Market Research Report
Global Geospatial Analytics Market -2021-2028
|Global Geospatial Analytics Market -2021-2028|
Published: October 6, 2021
Content info: 449 Pages
Delivery time: 1-2 business days
Geospatial analytics collects geographic data and imagery from earth observation, GIS, GNSS & positioning, 3D scanning, satellite pictures, location sensors, social media, and mobile devices, visualises it, and helps people and places find each other. Geospatial analytics insights aid decision-making and the formulation of focused marketing tactics to boost lead creation. The Geospatial Analytics market valued at USD XX billion in 2020 and is estimated to reach USD XX billion by 2028, at a CAGR of XX% during the forecast period.
Advancement in AI, ML and technological advancement is a major driving factor for the geospatial analytics market. Artificial intelligence and machine learning developments are assisting in improving corporate efficiency. For companies and governments to obtain reliable data insights, the integration of artificial intelligence and machine learning is becoming increasingly important. Nearly 80% of consumer datasets are georeferenced, and GeoAI's area of application has expanded dramatically as its usage in agriculture, transportation, climate forecasting, and the military has grown. For instance, Cray announced enhanced capabilities in June 2019 to empower data scientists and engineers innovating in the Geospatial AI sector. AI and ML save considerable time and energy by performing numerous tasks, such as classification of images, object detection, semantic segmentation, and segmentation of instances. Demand for geospatial analytics is projected to increase considerably as suppliers of geospatial analytics solutions progressively offer clients AI- and ML-based software solutions. However, increasing individual concerns related to confidential data and geoprivacy is expected to restrict geospatial analytics's growth in the upcoming years. Individuals who are worried about the privacy of their location-based data might refuse to allow crucial location data to be collected, which is required by some geospatial analytics apps.
Manufacturing, logistics, transportation, retail, education, mining, telecom, oil & gas, and utility businesses have all suffered as a result of the lockdown. In the healthcare industry, however, the use of geospatial analytics to combat COVID-19 is on the rise. Healthcare experts, government decision-makers, and ground-level organisations have partnered to collect real-time data on COVID-infected patients and disseminate geographic information about the COVID-19 prone area in order to raise public awareness and slow the virus's spread. The Tunisian Ministry of Public Health, for example, created a georeferenced database of hospital bed capacity in June 2020. High-density locations with the highest demand for COVID-19 vaccinations are identified using geospatial analytics. Geospatial analytics improves supply chains by analysing real-time data and enabling tracking and visualisation.
The global geospatial analytics market is segmented by vertical into agriculture, defence & intelligence, utility and communication, automotive. Defence & Intelligence is by far the largest segment holding about XX% of the global market. The defence & intelligence vertical has the most usage because of its continuous usage by agencies to procure intelligence and data to protect their country. By technology, the Geospatial market has been segmented into GIS, GPS and Remote Sensing. GPS comes under positioning technology. Market growth is likely to be fueled by advancements in positioning technology. Improved technologies such as artificial intelligence (AI) and machine learning aid in the utilisation of location and geographic data, allowing for advanced visualisation and predictive analytics. According to Statista, in 2018, 54% of people from USA having 18-29 years of age use GPS. People aged 30-49 use GPS 55% of the time and people aged 50-64 use GPS 53% of the time. Based on deployment mode, the geospatial market is segmented into Cloud, on-premises. Depending on the security, collaboration, and ownership requirements of the company, cloud-based analytics systems can be accessed via private, public, hybrid, or community cloud services. This cloud data may be made available to the public for ongoing updates and open access.
By geography, the geospatial analytics market is segmented into North America, South America, Europe, Asia Pacific, Middle East and Africa. The geospatial analytics market in North America is the most developed with its share being around 41%. The presence of numerous technological businesses in the region, as well as their increased usage of artificial intelligence and machine learning, are helping to drive market expansion. Government rules that make it simple for private companies to share geospatial data are also helping to expand this sector.
But Asia-Pacific region is expected to register the highest growth rate in the foreseen period. This is due to the increasing urban population and growing economies in countries such as India, China and Indonesia. This has increased the demand for smart cities, better IoT infrastructure, more technological advancements. IoT infrastructure and 5G is being developed at a faster rate in countries like India, China and South Korea. According to the Korea Herald, IoT subscriptions went over 10 million in 2020 in South Korea. This number is approximately 2 million more than the previous year.
The global Geospatial Analytics market is consolidated, with the top 5 companies accounting for over 50% of global sales. Hexagon AB, ESRI Inc., L3 Harris Technologies, Atkins PLC, and General Electric dominate the global Geospatial Analytics market. These companies have used various strategies such as expansions, new product launches, agreements, partnerships, joint ventures, acquisitions, and others to increase their footprints in this market.
In 2020, Hexagon AB acquired PAS global. Customers will gain access to a comprehensive software portfolio to manage the industrial lifecycle, from plant design and maintenance to real-time situation awareness in the control room, cybersecurity risk management, and industrial digital transformation, thanks to the combination of PAS and Hexagon.
In September 2020, ESRI Inc Acquired nFrames, which would help it enhance its 3D capabilities. This will allow nFrames and Esri users to gather and analyse 3D data from the aerial, drone, and ground-based sensors in a fully automated end-to-end procedure.
In 2018, SPRING Technologies, a software supplier specialising in integrated solutions for optimising machining workflows through machine tool simulation, toolpath verification and optimization, and machine tool management, has been acquired by Hexagon AB.
Hexagon is a global leader in sensor, software and autonomous solutions. They are aiming to put data to work to boost efficiency, productivity, and quality across industrial, manufacturing, infrastructure, safety, and mobility applications.
In Feb 2020, Hexagon's Manufacturing Intelligence division announced the launch of Captura, an entry-level optical coordinate measuring machine (CMM) that offers an intuitive and cost-effective solution for multisensor measurement of small to medium parts.
In 2021, Hexagon acquired CADLM, a company that specializes in engineering, simulation, optimization and industrial reliability analysis.