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

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.