, and Military. Geospatial analytics provides Spatial understanding, Spatial modeling, and Location-based information for Resource optimization, Public safety, and Public health. The market offers Software solutions with on-demand scalability, ML (Machine Learning) capabilities, and IoT (Internet of Things) integration. Satellite imagery and Remote sensing play a crucial role in providing accurate data for Land cover classification, Disaster management, and Environmental monitoring. Geospatial analytics is essential for Smart city planning and development, providing scalable processing, high-performance computing capabilities, and Data privacy rules compliance. The industry caters to various sectors, including Agriculture, Healthcare, and Logistics, with innovative applications such as Image preprocessing, 3D Mapping, and Change detection. The Geospatial Industry's growth is driven by Big Data, Cloud-Based GIS, and 5G networking infrastructure. The market offers ML and AI-powered solutions for Decision-making, Data visualization, Data storage, and Data processing. Geospatial analytics is also crucial for Climate Change monitoring and Disaster management. The market's competitive advantage lies in its ability to provide Customer satisfaction, Scalability, and On-demand processing, making it an essential tool for various industries. With AWS IoT Core and ML-powered solutions, the market offers a comprehensive suite of Geospatial analytics services.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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