Geospatial Analytics Market: Maps, Graphs, Statistics
According to a new market research report titled “Geospatial Analytics Market by Technology (Earth Observation, GIS, GNSS, 3D Scanning), Component, Deployment Mode, Organization Size, Application (Surveying, Urban Planning), and End User (Healthcare, Transportation, Telecom)—Global Forecast to 2028”, published by Meticulous Research®, the geospatial analytics market is expected to grow at a CAGR of 17.6% from 2021 to 2028 to reach $256 billion by 2028.
Geospatial analytics is the process of gathering geographic data and processing it for industrial use. Geospatial data is time-based data in correlation with the specific location on the earth’s surface. It can provide insights into relationships between variables and reveal patterns and trends. Geospatial analytics is used to add timing and location to traditional data types and build data visualizations. These visualizations include maps, graphs, statistics, and cartograms that show historical changes and current shifts. This data helps to make predictions faster, easier, and accurate decisions.
The geospatial analytics market is driven by the growing use of artificial intelligence and machine learning-based GIS solutions. The use of AI-based GIS solutions is rapidly advancing the data gathering and cleansing process. Different industries are using smart predictive analytics of AI to improve their predictive accuracy. In addition, advancement in big data analytics provides benefits, such as data accumulation from multiple sources, including earth observation, GIS, GNSS & positioning, and 3D scanning using drones and UAVs, enabling real-time forecasting and business monitoring and helps identify crucial points in large data sets. Furthermore, increasing utilization of IoT in smart homes and smart cities is further influencing the demand for geospatial analytics. Cloud computing is easing accessing and uploading a large amount of geospatial data on the cloud. This helps simplify data revival and retrieval and helps in assisting data management.
However, some of the key factors hindering the growth of the market are the easy access to public geo-information via web applications, which is a major concern for data privacy and high set-up and operating cost, including workforce and infrastructure.
Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5161?utm_source=Blog&utm_medium=Social&utm_campaign=Product&utm_content=22-04-2022
The Impact of COVID-19 on the Geospatial Analytics Market
The spread of COVID-19 has had an unprecedented impact on public health and industrial structures, accelerating social reforms in several areas. Though the nature of the macro challenges, such as disrupted supply chains, decentralized workforce, and the provision of safe and healthy employee workspaces, are different than in past recessions, market players must deal with these monumental challenges.
The spread of COVID-19 has had a severe impact on the performance of several industries and economies across the globe. Governments have forced lockdowns worldwide, shutting down manufacturing plants and halting import-export operations. As a result, several industries have stopped their ongoing production operations, disrupting supply chains and affecting the demand-supply balance. Most industries have been experiencing severe challenges and companies are restructuring their business strategies to improve recovery and revenue generation.
The lockdown has negatively impacted the manufacturing, logistics, transportation, retail, education, mining, telecom, oil & gas, and utility industries. However, the adoption of geospatial analytics is on the rise in the healthcare sector for tackling the COVID-19 pandemic. Healthcare consultants, government decision-makers, and institutions working at the ground level have collaborated to generate real-time data on COVID-infected patients and share geographical information of the COVID-19 prone area to spread awareness among the local public and curb the spread of the virus. For instance, in June 2021, Novartis International AG collaborated with Hewlett Packard Enterprise (U.S.) to accelerate the use of health data sources and advance the application of artificial intelligence, machine learning, and geospatial analytics, expanding access to technology in remote and underserved locations.
Overall, COVID-19 has impacted the adoption of geospatial technologies severely. However, the adoption of geospatial technologies grew in the healthcare sector.
Speck to our Analyst @ https://www.meticulousresearch.com/speak-to-analyst/cp_id=5161?utm_source=Blog&utm_medium=Social&utm_campaign=Product&utm_content=22-04-2022
To provide efficient analysis, Meticulous Research® has segmented this market based on technology (GNSS, GIS, Earth Observation, and 3D Scanning), component (software and services), deployment mode (cloud and on-premise); organization size (large enterprises, small & medium enterprises); application (surveying, military & border security, disaster management, marketing management, urban planning, public safety, and asset management); end-user (natural resources, security & defense, BFSI, media & entertainment, healthcare, AEC, education, telecom, manufacturing, oil & gas, retail, transportation & logistics, and utilities); and by geography (North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa).
