Geospatial Analytics Market 2021 | Present Scenario on Growth Analysis along with Key Industry Players
The growth of the Geospatial analytics market is primarily driven by factors such as advancements in artificial intelligence, machine learning, and big data technologies.
Increase in demand for AI-based geographic information system (GIS) solutions, surge in demand for GIS software in smart cities development & urban planning, and usage of satellite monitoring to control the spread of coronavirus drive the growth of the global geospatial analytics market. However, high cost of GIS solutions and lack of stringent & extensive government regulations hinder the market growth. On the other hand, advent of new technologies and development of 4D GIS software present new opportunities in the coming years.
The global geospatial analytics market generated $58.35 billion in 2019, and is estimated to garner $158.84 billion by 2027, registering a CAGR of 14.2% from 2020 to 2027.
Based on technology, the GPS segment accounted for the highest market share, contributing to nearly three-fifths of the global geospatial analytics market in 2019, and is projected to maintain its dominant share throughout the forecast period. This is attributed to adoption of mobile commerce and social media activities, penetration of 3G & 4G networks, and rise in application of GPS in industries including entertainment, media, and healthcare. However, the GIS segment is projected to grow at the fastest CAGR of 16.8% from 2020 to 2027. This is due to its widespread adoption for highway maintenance, accident analysis, traffic modeling, and route planning.
Based on component, the solution segment contributed to the highest market share in 2019, accounting for nearly two-thirds of the global geospatial analytics market, and is expected to maintain its leadership status throughout the forecast period. This is attributed to increase in requirement for geographic imaging among professionals for processing a massive amount of geospatial data every day. However, the service segment is expected to manifest the highest CAGR of 15.3% from 2020 to 2027, owing to rise in need for remote sensing, mapping consultancy, and GPS satellite surveying and positioning services in various industries.
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Based on region, North America contributed to the highest share in terms of revenue with nearly two-fifths of the global geospatial analytics market in 2019, and is expected to maintain its highest contribution by 2027. This is attributed to key players of the software industry establishing their strong presence in the countries such as the U.S. and Canada. However, Asia-Pacific is expected to grow at the highest CAGR of 16.7% during the forecast period, owing to business in emerging countries opting for geospatial analytics tools to extract insights from unstructured data.
The key players operating in the global geospatial analytics market include Alteryx, Inc., Bentley Systems, Incorporated, ESRI, Furgo NV, General Electric, Hexagon AB, Google, Inc., MDA Corporation, Oracle Corporation, SAP SE, Trimble, Inc., and TOMTOM International, Inc. These players have adopted various strategies to increase their market penetration and strengthen their foothold in the industry.
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