USD 68.5 billion
Geospatial Analytics Market Size, Share, Growth Analysis, By Offering(Solution and Services), By Technology(Remote Sensing and Global Positioning Systems), By Vertical(BFSI and Energy & Utility), By Region - Industry Forecast 2024-2031
Report ID:
SQSG45E2026 |
Region:
Global |
Published Date: July, 2024
Pages:
274
|Tables:
156
|Figures:
78
Geospatial Analytics Market Insights
Global Geospatial Analytics Market size was valued at USD 126.22 Billion in 2022 and is poised to grow from USD 142 Billion in 2023 to USD 364.34 Billion by 2031, growing at a CAGR of 12.5% in the forecast period (2024-2031).
Geospatial data analytics refers to the gathering, processing, and visualization of a set of various formats of geographic data generated by GPSs, position sensors, drones, satellite imaging, and cell phones. The market has recorded significant growth, mainly on the back of factors such as increasing urbanization, the spread of advanced technologies such as ML, AI, and IoT, global adoption of 5G technology, and growing importance of supply chain optimization. Various governments and academia are opening the geospatial sector to help mitigate and understand the many issues created by the expanded urbanization of the world. For instance, in June 2023, Yale University initiated the Center for Geospatial Solutions to advance its geospatial science, data, and analysis research, training, and engagement infrastructure. The program promises to enhance economic forecasting and tackle global challenges such as human displacement driven by climate change through geospatial methodologies. Yale Provost Scott Strobel said that YCGS will support the university community's goals in everything from environmental science to public health and economics. Further connectivity is foreseen when more advanced wireless technologies, such as 5G, are being adopted across the globe. It is expected that, in turn, improved tracking, real-time data transfer, and analytics will be enabled.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
cloud
Fastest Growth
cloud
Growth Rate
16.63% CAGR
Country Share for North America Region (%)
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Geospatial Analytics Market Segmental Analysis
The Global Geospatial Analytics Market is segmented into offering, technology, vertical, and region. By offering, the market is classified into solutions and services. Depending on technology, it is categorized into remote sensing and global positioning systems. According to vertical, the market is bifurcated into BFSI and Energy & Utility. Regionally, it is analyzed across North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa.
Analysis By Offering
The solution segment represents the leading position in the market for geospatial analytics. This segment represents various systems and applications that provide all mapping, analysis, and visualization tools. The requirement of higher methods to manage location-based data across industries, such as agriculture, urban planning, and defense, pushes this sector to the top position. Business intelligence for better decision-making, operational efficiency, and long-term planning involves heavy investments in geospatial technologies. Geographical data is growing daily, and required solutions for managing such data must be robust and scalable; hence, they can maintain their leading edge in the market. Geospatial analytics depicts that services are the fastest-growing segment compared to other segments within the industry.
The services segment included in this category are consulting, integration, and managed services, which basically become increasingly important for companies willing to derive full value from investments in geospatially related business. This therefore is the reason why there has been a rapid rise in this segment, since skills or experience in building, managing, and optimizing geospatial systems become highly essential. Specialized assistance will be required on issues such as data mixing, system adjustment, and analysis, amongst others, as businesses continue with increasingly sophisticated geospatial tools. The services segment is growing fastest among the geospatial analytics market due to growing demand for customized solutions with continuous support.
Analysis By Technology
The global positioning systems are leading the geospatial analytics market. GIS technology provides a concrete framework in collecting, storing, analyzing, and displaying data on spatial and geographic information. Due to its huge application in transportation, agriculture, urban planning, and environmental management, among others, GIS remains on top in the market. This will enable organizations to develop complex maps and models by integrating various data sources using GIS, thereby allowing them to better strategize and make more informed decisions. Large capabilities, continuous evolution, and integration with other technologies such as AI and big data keep GIS in the leading position.
Remote sensing is the fastest-growing category in the geospatial analytics market. This growth is driven by the ever-increasing availability and refinement of various remote-sensing devices such as satellites, drones, and aerial images. A deluge of remote-sensed data is applicable to resource identification, environmental impact studies, disaster control, and monitoring in current times. Advancement in sensor technology with high resolution and improved methods of data processing has increased the importance and accessibility of remote sensing. One major reason for this thriving market could be the increasing rate of remote sensing adoption in industries for the acquisition of information with precision in time.
Geospatial Analytics Market By Offering (%)
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Geospatial Analytics Market Regional Insights
North America was dominant in the geospatial market in 2021. This position is attributed to its considerable investment in data analytics and advanced technology infrastructure. The region is expanding due to the presence of well-established businesses. Due to many IT companies and academic institutions, innovation in leading geospatial technologies is going on with full vigor in the region. Dominance by North America is a factor of the extensive public and commercial sector programs in the region that make use of geospatial data for national security, environmental management, and urban planning. Its leadership is further cemented by the high adoption rates of geospatial solutions across multiple industries.
Growth in the geospatial analytics market is expected to take place in the Asia-Pacific due to the rise in investment of the region toward infrastructure development and smart city initiatives. Geospatial technology is increasingly used for the development of transportation, urban planning, and disaster management by countries such as China and India. Companies in Indonesia are leveraging the latest technologies, such as LiDAR, to widen the geospatial technologies market in the country. Besides, increasing usage of mobile devices and growing internet penetration create more avenues for the collecting and analysis of geospatial data in the Asia-Pacific region. All these factors drive market potential owing to diversified economic growth and technical advancement.
