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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 2021-2026. 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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The major companies included in the global geospatial analytics market include companies like ESRI, MDA Corporation (Maxar Technologies Ltd.), Google LLC, Oracle Corporation, SAP SE, Harris Corporation, Hexagon AB, Bentley Systems, Incorporated, GE Grid Solution (General Electric Company), and 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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