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 utilizing maps and geodata to uncover valuable insights. This approach, rooted in the 1800s with Dr. John Snow's cholera outbreak investigation in London, has evolved into a crucial component of evidence-based medicine. In contemporary healthcare, medical informatics harnesses geospatial data to enhance personal health and improve quality of care. Instances of this application include monitoring water quality in metropolitan areas, assessing a patient's location data and potential chemical exposure, and visualizing heart disease and stroke risk through geospatial analysis..
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
The Geospatial Analytics Market represents a significant business opportunity for organizations seeking to leverage location intelligence for informed decision-making. This market encompasses innovative technologies and applications that process and analyze geographic data to derive valuable insights. Companies can optimize operations, enhance customer engagement, and gain a competitive edge by integrating geospatial analytics into their business strategies.
By End-user, BFSI segment is expected to hold the largest market size for the year 2024
The Geospatial Analytics Market represents a significant business opportunity for organizations seeking to leverage location intelligence for informed decision-making. This market encompasses advanced technologies, such as Geographic Information Systems (GIS), Remote Sensing, and Global Positioning Systems (GPS), to extract valuable insights from geospatial data. Companies can optimize operations, enhance customer engagement, and gain a competitive edge by utilizing geospatial analytics in various sectors, including logistics, agriculture, urban planning, and environmental management.
North America is forecasted to hold the largest market size by region in 2024
The Geospatial Analytics Market represents a significant growth opportunity for businesses seeking to leverage location intelligence for informed decision-making. This sector encompasses advanced technologies, such as Geographic Information Systems (GIS), Remote Sensing, and Global Positioning Systems (GPS), to extract valuable insights from geospatial data. Companies can optimize operations, improve customer engagement, and enhance situational awareness by integrating geospatial analytics into their business strategies.
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:
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Research Analysis Overview
The Geospatial Analytics Market is experiencing significant growth due to the integration of advanced technologies such as HTML5 and JavaScript in Web-based GIS Platforms. These technologies enable real-time data processing and visualization, making geospatial analysis more accessible to Medium Scale Enterprises (MSEs). 5G technology is set to revolutionize the geospatial analytics market with its high-speed connectivity, enabling real-time data transfer and analysis. Machine Learning (ML) and Artificial Intelligence (AI) are also driving growth in the market, with applications in supply chain optimization and Disaster Risk Reduction. Key players in the geospatial analytics market include Pitney Bowes, DigitalGlobe, Hexagon, Luciad V2019, and others. They offer advanced geospatial analytics solutions that leverage ML and AI to provide actionable insights from Big Data. The Internet of Things (IoT) is also playing a crucial role in the market, providing real-time data from various sources for analysis. The geospatial analytics market is expected to continue its growth trajectory, with the integration of ML and AI, 5G technology, and IoT providing new opportunities for innovation and growth. The market is expected to reach new heights in the coming years, transforming various industries and applications.
Market Research Overview
The Geospatial Analytics market is witnessing significant growth due to the increasing adoption of advanced technologies like Alteryx, Skymap Global, Descartes Labs, Sparkgeo, Geospin, Mapidea, Orbital Insights, Fugro, Maplarge, Maxar Technologies, Precisely, and SPDI. These companies are leveraging GIS, Infrastructure, Healthcare & Life Sciences, Agriculture, Energy & Utilities, Retail & Logistics, Defense & Internal Security, and other sectors with geospatial analytics. GDPR compliance is a key consideration for these companies. Web-based GIS Platforms like Mapbox, Google Maps Platform, and Esri's ArcGIS Online, built using WebGL and JavaScript, are gaining popularity. Supply chain optimization, 5G technology, machine learning (ML), and artificial intelligence (AI) are driving innovation in the market. Yale University's 4-dimensional GIS software and partnerships with companies like DigitalGlobe and Big Data analysis tools from Hexagon, ML, AI, and IoT are shaping the future of the Geospatial analytics market. However, the lack of standardization and the need for a skilled workforce pose challenges. SMEs and Large Enterprises are investing in geospatial analytics for various applications, including disaster response programs. Orbital Insights, for instance, uses satellite imagery and ML/AI to provide insights for various industries. The market is expected to grow further with the integration of ML, AI, and IoT for Disaster Risk Reduction.
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