Analyzing Changing Dynamics of Geospatial Analytics Market: Why Invest in USD 209.47 Billion Market Reach by 2030
Increase in Demand for GIS Software in Smart Cities Development and Urban Planning fuel the market growth.
PORTLAND, PORTLAND, OR, UNITED STATE, May 31, 2024 /EINPresswire.com/ — According to the report published by Allied Market Research, Analyzing Changing Dynamics of Geospatial Analytics Market: Why Invest in USD 209.47 Billion Market Reach by 2030. How big is the geospatial analytics market? As per the report published by Allied Market Research, the global geospatial analytics market 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.The study highlights the key strategies, drivers, competition, market dynamics, size, and important investment regions.
Key Takeaway of the Study:
The increase in the demand for GIS solutions for smart city development and urban planning is expected to boost the market’s growth.
The development of 4D geospatial analytical solutions is predicted to fuel the industry’s growth during the forecast period.
Advancements in satellite and UAV technology are anticipated to bring more precision in geospatial data in the coming years.
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Factors Influencing the Market Growth:
The global geospatial analytics market has experienced remarkable growth due to the increase in the demand for GIS software in smart city development and urban planning. GIS software collects data from thousands of IoT sensors, analyzes it and creates a visualization of the data on a map for immediate actionable insights. Such IoT-based data helps local government to develop smart parks, improve safety, and drive innovation. Also, GIS solutions are implemented to create generalized location-enabled platform for use cases analysis in smart cities environments. Furthermore, the growing adoption of cloud-based GIS and the increase in application of AR and VR technologies in geographic information systems are predicted to create extensive growth opportunities for the market during the forecast period. In addition, the development of 4D geospatial analytical solutions is anticipated to boost the growth of the market in the coming years. However, the high cost of geospatial analytics and the lack of comprehensive government policies toward geospatial analytics might impede the industry’s growth.
Segmental Orientation:
The landscape of geospatial analytics is categorized into different segments based on component, deployment model, technology, organization size, and industry vertical. Based on component, the solution segment is expected to gain the highest share due to the rise in the demand for GIS solutions across various industries such as transportation, public health, urban planning, agriculture, and many more to make informed decisions and optimize their operations. By organization size, the large-scale enterprise segment dominated the industry share and is predicted to continue a steady growth over the forecast period. This is mainly due to the increase in the adoption of geospatial analytics by enterprises to gain strategic and a competitive advantage over their competitors. Based on the deployment model, the on-premises segment is expected to hold the highest market share, attributed to its numerous advantages such as high-level data security and safety. By technology, the cloud-based segment is predicted to attain the maximum industry share because of the increasing demand for cloud-based GIS solutions to among businesses and organizations for real-time spatial data processing, distributed computing, and on-demand scalability. Based on industry vertical, the defense & security segment is expected to be the most productive owing to the rise in the demand for advanced GIS solutions among modern military and intelligence organizations to obtain important information strategic decision-making.
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Regional Analysis:
The industry is also examined across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America is projected to hold the largest market share due to the increase in the use of GIS solutions among businesses and governments across the region to gain spatial insights, improve efficiency, and create smarter, more resilient communities through data-driven solutions.
Recent Developments in the Industry:
Enhanced Data Collection and Integration: Advances in satellite and Unmanned Aerial Vehicle (UAV) technology provide high-resolution and real-time imagery, enhancing the precision of geospatial data. In addition, Improved Light Detection and Ranging (LiDAR) and Radio Detection and Ranging (RADAR) systems are expected to offer detailed topographical and environmental data in the upcoming years.
Advanced Analytical Tools and Techniques: The integration of machine learning algorithms in geospatial analytics solutions is predicted to identify and analyze different patterns in spatial data, such as urban growth, environmental changes, and natural disaster impacts.
Top Players in the Market:
GOOGLE LLC
MDA CORPORATION,
FUGRO
GENERAL ELECTRIC CO.
SAP SE
ESRI
ALTERYX, INC.
HEXAGON AB (INTERGRAPH)
ORACLE CORPORATION
BENTLEY SYSTEMS,
TOMTOM INTERNATIONAL B.V.
TRIMBLE INC.
INCORPORATED
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Key Questions Answered in the Intelligent Study
What are the key technological and market trends transforming the market?
What are the key companies operating in the industry?
Which region is expected to drive the landscape in the forecast period?
Which company accounted for the highest share of the market?
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