(IT-NEWSWIRE.COM, January 05, 2021 ) Geospatial Analytics Market size is projected to grow from USD 52.6 billion in 2020 to USD 96.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 12.9% during the forecast period. The major factors driving the growth of the geospatial analytics market include the increasing number of AI and ML based GIS solutions, development of smart cities and urbanization, increased deployment of IoT sensors across locations, and advancement of bid data analytics for organizations by improving the workflow.
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The services segment includes consulting, integration and deployment, and support and maintenance. Organizations require geospatial analytics services to implement effective geospatial analytics strategies, which can be handled by third-party companies so that organizations can concentrate on their core business activities. The demand for geospatial analytics services is surging during the pandemic, due to the rising tailored demands of customers. The customers are coming up with customization requirements for already installed solutions to enhance asset performance
The geocoding and reverse geocoding solution segment is estimated to lead the geospatial analytics market in 2020. The geocoding and reverse geocoding solution helps businesses across verticals map coverage, acquire new customers, and identify competitors to determine prime target areas for promotional activities. The growing need to perform risk assessments using exact location information for making accurate analysis during natural calamities, such as earthquakes and floods, is driving the adoption of the geocoding and reverse geocoding solution in the geospatial analytics market.
The demand for geospatial solutions is increasing across the globe, owing to the adoption of wireless devices and location-based sensors. Using analytics solutions, organizations can visualize business objects on maps, thus adding location information to business information. This provides a competitive advantage to organizations, and the information can help verticals such as transportation, energy and utilities, and public sector to improve efficiency and the decision-making process.
Geospatial data plays a key role in the climate change adaptation segment. Owing to changing climate conditions and increasing concerns over public safety, the demand for geospatial analytics solutions in the climate change adaptation segment is expected to grow.
Asia Pacific is expected to be the fastest-growing market for geospatial analytics. In this region, geospatial technologies are utilized for rural and agricultural development. In APAC, companies are engaged in engineering and construction, mining and manufacturing, insurance, and agriculture and implement GIS technologies to identify potential markets and use geospatial information to make strategic decisions. Surveying and mapping technologies are widely used in APAC. In addition, the development of smart cities in China, India, and other Southeast Asian countries has driven the demand for 3D GIS in this region. The use of GIS for transportation planning, highway and roadway management, forestry management, and precision farming is driving the growth of the geospatial analytics market in this region.
Major vendors operating in the geospatial analytics market include ESRI (US), Precisely (US), Oracle Corporation (US), Alteryx, (US), Fugro N.V. (Netherlands), Hexagon AB (Sweden), RMSI (India), SAP (Germany), Trimble Navigation Ltd. (US), Maxar Technologies (US), MapLarge (US), L3Harris Corporation (US), Bentley Systems (US), General Electric (US), Google (US), TomTom (Netherlands), Atkins (UK), AAM Pty (Australia), Critigen (US), Orbital Insights (US), Autodesk (US), Descartes Labs (US), ZillionInfo (US), Geospin (Germany), and Mapidea (Portugal).
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