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Written by Business News » Updated on: July 12th, 2024
IMARC Group, a leading market research company, has recently released a report titled "Geospatial Analytics Market Report by Component (Solution, Services), Type (Surface and Field Analytics, Network and Location Analytics, Geovisualization, and Others), Technology (Remote Sensing, GIS, GPS, and Others), Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises), Deployment Mode (On-premises, Cloud-based), Vertical (Automotive, Energy and Utilities, Government, Defense and Intelligence, Smart Cities, Insurance, Natural Resources, and Others), and Region 2024-2032". The study provides a detailed analysis of the industry, including the geospatial analytics market trends, size, share and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global geospatial analytics market size reached US$ 101.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 298.7 Billion by 2032, exhibiting a growth rate (CAGR) of 12.3% during 2024-2032.
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Factors Affecting the Growth of the Geospatial Analytics Industry:
Rapid Technological Advancements and Innovations:
The introduction of enhanced data collection techniques, such as high-resolution satellite imagery, unmanned aerial vehicles (UAVs), and light detection and ranging (LiDAR) technology that improves the accuracy and granularity of geospatial data, is acting as a growth-inducing factor. These technologies enable precise mapping and analysis, facilitating better decision-making in various sectors, including agriculture, urban planning, and disaster management. Additionally, the burgeoning integration of artificial intelligence (AI) and machine learning (ML) algorithms with geospatial data analytics to enhance pattern recognition, predictive modeling, and real-time analytics capabilities is fueling the market growth. Along with this, the increasing utilization of cloud computing and big data analytics to offer scalable storage solutions and efficient processing power is enhancing the market growth.
Increasing Demand in Various Industries:
The increasing demand for geospatial analytics across diverse industries is positively impacting the market growth. In line with this, the growing adoption of this analysis in the agriculture sector for precision farming, optimizing crop yields, and monitoring soil health, thereby improving agricultural productivity and sustainability, is strengthening the market growth. Besides this, the burgeoning demand for geospatial analysis in the transportation and logistics industry to optimize route planning, enhance supply chain efficiency, and manage assets more effectively is anticipated to drive the market growth. Additionally, the defense and military sectors utilize geospatial analytics for strategic planning, surveillance, and mission coordination.
Imposition of Government Initiatives and Policy Support:
The rising recognition among governments about the value of geospatial data in policy formulation, infrastructure development, and public safety is enhancing the market growth. In line with this, the growing imposition of initiatives to promote digitalization and smart city projects that incorporate geospatial analytics to enhance urban infrastructure and service delivery is fostering the market growth. Furthermore, the heightened use of geospatial analysis as regulatory frameworks mandates their use for environmental impact assessments, land use planning, and disaster management is supporting the market growth. Moreover, the increasing investments in national geospatial data infrastructure and public-private partnerships that foster innovation are fueling the market growth.
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Geospatial Analytics Market Report Segmentation:
By Component:
Solution represented the largest segment as comprehensive geospatial solutions offer end-to-end capabilities, encompassing data collection, analysis, and visualization.
By Type:
Network and location analytics accounted for the largest market share due to the growing need for real-time location data to optimize operations and enhance decision-making across various industries.
By Technology:
GPS represented the largest segment as it provides precise and reliable location data essential for numerous applications, including navigation, mapping, and asset tracking.
By Enterprise Size:
Large enterprises accounted for the largest market share as they have the resources to invest in advanced geospatial technologies and integrate them into their complex operational frameworks.
By Deployment Mode:
Cloud-based represented the largest segment owing to its scalability, cost-effectiveness, and ability to provide real-time data access and analytics.
By Vertical:
Defense and intelligence represented the largest segment due to the critical need for accurate geospatial data in strategic planning, surveillance, and national security operations.
Regional Insights:
North America's dominance in the geospatial analytics market is attributed to its advanced technological infrastructure, substantial investments in geospatial research and development (R&D), and widespread adoption across various industries.
Global Geospatial Analytics Market Trends:
The burgeoning integration of geospatial analytics with the Internet of Things (IoT), which enables real-time monitoring and analysis of spatial data from various connected devices, is anticipated to drive the market growth. Besides this, the expanding use of geospatial analytics in augmented reality (AR) and virtual reality (VR) applications, which provide immersive visualizations for urban planning, disaster simulation, and navigation, is providing a thrust to the market growth. Besides this, the growing emphasis on climate change mitigation and environmental sustainability that boosts the use of geospatial analytics in tracking carbon footprints, managing natural resources, and supporting conservation efforts is fueling the market growth.
Top Companies Operated in Geospatial Analytics Industry:
Key Highlights of the Report:
• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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IMARC Group
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