The geospatial analytics market is estimated to grow at a CAGR of 22.83%, reaching US$327.82 billion in 2029 from US$77.699 billion in 2022.

NOIDA, UTTAR PARDESH, INDIA, January 25, 2024 /EINPresswire.com/ -- According to a new study published by Knowledge Sourcing Intelligence, the geospatial analytics market is projected to grow at a CAGR of 22.83% between 2022 and 2029 to reach US$327.82 billion by 2029.

The geospatial analytics market is poised for expansion, driven by an increasing demand for satellites and location-based services. The growth in the Internet of Things (IoT) further contributes to the market's upward trajectory. The surge in satellite utilization and location-based services reflects a heightened need for precise spatial information in various industries.

Geospatial analytics involves the examination of geographical or spatial data, encompassing the collection, processing, and analysis of such data to reveal patterns, trends, and relationships that might not be readily apparent through alternative data analysis methods. This field finds application across various industries, including transportation, agriculture, environmental management, and public health. The primary goal of geospatial analytics is to extract insights that facilitate informed decision-making. For instance, businesses can employ geospatial analytics to pinpoint optimal locations for new stores or analyse customer behaviour within specific geographic regions. Similarly, governments utilize geospatial analytics to monitor and address environmental concerns like pollution or deforestation, as well as to identify areas susceptible to natural disasters.

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The geospatial analytics market is categorized based on its components, which include software and services. These components constitute the essential elements that contribute to the functioning and capabilities of geospatial analytics solutions. The software aspect encompasses the technological applications and programs designed for the analysis, interpretation, and visualization of spatial data. On the other hand, services in the geospatial analytics market involve a range of offerings such as consultation, implementation, maintenance, and support, enhancing the overall effectiveness and utilization of geospatial analytics solutions. Together, software and services form the integral components driving the geospatial analytics market's capabilities and value proposition.

The geospatial analytics market is experiencing notable expansion, particularly in the realm of geo-visualization. Geo-visualization is gaining prominence, especially in sectors like utilities, smart cities, and oil and gas, where efficient asset management holds significant importance. The application of geospatial analytics extends to various industries, including agriculture, defence, and healthcare. Moreover, the escalating availability of data from sources like satellites, drones, and terrestrial sensors is driving an increasing demand for geospatial analytics solutions capable of processing and analysing this diverse range of data.

The geospatial analytics market is segmented based on enterprise size, categorizing businesses into two main groups: Small and Medium Enterprises (SMEs) and Large Enterprises. This classification is crucial in understanding how geospatial analytics solutions cater to the varying needs and scales of enterprises. Small and Medium Enterprises, typically encompassing businesses with relatively limited resources, find value in geospatial analytics for its ability to provide cost-effective yet impactful insights. On the other hand, Large Enterprises, with their extensive operations and diverse complexities, leverage geospatial analytics to manage and analyse vast amounts of spatial data efficiently. This segmentation reflects the adaptability of geospatial analytics across enterprises of different sizes, showcasing its versatility in addressing the unique challenges and opportunities present in both SMEs and Large Enterprises.

The geospatial analytics market is categorized based on its applications, encompassing a diverse range of sectors and industries. One prominent application is Surveying, where geospatial analytics plays a pivotal role in efficiently collecting, processing, and interpreting spatial data for various surveying purposes. Another crucial domain is Medicine & Public Safety, where geospatial analytics aids in enhancing healthcare delivery and public safety measures by analysing geographical patterns and optimizing resource allocation. In Military Intelligence, geospatial analytics is integral for strategic decision-making, providing valuable insights through the analysis of spatial data for defence purposes. Disaster Risk Reduction & Management is another key application, where geospatial analytics contributes to identifying vulnerable areas, assessing risks, and formulating effective disaster management strategies. Additionally, the application of geospatial analytics extends to Climate Change Adaptation (CCA), facilitating the monitoring and analysis of geographical changes to support initiatives addressing climate-related challenges. This diverse array of applications highlights the versatility of geospatial analytics in addressing specific needs across multiple sectors.

The geospatial analytics market is divided by geographical regions, including North America, South America, Europe, the Middle East and Africa, and Asia Pacific. Among these regions, North America stands out as a key player in the geospatial analytics market, driven by the presence of major industry players, technological advancements, and the widespread adoption of geospatial technologies across various sectors. Notably, the United States and Canada play pivotal roles in contributing to the market's growth in North America. The increasing utilization of cloud-based geospatial analytics solutions and the integration of geospatial technologies with artificial intelligence, machine learning, and big data analytics are significant factors propelling market expansion in the United States. Furthermore, the government sector significantly contributes to the development of the US geospatial analytics market, as government agencies leverage geospatial technologies for applications such as disaster management, urban planning, and defence initiatives.

Major players in the geospatial analytics market are CARTO, RMSI, SAP SE, ALTERYX, INC., Hexagon AB, Fugro, Google LLC, ESRI, Bentley Systems Incorporated, and TomTom International BV.

The market analytics report segments the geospatial analytics market using the following criteria:

• By Component

o Software
o Services

• By Type

o Surface & Field Analytics
o Network & Location Analytics
o Geovisualization
o Others

• By Enterprise Size

o Small and Medium
o Large

• By Application

o Surveying
o Medicine & Public Safety
o Military Intelligence
o Disaster Risk Reduction & Management
o Climate Change Adaptation (CCA)
o Others

• By Geography

o North America

• USA
• Canada
• Mexico

o South America

• Brazil
• Argentina
• Others

o Europe

• Germany
• France
• United Kingdom
• Spain
• Others

o Middle East and Africa

• Saudi Arabia
• UAE
• Others

o Asia Pacific

• China
• Japan
• India
• South Korea
• Indonesia
• Taiwan
• Others

Companies Profiled:

• ESRI
• TomTom International BV
• Fugro
• Bentley Systems Incorporated
• SAP SE
• Google LLC
• RMSI
• Hexagon AB
• CARTO
• ALTERYX, INC.

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Ankit Mishra
Knowledge Sourcing Intelligence LLP
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