The global geospatial analytics market was estimated 29.27 Billion in 2016 and projected to reach USD 71.69 billion by the end of 2021, with a CAGR of 19.6%% from 2016 to 2021.
Advancements in social media, smart devices, location sensors, and communications technology have allowed organizations to collect geo-references about every possible event. Geospatial analysis uses these geo-references to build GIS, maps, graphs, cartograms and other useful information to derive correlation between historical shifts, present occurrences and forecast future trends. The geospatial analytics market is expected to reflect substantial growth over the forecast period, owing to increasing monetization of geospatial data for decision making across government and business organizations. Furthermore, increasing integration and convergence of geospatial analytics with IoT and big data is expected to flourish the geospatial analytics market.
Among technologies, Global Positioning System (GPS) segment is expected to reflect highest growth over the forecast period. This is attributed to increasing use of GPS enabled smart devices for commercial, industrial, and military applications. Remote sensing technology is expected to dominate the overall market over the forecast period.
The surveying segment is projected to lead the geospatial analytics market during the forecast period. The rising demand for surveying geospatial solutions in various sectors such as infrastructure development to optimize the use of available resources is leading to the growth of this segment. On other hand, the climate change adaptation application is expected to reflect highest CAGR over the forecast period. This can be attributed to the increasing concern towards climate change among governments and business organizations.
Among verticals, the automotive segment is estimated to reflect highest growth over the forecast period. This trend is attributed to increasing use of geospatial analytics in automotive industry.
The report segments the global geospatial analytics market by application, by technology, by type, by vertical, and by region. The application includes climate change adaptation, disaster risk reduction & management, medicine & public safety, surveying, and among others. The technology includes GIS, GPS, remote sensing, and among others. The type includes geo visualization, network analytics, surface analytics, and among others. The vertical includes automotive, business, defence & intelligence, government, natural resources, utility & communication, and among others.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. North America leads the global geospatial analytics market followed by Europe and Asia-Pacific. The geospatial analytics market in Asia-Pacific is projected to reflect highest CAGR over the forecast period. The attractiveness of the geospatial analytics market in the Asia-Pacific region is result of increasing use of geospatial analytics for decision making related to deployment of various public infrastructure and industrial development projects.
The companies covered in the report includeBentley Systems, DigitalGlobe, Fugro N.V., General Electric, Harris Corporation, Hexagon AB, Trimble Navigation Ltd., and among others.