Geospatial Analytics Market By Geography
- Largest
- Fastest
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Geospatial Analytics Market Dynamics
Drivers
Rapid Advancements in IoT
- Rapid advancements in IoT have brought enormous changes in everyday life, embedding technology in mundane objects and environments. Along with the interconnections of devices, IoT can develop different facets of an intelligent home, efficient pollution control systems, smart cities, and advanced solutions for energy-saving. IoT deployment with smart sensors and GPS trackers can generate highly extensible data, with high accuracy on several parameters such as temperature, humidity, noise, and position. It can also be integrated seamlessly with geospatial analytics to derive more profound insight into complex queries for better decision making and more efficient management of resources and environments.
Adoption of AI and ML
- Increase in the adoption of AI and ML is expected to propel the market forward. AI and ML are contributing their share to revolutionizing the geospatial analytics market by enabling higher levels of analysis. That would also enable interpretation of satellite imagery, mapping roads and wetlands as such with changes in those features accurately, all enabled by AI-driven technologies, especially in image recognition. These enable detailed analysis for informed urban planning, environmental monitoring, and resource management. By applying AI and ML, organizations could extract more accurate and valuable insights from location-based data while making better-informed decisions and realizing operational efficiencies across several industries.
Restraints
Lack of Standardization Coupled with Shortage of Skilled Workforce to Limit Market Growth
- Geospatial data analytics has witnessed remarkable growth in the last couple of years. However, the lack of standardization coupled with shortage of skilled workforce is expected to hinder the growth of geospatial analytics market. The lack of standardization in storing geospatial data makes GIS specialists spend most of their time cleaning the data before analysis. There are very loose color conventions of geographic information, and low variety in how the elements are defined on the map, creating standardization issues. Another important factor that is predicted to restrain the growth of the market is the shortage of skilled manpower. In a Geospatial World Annual Readership Survey, approximately 84% of 2,000 industry professionals surveyed admitted that a skill gap existed between what the industry required and the availability of the workforce.
Security and Privacy Concern
- Urbanization is an enabler to utilize the software solutions of GIS. Furthermore, there is also an increasing public apprehension about privacy. Government restrictions and regulations related to collecting, storing, disseminating information, and the use of location-based data. Several data privacy acts and laws, such as the General Data Protection Regulation, govern sensitive personal data or information of the users that must be adhered to by the companies while collecting user location data. User location data availability is one of the key limiting factors that will decide whether enterprises will adopt these analytical tools. Concerns about privacy and the high cost of final expenditure on the services could limit market growth.
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Geospatial Analytics Market Competitive Landscape
Leading players of this market include but are not limited to Microsoft Corporation, Precisely Holdings, LLC, Alteryx, Inc., Hexagon AB, Trimble Inc., HERE Global B.V., Alphabet Inc. (Google LLC), Oracle Corporation, and Esri Global, Inc. Major companies are expanding their businesses by adopting various strategies such as mergers, acquisitions, product launches, collaboration, and partnership.
Top Players in the Global Geospatial Analytics Market
- TRIMBLE
- ESRI
- RMSI
- MAPLARGE
- FUGRO
- MAPIDEA
- ORBICA
- CARTO
- MAPBOX
- HEXAGON AB
- ALTERYX
- TOMTOM
- GEOSPIN
- SPARKGEO
Recent Developments
- February 2024: Placer.ai teamed up with Esri-a provider of geographic information system technology-to integrate consumer behavior analytics and take the analytics possible by Placer.ai one step further for its customers. In addition, the integration of our product sets will foster collaborations to unlock additional capabilities.
- December 2023: Within the framework of its participation in the organization of Space at COP28, UAE Space Agency in cooperation with Bayanat announced the start of the operational phase of Geospatial Analytics Platform.
- May 2023: Alteryx, Inc., and geolocation technology specialist TomTom International BV expanded upon their partnership. In support of this partnership, Alteryx will add spatial data to the products of Alteryx and location insights packages with the help of TomTom's Maps APIs and location data.
Geospatial Analytics Key Market Trends
Web-based GIS platforms use web technologies such as HTML5, JavaScript, and WebGL and deliver geospatial data and their analytical tools right in the web browser to enable users to access and study spatial data from any place that has internet access. These include web-based GIS platforms such as Mapbox, Google Maps Platform, and ArcGIS Online developed by Esri. The functionality enabled on such a platform includes the visualization of data, mapping interactively, and spatial analysis. This is driven by increasing demand for accessible and user-friendly geospatial solutions for businesses to apply spatial data for resource management, decision making, and spatial intelligence-related applications across industries.
Given 5G technology's capability to amass highly accurate geographic data, it is expected that the roll-out of 5G network services would open new opportunities for providers offering geospatial analytics services. The major three bands that the 5G network would use to operate include the low-band, mid-band, and high-band spectrum. The low-band spectrum is referred to as sub-1GHz spectrum. Major usage by carriers makes it rapidly run out of spectrum. The mid-band spectrum has lower latency and is faster in coverage compared to a low band.
Geospatial Analytics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest Analysis, some of the driving factors of the market are commercialization of geospatial data, integration of geospatial data with other key technologies, demand for geospatial solutions across industries, new and novel applications of geospatial analytics, technological advancements, and global use of geospatial analytics for security solutions. Because most of these geospatial analytics incur high initial and operational costs, and operational issues, this market is growing at a sluggish pace. All these factors put together are hampering the adoption of geospatial analytics globally.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 126.22 Billion |
| Market size value in 2031 | USD 364.34 Billion |
| Growth Rate | 12.5% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Geospatial Analytics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Geospatial Analytics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Geospatial Analytics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Geospatial Analytics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Geospatial Analytics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Geospatial Analytics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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