The global geospatial analytics market is expected to witness a CAGR of 13.8% during the forecast period. Innovations and advancements in drone technology, the growing deployment of unmanned aerial vehicles (UAVs) to remotely monitor and collect large amounts of location data with minimal human intervention, the increase in the number of AI and MI-based GIS solutions, the rise in adoption of GPS-enabled smartphones and devices, development of smart cities and urbanization will propel the growth of geospatial analytics market. Furthermore, oil & gas companies and the automotive industry across the globe are deploying geospatial analytics to expand their businesses.
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The COVID-19 outbreak has provided many growth opportunities for the geospatial analytics market, owing to people opting for smart wearables, robots, and drones. GIS, analytics, and big data are some technologies that can be used in the healthcare sector to better understand the situation and make informed decisions in a timely manner. Use of satellite monitoring such as remote sensing software, remote temperature software is used to control the spread of the coronaviruses.
Esri unveiled new ArcGis platform features. Esri introduced a new deployment option to ArcGIS Indoors and Space Planner (a new app template) as well as a number of other changes for ArcGIS Indoors mobile and ArcGIS Indoors in ArcGIS Pro.
Syncsort purchased Pitney Bowes’ software and data business and rebranded as Precisely. Precisely would assist businesses in making better judgments and achieving better results.
By application, surveying segment to lead the market during the forecast period 2020-2027
The surveying segment in the geospatial analytics market accounts for the largest share because it has many advantages such as better decision making, reliable record retention, and better land management. The rising application of geospatial analytics in various industries such as security & defense, architecture, engineering & construction, oil & gas, manufacturing, agriculture, and utilities. The increase in the adoption of LiDAR technology is expected to drive the demand for the surveying application.
“North America will dominate the market during the forecast period 2020-2027”
North America is anticipated to have the largest share in the geospatial analytics market. The presence of several technology companies in the region and the growing importance of artificial intelligence and machine learning will propel the market growth. Favourable government policies that support the easy exchange of geospatial data between private organizations have also contributed to the growth of the geospatial analytics market. In addition, the growth of the oil and gas industry, the development of 5G infrastructure, the increase in demand for connected cars, the presence of global players in the automotive industry, and the region’s strong medical infrastructure are some of the driving factors that will drive the growth of geospatial analytics market in the region.
Some of the key players operating in the global geospatial analytics market are DigitalGlobe, Alteryx, Fugro N.V., RMSI, Hexagon, SAP, Maxar Technologies, Trimble Navigation, MapLarge, Bentley Systems, Harris Corporation, ESRI, Pitney Bowes, General Electric Company, Oracle and Google.
Source: VynZ Research