Geospatial Analytics Market Size Hits Milestone, Transforming Decision Making with Location-based Insights | CAGR of 13%
The geospatial analytics market is anticipated to grow as businesses increasingly realize the value of location-based insights in their decision-making.
PORTLAND, OREGON, UNITED STATES, June 23, 2023/EINPresswire.com/ — The Geospatial Analytics Market Size was valued at $60.94 billion in 2020, and is expected to increase at a CAGR of 13.0% from 2021 to 2030 to reach $209.47 billion.
The term “geospatial analytics” refers to a method for analyzing data and satellite images from a variety of geospatial sources, such as remote sensing, geographic information systems (GIS), and global positioning systems (GPS). A geospatial analytics solution’s primary duties also include problem identification, change monitoring, problem management, and problem response.
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Location intelligence is becoming a critical component of business strategies across industries. Organizations are leveraging geospatial analytics to gain deeper insights into their operations, customers, and markets. By integrating location-based data with other business data, companies can identify patterns, trends, and correlations that were previously hidden. This enables more informed decision making, targeted marketing campaigns, optimized supply chain management, and improved risk assessment.
The increasing availability of real-time data and the proliferation of big data are driving the adoption of geospatial analytics. Organizations can now analyze massive volumes of geospatial data in real-time, enabling them to respond quickly to changing conditions, monitor assets remotely, and detect anomalies. Real-time geospatial analytics are particularly valuable in sectors such as transportation, logistics, emergency management, and environmental monitoring.
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The integration of artificial intelligence (AI) and machine learning (ML) techniques is revolutionizing geospatial analytics. AI and ML algorithms can analyze complex geospatial data, identify patterns, and make predictions with higher accuracy. These technologies enable automated feature extraction, image recognition, predictive modeling, and anomaly detection, enhancing the efficiency and effectiveness of geospatial analytics applications.
Geospatial analytics is finding applications in diverse industries beyond traditional sectors like urban planning and natural resource management. Industries such as retail, agriculture, insurance, healthcare, and utilities are increasingly leveraging location-based insights. Retailers use geospatial analytics to identify optimal store locations and target customers. Agriculture benefits from precision farming techniques based on geospatial data. Insurance companies employ geospatial analytics for risk assessment and claims management. The potential applications of geospatial analytics continue to expand as more industries recognize its value.
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This report gives an in-depth profile of some key market players in the geospatial analytics 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 geospatial analytics market trends, geospatial analytics market analysis, and future estimations to determine the imminent investment pockets.
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