Global Geospatial Analytics Market is Expected to Grow at a CAGR of 12.6% in the Forecast Period of 2024-2032

The global geospatial analytics market is significantly being driven by the rising technological advancements. The Asia Pacific is likely to witness the highest growth in the forecast period of 2024-2032. The Government of China is investing in the development of a space-borne airborne observation network that improves national, regional, and global potential in emergencies and improves human health, protection, and well-being. The first detailed spatial survey was conducted by the Chinese government in 2018. The geographical analysis will report on the overall situation of the country and details on land, soil, water and agriculture, which are a guide for the policy-making process. Such government initiatives are driving the growth of the geospatial analytics market in the region.

The market is divided into software and service on the basis of component. In 2020, the software segment dominated the market due to the growing adoption of software solutions by businesses for localized, informed decision-making business intelligence (BI). The use of analytical tools for environmental monitoring, forest management, and traffic control has increased significantly. In addition, the production of GIS4-dimensional applications provides good grounds for the growth of the software industry.

In October 2018, Google LLC (NASDAQ: GOOGL), one of the key players in the industry, revealed the alpha release of its new geospatial tools for BigQuery. The featured collection, officially referred to as the BigQuery Geographic Information System (GIS), incorporates the GEOGRAPHY data sort, new geographically functionality in standard SQL (BigQuery SQL dialect), and a BigQuery GeoViz visualization tool.

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Market Analysis by Component, Type, Application, and Region:

• The components of geospatial analytics can be divided into software and service.

• The major types of the product can be segmented into surface and field analytics, network and location analytics, and geovisualisation, among others.

• It finds application in surveying, medicine and public safety, disaster risk reduction and management, climate change adaptation, and others.

• The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global geospatial analytics market is being driven by the rising use of GPS devices.

• The rapid technological advancements in the GIS technology field are boosting the market growth further.

• The increased demand from the application sector in propelling the market growth further.

• The rising smart city investments in providing an impetus to the market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global geospatial analytics market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the components, types, applications, and regional markets of geospatial analytics.

• It assesses the market based on the SWOT and Porter’s Five Forces models.

The major companies included in the global geospatial analytics market include companies like Oracle Corporation, Google LLC, Bentley Systems, Incorporated, ESRI, General Electric Co., Hexagon AB, Maxar Technologies Inc., SAP SE, Harris Geospatial Solutions, Inc., Critigen LLC, among others. The comprehensive report covers their market share, capacity, and latest developments like mergers and acquisitions, and capacity expansions.

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