According to a recent report published by Allied Market Research, titled, “Geospatial analytics Market Analysis by Component, Solution Type, Deployment Mode, Organization Size, By technology, By type and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2030,”
The global geospatial analytics market size was valued at $60.94 billion in 2020, and is projected to reach $209.47 billion by 2030, growing at a CAGR of 13.0% from 2021 to 2030.
Geospatial analytics refers to the solution, which provides insightful information on satellite images and data captured from various geospatial technologies, including remote sensing, geographic information systems (GIS), and global positioning system (GPS). In addition, the major function of geospatial analytics solution is to identify problem, monitor the change, and manage as well as respond to the problems.
Numerous benefits provided by geospatial analytics include improvement in decision-making capability, easy record keeping ability of the software, and increase in efficiency of organizations. Moreover, various organization are adopting AI-based GIS solutions for data processing and to enhance the functional and user experience of GIS software, which is expected to be a game-changer in the market. Surge in demand for geospatial analytics in smart cities development and urban planning drives the growth of the market.
On the basis of component, the solution segment dominated the overall geospatial analytics industry in 2020, and is expected to continue this geospatial analytics market trends during the forecast period. This is attributed to increase in adoption of geospatial analytics solution among enterprises to gain strategic as well as competitive advantage and strong customer retention over their competitors. In addition, these solutions save both time as well as money, leverage existing data investments, and improve image analysis capabilities, with just a single software application. Moreover, geospatial providers are upgrading their software solutions to expand the range of geospatial analytics applications to reach more customers, which provides lucrative opportunities for the market growth. However, the service segment is expected to witness highest geospatial analytics market growth, as service segment of geospatial analytics industry ensures effective coordination between software provider companies and users of geospatial analytics software by providing services such as implementation, training, consulting services, and managed services. The adoption of these software speeds up the customer satisfaction of various industrial verticals such as BFSI, IT & telecommunication, and healthcare, which maximizes the value of existing customer by optimizing their needs and minimizes the cost of operation. This further fuel the adoption of services that are needed to handle the software properly.
Depending on deployment mode, the on-premise segment garnered the largest geospatial analytics market share in 2020, and is expected to continue this trend during the forecast period. This is attributed to numerous benefits provided by this on-premise deployment such as high level of data security and safety. However, the cloud segment is expected to witness highest growth in the upcoming years. As cloud deployment does not need any investment in IT infrastructure as all data is stored on cloud server, which increases the demand for of geospatial analytics software in small and medium scale organizations.
As per geospatial analytics market forecast post COVID-19, the global market size is estimated to grow from $69.48 billion in 2021, and reach $209.47 billion by 2030, at a CAGR of 13.0%.
The COVID-19 outbreak has a positive impact on the growth of the geospatial analytics market as geospatial analytics technologies are helping enterprises to address the extensive capacity demand of geospatial analytics. The outbreak of COVID-19 has affected communities globally while governments and companies are trying their best to respond faster to the challenges posed by this pandemic. However, from the last quarter of 2019, COVID-19 pandemic created an unbalanced health situation, with stringent restriction to maintain social distancing and lockdown implemented across world. Thus, with a major aim to contain this pandemic, majority of the economies have enforced completed shutdown, thereby leading to decline in business operations. Sectors such as manufacturing and transportation have been severely impacted, worsening the business scenario and resulting colossal monetary and employment losses. However, this pandemic has elevated the growth for the geospatial analytics market, and is expected to exhibit twofold increase during the forecast period. In addition, as per the study conducted at the Institute for Disease Modelling, Seattle, high-quality geospatial data allows models in tackling the pandemic by effectively providing information in terms of providing risk factors, setting-specific characterization of disease transmission, and forecasts of pathogen & viral prevalence.
Key Findings Of The Study
- By component, the solution segment dominated the geospatial analytics market in 2020. However, the service segment is expected to exhibit significant growth during the forecast period.
- By Solution Type, the geocoding & reverse geocoding segment dominated the geospatial analytics market in 2020. However, the thematic mapping & spatial analysis segment is expected to exhibit significant growth during the forecast period.
- On the basis of Deployment Mode, the on premise segment accounted for the highest revenue of market in 2020; however, the cloud segment is expected to witness the highest growth rate during the forecast period.
- Depending on organizational size, the large scale segment generated the highest revenue in 2020. However, the SMEs segment is expected to witness the highest growth rate in the near future.
- Depending on technology, the GIS segment generated the highest revenue in 2020. However, the GPS segment is expected to witness the highest growth rate in the near future.
- Depending on type, the network & location analytics segment generated the highest revenue in 2020. However, the geovisualization segment is expected to witness the highest growth rate in the near future.
- Depending on industry vertical, the smart cities segment generated the highest revenue in 2020. However, the insurance segment is expected to witness the highest growth rate in the near future
- Region wise, the geospatial analytics market was dominated by North America. However, Asia-Pacific is expected to witness significant growth in the coming years.
This report gives an in-depth profile of some key market players in the market are Alteryx, Inc., Bentley Systems, Incorporated, ESRI, Furgo NV, General Electric, Hexagon AB, Google, Inc., MDA Corporation, Oracle Corporation, SAP SE, Trimble, Inc., and TOMTOM International, Inc. This study includes market trends, geospatial analytics market analysis, and future estimations to determine the imminent investment pockets