Based on technology, the geospatial analytics market is segmented into GNSS, GIS, earth observation, and 3D scanning. In 2021, the GNSS & positioning segment is estimated to account for the largest share of the overall geospatial analytics market. The large share of this segment is mainly attributed to the growing adoption of tracking devices based on GNSS & positioning technologies, such as GPS in the transportation & logistics sector. However, the 3D scanning segment is estimated to be the fastest-growing segment during the forecast period.
Based on component, the geospatial analytics market is segmented as software and services. In 2021, the services segment is estimated to account for the largest share of the global geospatial analytics market. The large share of the segment is mainly attributed to the growing demand for training & geo-consultation services.
Based on application, the surveying segment is expected to account for the largest share of the overall geospatial analytics market in 2021. The large share of this segment is mainly attributed to the growing adoption of GIS technology for security & surveillance. The use of surveying in smart cities across the globe has influenced the use of geospatial analytics for surveying in recent years.
Based on deployment mode, the cloud-based segment is estimated to account for the largest share of the overall geospatial analytics market in 2021. The advantages of cloud-based offerings include scalable computing, storage of large datasets, big data computation, and the ability to surge resources during critical events such as disasters has further helped this segment to grow with the fastest CAGR during the forecast period.
Quick Buy – Geospatial Analytics Market Research Report: https://www.meticulousresearch.com/Checkout/56119356?utm_source=Blog&utm_medium=Social&utm_campaign=Product&utm_content=22-04-2022
Based on organization size, the large enterprises segment is estimated to account for the largest share of the overall geospatial analytics market in 2021. However, SMEs are estimated to grow with the fastest CAGR during the forecast period. Extensive support from governments and major investors, an increasing need to achieve a significant position in the industry, and a growing focus on gaining a maximum number of customers to their portfolio are some of the factors driving the segment growth.
Based on end user, the transportation & logistics segment is expected to account for the largest share of the overall geospatial analytics market in 2021. The large share of this segment is mainly attributed to the growing adoption of geospatial technology-based on GNSS & positioning platforms, such as GPS in the transportation & logistics sector. In addition, the growing investment in autonomous vehicles, self-driving cars, and connected cars is further estimated to drive the growth of this segment at the highest CAGR during the forecast period.
Geographically, the global geospatial analytics market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2021, North America is estimated to account for the largest share of the global geospatial analytics market. The large share of this region is attributed to the technological advancements in big data, AI & ML; the growing number of on-road connected vehicles and self-driving cars; the presence of several major market players in the region; and the growing significance of geospatial analytics applications in the transportation & logistics sector. However, the Asia-Pacific region is expected to account for the fastest growth during the forecast period. Proliferation in the number of smart cities projects, the advent of 5G technology and the development of associated infrastructure, and the growing significance of smart utilities are driving the growth of the APAC geospatial analytics market.
Some of the key players operating in the in the global geospatial analytics market are ESRI (U.S.), Oracle Corporation (U.S.), Alteryx, Inc. (U.S.), Fugro N.V. (Netherlands), Hexagon AB (Sweden), RMSI Pvt. Ltd., India (India), SAP SE (Germany), Trimble Inc. (U.S.), L3Harris Technologies, Inc. (U.S.), General Electric Company (U.S.), TomTom N.V. (Netherlands), Autodesk, Inc. (U.S.), Google LLC (U.S.), Atkins (U.K.), AAM Pty Ltd. (Australia), Orbital Insight (U.S.), Cyient Limited (India), Precisely (U.S.), HERE (Netherlands), and CARTO (U.S.), among others.
