Global Geospatial Analytics Market

Geospatial Analytics Market Size, Share, Growth Analysis, By Offering (Solution, Services), By Technology (Remote Sensing, Global Positioning Systems), By Vertical (Energy & Utility, BFSI), 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. 

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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).

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.  'GOOGLE ', 'TRIMBLE ', 'ESRI ', 'RMSI ', 'MAPLARGE ', 'FUGRO ', 'MAPIDEA ', 'ORBICA ', 'CARTO ', 'MAPBOX ', 'HEXAGON AB ', 'ALTERYX ', 'TOMTOM ', 'GEOSPIN ', 'SPARKGEO'

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. 

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. 

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Global Geospatial Analytics Market

Report ID: SQSG45E2026

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